Have you been staying inside because of the recent wintery weather that has affected most of the East Coast?
According to the Mortgage Banker’s Association, applications for mortgage loans of new home purchases decreased by 11% in December, relative to the previous month.
The cold weather and polar vortex weather patterns certainly have kept potential homebuyers inside, instead of out looking for their new home.
The winter brings on a dip in new home purchases, and a rise in refinance mortgages. Over 2013, sales of new homes hit a historic low, while demand remains high.
First time homebuyers have not returned to the residential home market due to constricted financing regulations. But some of these regulations may be easing up in 2014. Mortgage lenders are more concerned with how an applicant can pay back their mortgage throughout the life of their loan rather than a specific credit score.
Yet, as noted by The Washington Post, for the year end report of 2013, sales totaled 5.09 million, the best performance since 2006.
When the winter weather subsides, new homebuyers will begin to venture outside to look for their first home. If you are looking to stage your home for purchase, check out these great tips!
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Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you.
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