Are People Getting Mortgages Right Now?

“How’s the market?”

I’ve been writing for a while now that, despite COVID-19, the market is in reasonably good shape. I reserve the right to say that could change, but for now, the New River Valley real estate market is humming along. Specifically, sellers are STILL seeing multiple offers, and reduced time on market, four (is it four? Five? It’s been a long year) months into a global pandemic.

New mortgage loans in the NRVBut don’t take my word for it. On our Market Monday Instagram post this week – are we connected on Instagram? – I wanted to see what local lenders were reporting so we took an incredibly scientific poll of four mortgage lenders, both brokers and banks, and asked “how were your new loan numbers versus the previous month?” Everyone has been refinancing, particularly with mortgage rates so low right now, but I was interested in new loans. And what they said mirrors what we’ve been seeing on the sales side – new loans funded in June were up 12% over the previous month.

People are still buying. We’re seeing it in our buyer and seller activity, and lenders are seeing it on the financing side. Will it continue?

It depends. You knew I had to say that.

Want to chat more? I’m happy to talk. And check out our 2019 Annual Report on the state of the market – our Mid-Year report will be out soon.

Leave a Reply

Your email address will not be published. Required fields are marked *