06/10/2022
Sooooo stock market is down 700 yesterday and another 700 already today. I wouldn’t say a housing crash is coming. But, it seems a recession is gonna be impossible to avoid.
The Fed increasing interest rates in a declining economy is a gut punch in my option. The rate increase should be here before the market closes today or opens tomorrow. They will most likely continue to climb through the next few weeks.
If you are in the process of buying a home. Call your lender NOW and lock your rate.
Pay close attention to any variable rate credit you have. You will most likely feel this stock market drop in your next billing cycle. This can be a problem if your lender has mentioned debt to income ratios.
Your lender is slammed dealing with this. Try to be patient. But, do call and talk to them about these issues mentioned above NOW.
Make sure you trust a Realtor and or lender that has been through this type of market.
Ask them their plan!!!!
This will save you headaches, heartaches, and MONEY!!!!
If you are currently selling your home right now. Qualifying buyers is more important than ever at the moment. Talk to your listing agent ask them their plan.
If you are under contract on a new build. Better start making friends with that builder. Make sure they love you enough to not  utilize their convenience clause(if they have one).
Annie Fehring-Stephens 281-795-7183
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