I worked all weekend and we saw a few new homes come on the market and an equal number go off the market. The inventory continues to be tight. The rates are great and I think the spring market will be an active and a very competitive one.
With inventory low, we need more homes to sell. If you know of anyone that wants to sell please have them call me.
Sports are gearing up, Baseball is almost in full swing, the college basketball playoffs are beginning and Nascar is off and running.
One thing we always recommend for people considering purchasing a home is a Pre-qualification with a lender. Understanding your buying power is very important, not only for the agent but also for you. During this meeting we can determine the right loan, what you can afford and then what you want to afford. Many times you may qualify for more than you are comfortable paying. It is important that we know that so that the loan officer and I can help guide you to the right decision.
After meeting with the lender we are better able to narrow our search in on the right house and area for you. With the inventory low, you should be ready to make decision.
Just some notes on loans:
- FHA 3.5% down payment, seller can pay some or all of your closing costs
- Conventional 5% down and seller can pay some or all of your closing costs
- VHDA has a few attractive loan programs with little or no money down.
There is change coming to the FHA Mortgage Insurance and it looks like it may cost more for the up front in the near future. Keep that in mind because it may affect your monthly payment.
Have a good week and call if you need anything.
Mark
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