Local Market Update and Loan Qualifications

The housing market is doing remarkably well this year compared to last year. We are seeing an increase in buyers as well as prices. Prices are expected to normalize and we are hoping to see stabilization in the Real Estate market soon. So it’s a great time to buy! The Home Price Expectation Survey is a quarterly report of a nationwide panel of over one hundred economists, real estate experts, investment and market strategists. Give their opinion of what the Real Estate market is doing and what they expect it to do. Normal 3% to 5% appreciation over the next 5-8 years is what their current prediction is. This is great because we don’t want to see a “Bubble”.  Recently we have seen appreciation in housing prices as high as 13% in Brentwood and surrounding cities. So today I interviewed Debbi Galvan of Land Home Financial. She had some great insight for buyers to know what lenders will expect so you can better gage what kind of loan you may qualify for. It’s definitely not as easy to qualify for a loan as lending institutions are much more stringent on what is expected and needed when qualifying for a loan. You’ll need to provide tax returns, bank statements, verification of employment, debt to income ratios, substantial credit scores as well as other financial records and more. So don’t stress out when your lender continues to ask for documentation. My recent saying is that it’s almost as if they want your blood type to qualify.  Of course that’s just a figure of speech, but it can get overwhelming when being asked for all of the documentation.

To find out more check my video down below it will help you better understand what to expect.

To find out everything that’s going on in the real estate market subscribe to my YouTube Channel by clicking on the link: https://www.youtube.com/channel/UCpGL8hoJqqVX67znR2Jbvzw