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Lending and the Current Real Estate Market

It’s no surprise to our readers that the credit market has tightened in the wake of what’s going on in the economy. But we want you to know that there’s actually some good news on the horizon for home buyers and sellers! Real estate inventory is moving, buyers still want to buy and sellers still want to sell – so what does that mean for our readers and clients who want to play the real estate game but don’t know what going on with lending? Here’s some recent statistical data courtesy of the National Association for Realtors:

 

  • Applications are on the rise for both new mortgages and refinances across the board
  • There’s a distinct (almost) double in the number of refinance applications from last year to 2009
  • Applications for home purchases are up about 9%
  • Refinance applications comprise about 79% of all mortgage applications received by lenders (wow!)

 

Read the entire update from the National Association for Realtors HERE.

There’s no downside to the current real estate market – it just might be time to realign your thinking! People are still buying, selling and renting homes, and we’re committed to working with our clients to help them figure out the most beneficial scenarios for their personal financial situation. Want to sell? Maybe making your home a rental is a better strategy. Ready to buy? Maybe you should consider bank-owned properties or new construction with heavy builder incentives. Whatever your questions, we’re here to help. Just let us know how we can help you put the silver lining in your personal real estate cloud!

The staff at San Juan Realty, Inc.

Montrose CO, Ouray CO, Ridgway CO Homes from San Juan Realty, Inc.

Montrose CO, Ouray CO, Ridgway CO Homes from San Juan Realty, Inc.

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