Buying a home in 2015 is far different than it was just even a few years ago. Things are changing and with that means new home buying trends. Below, you'll find out how they've changed!
Down Payments | Real Estate Agents in Raleigh
Then - Most potential home owners had to put down at least 20 percent on their loans. This was the case because of the economy crisis and the fact that the government put pressure on lenders to tighten their restrictions.
Now - According to Forbes.com, "Lenders are now more willing to say yes to single-digit down payments. Case in point: Fannie Mae and Freddie Mac, the government-sponsored mortgage giants, recently publicized the introduction of a new lending option for first-time homeowners that allows them to put down as little as 3%."
Then - When the economy crashed, those without perfect credit suffered. It was almost impossible to get a loan without a 900 credit score. This wasn't fair, but it was the case, considering the state of our housing market and economy at the time.
Now - According to bankrate.com, "Lenders are loosening their standards in an effort to boost home ownership across the country. By some estimates, major lenders are lowering their credit score requirements for FHA loans by as much as 60 points, while a November report by Ellie Mae found that about one third of closed loans were given to borrowers with a FICO score below 700."
The recession caused the credit market to crash, essentially. Now, the market seems to be recovering just as the housing market is. Lenders are more willing to take a chance on those that don't have a 900 credit score again.
Then - With the recession, home prices plummeted. Then, in 2012, they skyrocketed. It was an overall selling pressure for most buyers because it was hard to know what might happen next.
Now - Though prices are still high, they're starting to decline slowly. According to an S&P/Case-Shiller report, housing price gains slowed for nine straight months through September of this year.
If you're interested in learning more about the changing trends of home buying, be sure to visit back with our next blog post! We will have more information for you!
Roark Premier Team | Real Estate Agents in Raleigh
With the lower interest rates and increased sales, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search, as well as sell current homes, now's a great time to contact our real estate agents in Raleigh!
Also, if you’re considering selling your home, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market! We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our real estate agents in Raleigh are standing by to help you get your home sold during one of the busiest times of the year for real estate!