What's Happening in the Resale Market?

The National Association of Realtors reported that nationally a drop in the number of previously owned homes sold in October compared to the previous year.  This is not unexpected news since many home buyers were surprised by the sudden increase in mortgage rates that eroded their buying power. 

Is it Getting Easier to Get a Mortgage?

Even though mortgage originations are way down over the last couple of months there hasn't been a significant move by regulators or lenders to ease up a bit on lending standards.  The big refinancing boom is over.  Now if lenders are to make money they will need more homebuyers to enter the market.  Don't be surprised if the standards for first time homebuyers to obtain a mortgage are lowered a little over the next few months.

Haunted Houses - Home Buyers Need to Beware

As of 11/1/2013 the New Jersey Real Estate Commission does not require the seller or real estate agents to disclose that a houses is purportedly haunted unless the buyer asks. 

So if you are afraid or concerned about ghosts you better ask the question!

Budget Deal

Thankfully the U.S. congress reached an agreement to reopen the government last night.  The concern for the real estate market was that a U.S. default would further the increases in mortgage interest rates for at least the short term, slowing the sale of houses.  In addition the closure of the government delayed closings for some homebuyer if they were getting a mortgage loan through a federal loan program. 

Home Buyer and Seller Trends

The National Association of Realtors has discovered that younger homebuyers (under 33) and older homebuyers (33 and over) choose a real estate agent for very different reasons.