The turbulent financial markets around the world and in the United States have affected the real estate market at the local level. Buyers and Sellers are concerned about the effect the financial markets will have on the market price of homes for Sellers and the availability of reasonal credit terms and interest rates for Buyers. No one has a crystal ball; but, the fact remains that homes will continue to be purchased and sold. Sellers will see lower market prices for their homes, but Sellers will, likewise, obtain their next homes at a lower purchase price. Buyers are still in a Buyers' Market, so there are a number of homes to choose from at each price point and "more home for your money". Buyers, however, need to be prepared for stricter mortgage loan guidelines, when applying for a loan pre-approval and for loan applications. And, more Buyers will qualify for FHA loans, since FHA mortgage loan limits have been raised.
Steve & Pat Pribisko