Market Update: Market Conditions and Summer Forecast

Market Conditions and Summer Forecast

Our spring market was definitely affected this year by the stress testing. It started out a pretty much normal Spring but, quickly lost its momentum really due to the extra set of challenges presented by the new rules.  First timers did take a step back to discover what they were approved for last year certainly did not hold the same weight as this year’s pre-approval numbers. We’ve had a few buy in the outer markets because their pre-approval numbers did not provide them with the level of housing satisfaction as they found in the outer lying, more affordable markets. The move up buyer also had some additional hurdles with bridge financing. Lots to think about, but, not impossible!