Apparently, some lenders have started doing stated income loans again. To some, this is a sign that the home loan crisis might be over. Interest rates are at an all-time low, but there have been whispers that rates will finally start to increase this year. There are still great deals on Marin homes, but prices are starting to inch up. As we head out of winter and into spring, the real estate market usually experiences higher volume, which is another reason to consider buying now.
For alternate financing options, Aaron Augustis, a Marin-based financial advisor at Morgan Stanley Smith Barney, said his company offers loan products that many people aren't aware of. Using the Pledged-Asset Mortgage or the Portfolio Loan Account, home buyers are able to borrow money collateralized by their brokerage securities to finance a purchase and/or help with the down payment.
Regardless, of the type of loan you plan on getting, I'm currently recommending that my clients not only be pre-approved for a loan, but be ready to move quickly as well because the Marin real estate market is starting to show stronger demand, coupled with low inventory. I'm also seeing more multiple offers recently. The Marin IJ reported that home prices were up 8% in January 2012 compared to last year. Plus, total sales were up 15% when looking at the same periods. While the number of properties for sale in January remained near the low point for the last few years at 553, down 41 percent from 945 homes in January of last year.
Find out how I can provide a highly effective solution to purchase your dream house in Marin, or to sell your Marin home with the best possible terms in today's market, by combining Internet expertise, access to our database of thousands of buyers, key relationships and other tools. For assistance in purchasing your home, or to schedule a complimentary consultation if you're considering selling your home, contact Jonathan B. Jacobs.