It is all about supply and demand. When you have low inventory, low interest rates and high demand the prices are going to go up fast. Even though appraisals are not always meeting sellers expectations. We should be seeing more listings as sellers are seeing more equity in their homes and want to put their homes on the market.
What I do know is that today's buyers are extremely well qualified and worthy of owning a home unlike the price in the 2203-2006 period.
The market may level out a bit but due to the low inventory and so many buyers, this is driving home prices up steadily at the current time. It only takes a few dozen questions to qualify in minutes for the loan program to fit your needs the best financially. You may qualify from fico scores between 500-579 with 10% down and minimum 580 fico scores may qualify for 3.5% or as low as half percent down. If you have a minimum 700 fico score, you may qualify for 3% down conventional or 5% down conventional with NO Mortgage insurance (Lender paid MI) with a minimum 620 fico score.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
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Yes, send me your email and I will send you a chart adjusted for inflation from a major financial magazine showing from 1880 the highs and lows of each market.
With this and about 10 other factors I called the top of the 2006 market and the turn of the 2012 market.
Al Goldberg Broker