SGI Realty One Real Estate Blog

Hey Everyone-

Here is a quick update on this week’s housing conditions.  As many of you know house pricing is as affordable as its been in 20 years and interest rates are at record lows but in order for you to take advantage of this great market you need to qualify for what some may call strict credit requirements from the banks.

Banks are still tight on lending and ideally look for a 620 minimum credit score.  The higher your score you have the better rates you’re going to qualify for.  In addition you need to make sure your finances are in order.  Banks are weary of those with poor credit or unstable income and with these market conditions they want to make sure they can lend to you confidently.

Even with affordability at a record high in 20 years, job creation steadily rising with high demand, existing home sales fell from last month.  As I mentioned before, tight lending may be to blame along with low appraisals.  All regions throughout the U.S. showed falling sales aside from the mid west – particularly the northeast taking a hit.

That’s the latest news for now everyone check back for more updates and useful info!

Til’ next time,

Tim

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