There’s no denying that the Bend Oregon Real Estate market is changing constantly, and 2013 has been a great example of this, since at the beginning of this year we had a sellers-market, thanks to rising home values, and high demand for homes, but now we are entering a buyers-market since there are traditionally fewer people searching for homes during the fall and affordable mortgage interest rates present many home buying opportunities for buyers.
Will The Growth Continue?
Even though the Real Estate market has continued it’s year-over-year growth many people have wondered how long that will last, especially once the Federal Housing Finance Agency decides to lower the loan limits on what lenders Freddie Mac and Fannie Mae offer to their customers.
Gary Thomas, the president of the National Association of Realtors met with the United States Senate Banking Committee last week to discuss the goals of the Federal Housing Finance Agency and how lowering loan limits will have an adverse effect on mortgage loans of all sizes across the United States since loan limits won’t just be affected in high cost areas, regular loan limits are going to be affected as well, essentially making it more difficult for the average home buyer to get a mortgage.
Many “Moving Parts”
Thanks to his testimony, Gary Thomas has been able to keep Senators like Sherrod Brown (D-Ohio) focused how the Real Estate market has many “moving parts” and how focusing exclusively on one aspect of Real Estate like mortgage finance reform, while not focusing on the Real Estate market as a whole, will ultimately hurt and not help the Real Estate market, especially as we get closer to 2014.
What are your thoughts on the Federal Housing Finance Agency’s goal to lower loan limits for Freddie Mac and Fannie Mae? Feel free to leave me a comment!
For more information on the state of the 2013 Bend Oregon Real Estate market, or to view the latest homes for sale in Bend, contact me today by calling (541) 383-1426.