Tracking lockbox "opens" can be an early indicator of a changing market. That is, our electronic boxes allow tracking of how many times lockboxes were opened in a certain week. Last week, in the Portland area, our lockbox opens were up almost 6% from the previous week. hmm.
Anecdotally, there are plenty of reports of multiple offers, with listings selling after just a few days on the market. Tracking pending sales in certain zip codes, I can see houses switched to pending, in a broad price range.
That brings me to lending. Lenders are moving pretty quickly to limit their exposure with regard to certain loan types.
Lending on jumbo loans (in our area, loan amounts above $550,000) is being curtailed. Some lenders are still offering these loans: mostly banks offering loans to existing customers. In some cases, banks may be requiring a certain balance of funds on deposit.
Chase Bank is now requiring 20% down and a credit score of 700 or over ,for their conventional loans. Before the advent of mortgage insurance, all home loans required 20% down. Consider this a return to tradition. Other lenders are still offering lower down payment options, and FHA and VA loans are still available.
Most all lenders are being pretty vigilant about employment verification; double checking through the escrow period and before funding the loan for closing. In addition, some lenders are having employers complete a form with information about borrowers' prospect of future employment.
Get in touch if you have questions about your specific situation or property.
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