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Home Affordability in a Seller’s Market

After experiencing the highest mortgages rates we had seen in almost a decade last year, 2019 is bringing some welcome relief to homebuyers.

The Federal Reserve’s fears over rising rates are calming. While there may not may any reductions to the Fed rate in 2019, there likely won’t be any increases either.

That said, if you are thinking about buying, but are concerned about the ongoing seller’s market, fear not. With rates dropping and the ability to put as little as 3% down, home affordability is actually improving.

How to “Win” Your Dream Home

Having a defined strategy for finding – and winning – your dream home will be a differentiator in this highly competitive market, and means partnering with a bank that knows how to get your offer on the top of the pile.

These days, sellers demand that serious buyers come to the bargaining table fully prepared. Your Realtor may suggest you include a personal letter telling your story – a “love letter,” of sorts. As your lender, we suggest you include a concrete financing letter, as well.

At Park Bank, we take care of our clients’ financing needs in advance so they can present sellers with a fully underwritten pre-approval letter. This letter is essentially a commitment to lend, subject to property review. We consistently help our buyers win bidding wars when up against buyers with flimsy, unverified “instant pre-approvals.”

In the stressful time of moving, nothing beats the peace of mind, for all parties involved, that financing is assured and that you can close quickly. The hardest work is already done.

We look forward to an exciting year of continued growth here at Park Bank.   Watch for the opening of our new, state-of-the-art branch in Sun Prairie and more unique home loan programs than ever before. Come join us as we celebrate all the blessings our community has to offer.

Written by: Jessica Duren, Vice President Private Banking & Mortgage Lending