Refinancing applications are growing by leaps and bounds now with this recent set of FED rate cuts NYT New York Times and the WSJ Wall Street Journal report that this is the highest number of mortgage refi applications since March of 2004. In fact, soon that number will be surpassed as well. Low rates and lots of real estate inventory in a buyer’s market, might signal the best time to buy in several decades.
I am not sure if anyone else in the real estate industry has been noticing but the Mortgage Brokers amongst us, have been posting less and commenting a lot later at night from their various time zones? Why, you ask? Well, with applications up, they are suddenly busy again. That’s a good thing, its about time.
Question is when are the buyers who are waiting for the bottom going to get busy and get serious, after all the financially savvy individuals have been patiently sitting on the sidelines. In some markets, the buyers are coming back, looking to pounce on a choice piece of property. There are a large number of “bubble squatters” or folks who sold at the top of the market and have been hanging out in a rental, waiting for the bottom www.arvskifte.se.
Of course, for every buyer with that scenario, there are 30 with a rather gloomy problem. One of the biggest issues remaining is that many people will need to sell their current homes to buy a new one, and far too many are upside down with negative equity. Adding these properties to the market, with no wiggle room to accept offers, only adds to the large inventory of unsellable properties.
Still, there is activity out there, and qualified homebuyers do exist and each week we shall see more and more coming forth, with interest, funding options and lots of homes available to choose from. Meanwhile give a prayer or two, to all those busy mortgage brokers out there, because the few that remain, are busier than ever right now.