Market Update from Realtor® Robert Garcia
Rachel Harclerode ● September 15, 2020
Hear from Realtor® and Director of Operations Robert Garcia on a few real estate market updates, including inventory levels and new standards for refinancing!
- This is usually a time when Washingtonians take some time off and rest, including within the real estate market. But this year is different.
- Freddie Mac and Fannie Mae have decided to implement a new policy affecting new borrowers and refinanciers: starting September 1, if you are refinancing a house you will see an increase of 50 basis points. This means that lenders are going to start charging an additional fee. My understanding is that this is going to be a standard fee.
- I highly encourage you to look for different lenders and different opportunities that will cover these additional fees.
- We have a very tight inventory for homes not just in the DMV area but in the whole nation.
- The real estate market has not seen a typical ‘V’ recovery; they’re now saying it looks like a ‘K’ recovery.
- Be aware that if you’re looking to buy or sell a piece of real estate or become an investor, give us a call so we can help you with these market changes. Call us at 1-800-900-9104!