Are you ready for some good news? The National Association of Realtors (NAR) just released some news about existing home sales and the numbers are made of things we dream of – a 10.4% increase from the same month last year. Yeah, you read that right! The home inventory is increasing and home sales are up. Time to come out and look at what is available in the Sierra Foothills. Remember El Dorado County will let you transfer your tax base. This is
great news for Bay area people that want to sell their homes and move to the country.
While there are many variables that go into this increase in sales (i.e., improving economy, jobs market loosening) there are some mortgage-related changes that that might help you sell and/or buy fast:
- Reduced down payment requirements. Both Fannie Mae and Freddie Mac have reduced their down payment requirements to 3 percent – that’s really affordable.
- FHA has reduced its monthly mortgage insurance coverage.
- More flexible credit requirements.