| DreamStreet Team April 20, 2020 |
As your trusted Real Estate Advisor, we want to stay at the helm of what is going on in the market right now. Here is the most recent information to help you make the best decisions for your home.
Here is what the market is doing right now; Real Estate is still selling at about 70% of March 2019 levels. Homes continue to come on the market and go pending within about 30 days. Prices in most areas are holding up just fine.
Lenders are pulling back on making loans; FHA, Fannie Mae and Freddie Mac have increased their minimum FICO credit score to 660. Jumbo loans ($510,400. and above) require a minimum score of 720 and 20% down (up from 10% a month ago) but interest rates are in the low 4%’s. Non-jumbo interest rates are great, holding at about 3.5%
Residential Investors are out of the market altogether; With the current mandates prohibiting landlords from removing tenants AND the ability to demand rent payments, no one is buying a new rental. Especially in the City of Portland which also has some of the strictest rent control laws in the country.
If you are thinking of purchasing a home; We say go for it. Interest rates alone increase your buying power. Competition is easing, and we are ready to help. Be sure to get pre-approved. Loan qualifications are still changing and may get harder.
If you are thinking of selling a home; Homes are still selling in this market. For information about your situation, we would love to give you advice catered to your price point, location, and action plan. Please feel free to reach out to us directly at any time. After all, we will be working from home and would love to hear from you.
Forbearance Warning Please read this Article in full, before pursuing a Forbearance with your mortgage lender. It does not work the way you think it does.
Message from Jolynne & Malcolm We are getting into a routine and have adjusted so we can work from home and still service our clients in a safe manner. My garden is planted and bigger than ever, so I will be giving away veggies in a few short months.
Jolynne and Malcolm Ash DreamStreet Team
503-678-2020 Licensed Brokers in OR and WA
Berkshire Hathaway NW Real Estate