Why it might become a Buyers Market?
- Buyers are buying less and waiting for everything to calm down.
- Some buyers are worried of losing their jobs. (Which is possible)
- Banks will not close if the buyers loses their job.
- Lenders are talking about highering mininium credit score limit for FHA loans.
- Stricter financing guidelines are coming soon.
- Due to loss of jobs, people will not qualify to buy a home.
- Some investors that invest into down payment assistance programs are worried of the risks.
- Some investors are losing rent, in some situations, lenders require steady rent flow in order to qualify for investment loans.
These issues can leave sellers will with less buyers which can leave homes in the market longer. This can also cause more price reductions which will drop the average home price.
Anthony Figueroa is a Licensed Real Estate Broker Associate, REALTOR®, and he take pride in delivering unforgettable experiences for buyer and sellers. He has worked for a title company, real estate ....