October 8, 2015

Mortgage applications skyrocket more than 25%

Here is a story from http://www.housingwire.com/ by Trey Garrison 

This story talks about the changing lending law and that there are a lot more people getting mortgages.  I think with the rising rentals buyers are starting to re think their oppositions.  Having the market the way it is today it is getting harder to buy real estate because of the low inventory.  I have clients who wrote on 2 homes and lost them because of bidding wars.  I am currently working with 8 buyers. Northern Ohio Market is booming!

” After a summer of subdued or declining activity, mortgage applications increased 25.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 2, 2015.”

A lot of investors think that with the winter coming that hurts sales. It has not for us,  Lori sold $600,000 worth of real estate that closed around Christmas of last year.  Buyers are always looking for homes and they don’t quite hiring because it’s winter.

“The average contract interest rate for 30-year fixed-rate mortgages with
conforming loan balances ($417,000 or less) decreased to 3.99%, the
lowest level since May 2015, from 4.08%, with points increasing to 0.46
from 0.45 (including the origination fee) for 80% loan-to-value ratio
(LTV) loans. The effective rate decreased from last week.”

The Cost of a Mortgage has also gone down and buyers are noticing it.  The homes that are remodeled and have all the upgrades are selling very fast in the Northern Ohio Market. These are homes that are priced north of $280,000.  They are going in as little as 5 days.

Buying Real Estate today can make you a fortune in the future.  Brett Young Coldwell Banker

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