The housing market in 2013 was plagued by a lack of available homes, which led to rapid price spikes in certain regions where demand remained constant.
Chicago, IL (PRWEB) March 22, 2014
The Federal Savings Bank finds it typical for the housing market to experience a slight lull in fall and winter with most real estate transactions occurring in the warmer months in spring and summer. As the snow and ice begins to melt, many homebuyers across the America are eagerly waiting to make a new home purchase in hopes that greater real estate inventories will become available.
The housing market in 2013 was plagued by a lack of available homes, which led to rapid price spikes in certain regions where demand remained constant. However, this rate of price appreciation encouraged some homeowners to put their homes on the market, which could be good news for house hunters.
The Federal Savings Bank believes there are millions renters and first-time homebuyers alike who want to purchase a new home in 2014. However, with such low inventory and rising prices, it is unlikely that all of these prospective buyers will be able to find a home to buy unless inventories increase. First-time home buyers looking to enter the market this spring should get their finances in order and obtain a preapproval letter for a home loan to streamline their process. The Federal Savings Bank, realizes that the next leg of the housing recovery will come largely from first-time homebuyers. Thus, The Federal Bank loan officers have been going the extra mile to see if its debt burdened younger generation applicants can get approved for a mortgage or not.
Contact the Federal Savings Bank today, a veteran owned bank, to explore affordable mortgage options for this spring selling season.