Friday, October 11, 2013
As we enter the second week of the government shutdown many people are wondering what it means for them. Although there have been many news reports on how this effects the real estate industry I thought I would give you a first hand, local perspective. As a real estate professional here is what it means for me.
I am a bad news first type of person. So here it goes... in our area we have what is commonly known as a RD loan, which is "Rural Development" through the US Department of Agriculture. The USDA department that handles these types of loans is shut down. This is the ONLY type of loan that a buyer would be unable to obtain during the shutdown.
Now for the good news! And there is a LOT of it! If you are looking at getting a Conventional, FHA or VA loan which probably 98% of people are... you still can! For the most part my business is proceeding as "Business as Usual". In fact interest rates have stayed the same, if not even gone down slightly since the shutdown began! I know you hear it all the time... now truly is a good time to buy and a good time to sell! Low inventory and strong sales numbers this makes for good opportunities for both buyers and sellers!
Contact Kelly with the Maves Group for more info or to see if now may be the time to buy or sell for you!