With the real estate both pulling back in terms of price but showing strength in terms of sales, Peoples Home Equity strongly encourages prospects to be pre-approved for a home loan.
Chicago, IL (PRWEB) November 07, 2014
The latest November 6th “National Home Sales Snapshot” by DQnews.com showed that the year-over-year performance in home sales has positively narrowed to the closest margin of 2014. Lenders like Peoples Home Equity were thrilled to see that homes sales over the past 30 days were just -0.6% below year ago levels.
At 234,833, home sales fell on a weekly basis by -1.9% but they improved by 0.3% from a year ago. Last week, DQnews showed that home sales were -0.9% below a year ago, now they are just -0.6%. Peoples Home Equity has emphasized their view before that the housing market should be seasonally strong this winter. As announced this morning, unemployment is at 5.8%, more Americans are employed now. Peoples Home Equity pointed out yesterday in a release titled “Mortgage Applications Weak Labor Market Strong”, that wages are in fact raising, which “will lead to a surge in mortgage applications in the future.”
Apart from home sales, DQnews.com showed that median home prices recorded over the past 30 days fell by -0.4% ($900) week-over-week to $225,100. However, prices did increase by 0.2% from a year ago. Last week median home prices were 3.1% above a year ago, now they are 3.3% higher.
With the real estate both pulling back in terms of price but showing strength in terms of sales, Peoples Home Equity strongly encourages prospects to be pre-approved for a home loan. Americans want to purchase homes because frequently the cost of ownership is less than renting. However, due to the lack of inventory homes competition has increased. First time home buyers should be weary of cash buyers and prepare themselves by being able to bid on a property first with the appropriate home loan pre-approval. In addition being pre-approved gives one the knowledge of how much they may borrow to filter their property search and/or in the event of the need to outbid a cash buyer.
Contact a Peoples Home Equity loan officer today at: 262-563-4026