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The 5 Reasons Why We Aren’t in a Buyer’s Market


Here are the top five reasons why we are not in a normal buyer’s market.


 

Today we wanted to talk about the five reasons we are not in our normal buyer’s market:


  1. Mortgage rates. According to Freddie Mac, in the 1980s, we saw rates over 12%, but today our rates are at ultimate lows of 2.875%. With those savings, people have been able to buy more and lock in that steady, low rate.


  1. Appreciation rates. Black Knight has tracked our average appreciation rate, which has been about 4.14% over the decades. Currently, according to the National Association of Realtors, our national appreciation rates are over 14% which is impacting our market a lot. 


  1. Home supply. Having a six-month supply of homes is considered a balanced market. As of now, our supply has been very anemic which has made it harder for buyers to get a house.


  1. Time on the market. Nationally and pre-pandemic, a home would take 35 days to sell on average in the market. Now, that average is less than 17 days. 


  1. More offers per home. In 2019, we were getting about 2.9 offers per listing. For 2021, we’ve been getting about 4.5 offers per listing. We’ve almost doubled the number of offers on the average house.


All of these reasons come together and create the craziness of our current market. If you have any questions about this or other real estate topics, feel free to call or email us. We’d love to help. 


1 comment :

You Can Get a Loan if You’re Self-Employed


Movement Mortgage’s self-employed loan program is helping lots of people.


 

Today I’m talking with Dave Marzinke from Movement Mortgage about the self-employed loan

program. Because the mortgage space is expanding, a lot of our non-QM and alternative

documentation lenders have come back strong, and interest rates are very attractive for

self-employed borrowers.


With this program, you can use your bank statements instead of your tax returns to

qualify for a loan. We have had a lot of success with this program. It helps increase your

purchasing power as a self-employed individual since your tax returns don’t reflect your true

income from your business. We take a look at your overall deposits from your businesses to

determine your qualifying income so that we can qualify you for the self-employed loan program.

With as little as 10% down and no PMI, we can get you into a home with this program.

However, you do need to have two years of ownership of your business.


"Interest rates are very attractive for self-employed borrowers."


You can still take advantage of this program if your business is an LLC or corporation

and if the property isn’t a primary residence. A benefit of that is that we can take the title of

the home in the name of the business.


Movement Mortgage would love to talk to you more about your specific situation. If you need more

information or if you have any other questions, reach out to us by phone, text, or email. We’d love

to hear from you and help you in any way we can.

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