07 Oct Where will home buyers in Dakota County come from next?
When I put my ear to the ground, I swear I can hear hoof beats. The sound is distant and faint but steadily pounding and slowly advancing! It’s music to our ears, what is it?
It‘s the future buyers, they are entering the market as a trickle now and will grow steadily in the next 3 years!
Today I received another call from a past client letting me know they are pre-approved for an FHA Loan and ready to purchase a home. We sold their home as a Short Sale in 2008 and they now qualify for a new mortgage! I can hear the excitement, enthusiasm and relief in their voice, it’s so nice to hear. All the Realtors I know will welcome these joyful transactions back into their business for sure, it’s what keeps us going in this marketplace.
It is possible to get a mortgage after Short Sale or Foreclosure. The requirements differ between an FHA loan and a Conventional Loan. Adam Farrell, a very smart and skilled loan officer with RMG Mortgage, a division of Alerus Financial kindly provided the information detailing the requirements.
Many factors will combine to bring the Real Estate market out of this slump, among those factors will be:
1.Significant reduction in the amount of foreclosures on the market
2.Some adjustments to make financing more readily available for buyers
3.Stabilizing prices to assist homeowners currently battling ‘underwater mortgage’ positions
4.Increased Buyer demand for housing
Nearly 50% of the homes sold in 2010 in Dakota County were foreclosures or short sales, together they are commonly called distressed properties. Homeowners who lost their homes in this fashion became renters, resulting in a very robust rental market and increasing rents.
Short sales and foreclosures surged in number in 2008 and 2009 and have continued steadily in 2010 and 2011. Many previous homeowners are now reaching the magic 3 year mark and will soon be eligible for an FHA, Rural Development or VA loan.
It will be a pleasure to assist these buyers as the once again become homeowners. Additional buyers in the marketplace is great news for Home Sellers in Dakota County too! Thanks to Adam Farrell, for the timely and concise information.
If you have questions about your personal situation, you can call Adam directly at 952.417.8473 or email your Question. We are always happy to assist you.
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