Diane Olick covers the housing market at CNBC. This is the report she did this morning covering the April “under contract” numbers according to The National Association of Realtors.
NAR reports a 6.3% jump in homes going to contract. “Contracts have picked up notably”. In the west, the number was 8.3%. The affordability index is expected to rise 15% this year.
This certainly backs up the anecdotal evidence that I’ve been presenting based just on my little one man Real Estate Practice. The numbers in my office are equally exciting. In the geographic areas of Vintage Vegas, we’re seeing the number of homes under contract hitting the 20% number compared to the number of listings. All last winter the ratio of homes under contract to homes for sale hovered between 8 and 10%.
Of course if you’ll listen closely to her report, you’ll notice that she mentions that lending standards are as tight as can be, which translates to:
It’s a buyer’s market — IF YOU CAN GET A LOAN!
Yes, money is available to buy a home, but you’ve still got to prove your income, show reasonably good credit, and make a down payment. There is one way however, using FHA loans, and seller contributions that you can become a homeowner with less than $1000. out of pocket. Of course, as with all aspects of life, the more money you have, the better off you are.
If it’s saving up the money for a down payment that’s stopping you from grabbing one of the bargains, then let us show you how it works.
If it’s your credit that’s holding you back, let show you how to fix it.
What’s missing in the mortgage market right now are loans for the tip earners, and the multiple income families where only one of them has credit that’s good enough. When those loans become available, there will be an avalanche of buyers hitting the market. However if you’ve got real good credit, and a real good down payment, there’s still some loans where they won’t look at your income.
In any case, if you’re wondering what to do, I suggest that you call me or one of the lenders that I recommend. We’ll help get you on the RIGHT road.