Dwelling costs surge throughout Cowlitz County as mortgage charges dip and stock dries up | Native
Stinger said his customers have been factored out of homes when lenders don’t loan up to the seller’s price, but instead take out the estimated value of the home – sometimes a difference of thousands of dollars.
Stinger said during the negotiations that he is helping his clients indicate how much they guarantee they will occur if the estimate is lower than the price.
RE / MAX realtor Jerry Stinger walks through the master bedroom of a Longview home that was recently sold Tuesday. Stinger said recent buyers are looking for more bedroom homes for office space as more people work from home.
“The sellers’ market is demanding ever more creative measures from buyers to enable them to buy a home,” he said.
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Joe Amrine, senior vice president and chief credit officer of Fiber Federal Credit Union, said despite the high demand for homes, mortgage rates at his company are lower today than they were in June 2020.
“Your instinct would be that demand goes up, prices go up, but we just haven’t seen it,” he said.
Revised government building codes could add thousands of dollars to the cost of new home buyers.
The base rate on a 30-year home loan is 2.75% on Tuesday, Amrine said, but it can go up depending on the lender’s credit history.
Amrine said since mortgage rates began falling in June 2020, the credit union has seen a “significant” increase in home loan applications and amounts borrowed.
John L. Scott Real Estate real estate agent Diane Lokan said at the start of the pandemic that the low interest rates allowed buyers previously priced out of homes to get a lower monthly mortgage payment.