JSOnline: In homes, it's a buyers' market with very few buyers - Deals fall through as mortgage lenders tighten rules or fold
John Newland of the Ogden & Co real estate brokerage said it best: "It would be a buyer's market, if there were buyers." That is so true.Listings are on the rise. Buyers are on the decline. These two factors combined mean a sluggish housing market. Between the increase in the housing supply and the decrease in asking prices, the real estate industry has become quite complicated. Buyers feel overwhelmed as a result of looking at dozens of houses and are afraid to act on a home because they are afraid of paying too much.
These delays can cost buyers their financing. In this month's newsletter, I am featuring an article which educates buyers of the importance of obtaining a pre-approval letter prior to shopping for their next home. Unfortunately, as I noted in this particular article, pre-approval letters do not last forever. Sarajane Bratberg, a Brookfield-based mortgage broker states, "People are writing offers on preapprovals they got in January or February, and now they're making an offer and the loan program doesn't exist anymore."
Please contact me at dray@shorewest.com or (414) 412-7980 if you have any questions regarding the home-buying process.
Joanne Cleaver, writer of The Milwaukee Journal Sentinel, writes more about the issues involving today's borrowers and the importance of shopping for your mortgage in advance. Click here to read how you can have a positive experience in today's buyers market>>>
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Labels: Real Estate
posted by David Ray @ 4:29 PM
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