Our Market's About to Change

More buyers are out and about in our area! Our companywide Open House Extravaganza this past weekend was a great success. There are lots of deals to be had, and I believe potential buyers are realizing it. The new conforming loan limits should increase the amount of buyers in this market and have an impact on lowering the inventory, especially because these new limits will only be offered until the end of the year. I understand that these loans should be available starting in April as lenders are trying to figure out the specific requirements for approval. Buyers should be aware that because of all the recent foreclosures, the new loan conditions will be tougher than those in the past. This is a good thing, for both banks and borrowers, however. If the rules were tighter in the past we may not be in this mortgage mess now. I believe that all things happen for a reason, and hopefully we as a society will learn from our mistakes. Even so, the real estate market is a cycle and if you plan to invest, everything is pointing to doing it now. The real question is... will this new plan along with lower interest rates be enough to increase activity in the real estate market and help spur the economy? I am very optimistic about it.