By Nancy Puder
The market will continue to slowly recover in 2016. The National Association of Realtors (NAR), California Association of Realtors, CAR and other key players in the industry have been diligent towards shaping & implementing reasonable mortgage requirements, while coming against proposed legislation that would weaken the benefits of homeownership.
Sales dipped in November, most likely due to the season, and as lenders worked through the new mortgage rules that went into effect in October. Most lenders are reporting, however, that the time taken to process the mortgages has only been affected by a few days. Lenders attribute the fairly smooth transition to advance preparation in anticipation of the change.
New mortgage rules require a mandatory time period for buyers, sellers and lenders to review documents. Any change in buyer costs or seller proceeds before the transaction closes, triggers another time period.
Property values on the Central Coast should remain stable with and increase statewide on the average by 3.2% The number of homes sold should increase around 6.3%
If you would like a free consultation or market analysis concerning your property or real estate needs, call my office (805)710-2415 or email [email protected].
There is never any obligation and we always enjoy hearing from you!
Nancy Puder is a real estate broker with Nancy Puder & Associates, the premier real estate boutique company in Arroyo Grande, CA. Nancy Puder is one of the largest listing brokers on the Central Coast. Call or text Nancy (805)710-2415 with your real estate questions anytime. She always enjoys hearing from you! To access other articles written by Nancy Puder, go to www.nancypuderassociates.com. Readers can also email [email protected] with questions or to discuss their real estate needs.
