Observations from the field!
Purchase applications picked up last week and we are seeing many people coming back into the market as preapprovals remain about the same as we saw this time last year. The largest number of returnees are those that were working with FHA, VA, USDA, and bond program loans, as they are seeing sellers becoming more open to accepting offers from these qualified buyers! I can’t stress enough the benefits of staying connected to your preapprovals, even the people who choose to stop looking because they grew tired of the hunt.
The first week of August begins the next seven weeks of “back to school” around the country for my clients. It becomes a critical time to understand your specific market because many of the national numbers will not be reflective of local realities. Often, the weekend prior and the weekend after school starts, we see a slight slowdown in activity as parents are dealing with getting school underway with the kids. While this had little impact on those without school age children and may even provide an opportunity by not having to compete with those parents when making an offer on a selected property. Keep that in mind when speaking to your pre-approvals and their agents!
Last but not least, the July jobs report on Friday could certainly be a market mover, so pay attention to the report at 8:30 eastern time Friday morning and be aware of the potential ramifications of the news. As I have said all along, “if you like it, LOCK IT!” If the PAYMENTS work to get your deal done, is it worth risking LOSING your home if the market goes against you? If rates go down, you can always refinance in the future, if rates go up; you may NEVER again qualify for the loan you need for the house you love!
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