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Is it a buyers or sellers market:
With the compression of the mortgage market it has become increasingly difficult for potential homebuyers to qualify for a mortgage. This has raised the question is it a buyers or sellers market?
The compression of the market means that there are fewer lenders out there then there were before. Fewer lenders want to take the risk needed to give first time home buyers a shot at owning a home. The lenders that are still available have tighten their guidelines and made it more difficult for borrowers to qualify for a loan. This has drastically increased the need for borrowers entering the market to have their ducks in a row. This means having good credit, good stable income and hopefully a down payment.
With the compression of the mortgage market and the previous boom in the amount of homes being built and owned it has left a high demand for highly qualified buyers. Another factor that has contributed to this demand has been the number of borrowers that are in adjustable rate mortgages that are having a hard time getting qualified to refinance into a loan that will give them a lower monthly payment than before. This demand has given a lot of power to the highly qualified buyer.
Our current market is definitely a buyers market. The well-qualified buyer has all of the power in the transaction at the moment. Buyers are definitely more in demand than the houses leaving it a seemingly good time to purchase a home.
Mortgage note/ adjustable rates
Credit help/risk factors