The trick is getting them to close.
STATEWIDE:
New Squeeze On Mortgage Standards
Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow -- even for those with good credit. Mortgage insurers, whose backing is required for borrowers who can't afford the traditional 20% down payment on a home, already have flagged Florida as no-gos for some mortgages. Banks that have lost billions because of bad bets during the housing boom are now reverting to strict lending standards not seen in nearly 20 years, according to industry data and interviews with lenders. [Source: AP]
I tell many sellers this is not time to think this thing is over. It is time to get real serious if you want to sell. If you can't because you bought too high, hold on, or begin intense conversation with your bank. Daily!
I love how Real Estate constantly keeps changing. 4 new contracts today! We have averaged about one a week this year then spring hits and BAM! The trick is getting them to close. The good part is the activity is as strong as I have seen in two years. We are showing certain homes every day and getting many offers. The natives are restless.
Good Going !!!Those who know Bobby J will tell you he is honest, hard working, and cares about people. He is always doing the next right thing. He cares more about people than making a sale. Maybe that is what is working in this market.
http://www.floridatrend.com
BobbyJ, what is your opinion about the availability of mortgage money? Are your buyers cash or at least 20% down? Are lenders lending?
Great Bobby. You know what my question is going to be: Do you know what your lead sources are? Are these people seeing your ads, your signs, your open houses? I am curious as to what you believe is working for you.
Please give me feedback.