It appears that Wall Street likes the news that is coming from the Credit Market. Today the Dow Jones hit above 14000 points for the first time in 2 1/2 months as investors believe the worst is over for the credit crunch. This is good news for Central Florida home buyers who are looking for home loans. If investors fears subside on the credit market, banks will begin to add new loan programs that will help jump-start the housing market. It is still to early to tell if the tide has changed, but this is a good sign and could continue when the FED meets again in November to discuss rates again.
Home Buyers in Orlando have been struggling to find the right kind of loan as lender have pulled back on many loan programs. With the possible easing of credit, lenders will add to their loan portfolio programs that have more flexibility. We are in a buyers market and home inventories are high. This will continue to put downward pressure on Sellers to price competitively. Buyers beware though as markets always shift. What may appear to be a market still moving downward may shift back up in the very near future. Don’t be left out waiting for the perfect price and time or you might just find yourself missing out on great deals.