We heard it was coming...now it's here. The conforming loan limit has dropped by $100,000.00! That means anyone borrowing more than that will pay a higher interest rate on a portion of their loan, as of October 1st.
Okay, so big deal you're thinking? It truly is. Anytime money becomes more expensive it bumps some people out of the buying market. And, we need as many people able to buy as possible now.
The interest rates are ridiculously low now, although they have been bouncing around the last week or so. The inventory is still out there. High enough to find something. And, yes, we still have a ton of short-sales, but they are moving along much quicker than a couple of years ago.
First time buyers are in their new place.....just about 4 months. A short-sale seller.......closing escrow in a little over 3 months from listing date.
As long as the agent is doing what they are supposed to be doing, it does move along. Under price? Problem. Can't get in? Problem. List it right, allow them to see it, follow the process, be diligent.
And, buyers, get pre-approved now. But, if you're looking for a larger loan.....better double check with your favorite lender to see if your rates are changing as of tomorrow.......
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