Mortgage Market Update

I tend to be informed on Real Estate issues. I would like to give you some timely info on the mortgage market. At the time of this post over 100 national lenders have closed their doors. The credit market is experiencing unprecedented turmoil. What does this mean to out Real Estate market?

Sellers can no longer be reluctant to accept offers or reduce prices. Tightening credit and diminishing mortgage products will continue to reduce the pool of qualified buyers. This along with increase in national inventories, means now is not the time to hold out for the "best" price possible.

Buyers with credit issues or who have difficulty providing required documentation can no longer sit on the fence. If the market conditions changes, buyers who qualify for a loan today may not qualify a few weeks from now for the same exact loan. Many lenders have stop offering no Doc loans, and some lenders have even pulled back on all forms of stated loans. As market conditions continue to change, a buyer's pre-approval status can disappear even more quickly, delaying or killing the transaction.

Subprime and Alt-A refi candidates, especially those with ARMs schedule to reset over the next 12 months, need to act now, even those with a pre-payment penalty. ARMs borrowers struggling with monthly payments now might be shocked to know that monthly payments can double in some cases once an ARM resets. I hope this post was informative to you. If you have any questions feel free to email me findit@LehighValleyRealty.com Have a great day!

Fast Facts

81 percent of households 65 and older owned homes in 2006 compared with 43 percent of households younger than 35. Source: U.S. Census Bureau

Natural stone counter tops, which are less expensive than they were a few years ago, are gaining popularity and are expected to last a lifetime. Cultured marble tops have a life expectancy of about 20 years. Source: National Association of Home Builders

Get Ready For Winter

The signs of fall all around. As you prepare for the months ahead - storing summer clothes, checking heating systems and making sure your home is well insulated - don't forget the landscape around your home.

If you've been mowing all spring & summer, it's not time to quit just yet. Continue until the grass stops growing. And speaking of mowing don't forget to take care of your lawnmower. Drain it in late fall, because gas left in the machine will get gummy and may make start up difficult when spring rolls around.

As the temperature drop, so will leaves from trees around your home. It's important to rake lawns regularly. so grass can "breathe." How long can you wait before breaking out the rake? Most gardening experts say you should not go longer than three to four days. however, if the layer of leaves is particularly thick or has been weighed down by rain, the sooner you rake, the better.

If your area gets snow or ice, you'll want to protect deciduous flowering shrubs under a lean-to or similar structure. Begin by building a wire cage that is secured into the ground with poles. Attach chicken wire or heavy gauge wire to the poles and fasten burlap to the sides of the structure to protect the shrubs from damaging wind.

Last but not least, remember your garden hose. Drain it before storing it for the winter and then turn off your outside water supply to prevent pipes from freezing or bursting. Feel free to contact me if you have any questions @ findit@LehighValleyRealty.com Have a great day!