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Did the Government Shutdown Affect the Housing Market?

  September 2013 home sales results are in, and the Middle Tennessee real estate market continues to thrive! According to the Williamson County Association of Realtors®, September’s residential sales were the best on record since the housing boom of 2006. Actually, total sales for 2013 are up 24.8% over the first nine months of 2012, and days on the market are down.

Despite the upturn in September, some people have been a little nervous about everything financial because of the recent government shutdown, so I asked loan officer Todd Wiggins of First Community Mortgage to comment on the current situation:

“As I’m writing this, it appears that Congress has reached a bipartisan deal to avoid default and end the government shutdown. During the past couple of weeks homebuyers, Realtors, and even us lenders have been asking how the government shutdown is impacting the real estate and mortgage markets. From the lending perspective, it’s pretty much “business as usual.”  FHA, VA, and Fannie Mae/Freddie Mac agency loans are continuing to close and fund without delays. However, USDA’s Rural Development department has been shut down. Those purchases relying on Rural Development funding are being delayed. Before the shutdown, RD was working on a ten-day turn time, so any applications sent to them since that date are stacking up and will likely take weeks to receive funding approval. Once they are up and running again, you will be able to check for an update on their Twitter account @RD_Tennessee.

“The impact of the government shutdown on interest rates has been nominal. Rates have remained relatively steady over the past couple of weeks. It is less clear how rates will be impacted by a deal being worked out and where rates are headed in the near or long term. Getting the government back to work will be good for all, of course.

“As for housing, it is clear is that in many parts of middle Tennessee, there is a lack of supply. First day on the market, multiple-offer scenarios are becoming common, which means sellers are in a good position to sell and buyers should have their ducks in a row. If you are looking to buy, you should work with your Realtor and loan officer on a specific strategy to make your offer stand out while maximizing the benefit of your loan program.”

Buying a home is one of the most important investments you and your family will make. In today's Internet world, there are a lot of misleading websites, and with that comes a lot of changes in the real estate laws, policies, and procedures, but buying or selling a home does not have to be a scary process.

It is in your best interest to find a real estate agent you can trust who is familiar with the real estate market and who will navigate you through the buying and selling process. I built my business on integrity, confidentiality, and results and that’s how I live my life. With more than 14 years of experience, I am confident that I can be the agent who will protect your family’s best interests. Contact me and we’ll walk through the process together.

 

For more info on Todd Wiggins at First Community Mortgage, contact him at:
Todd.Wiggins@fcmhomeloans.com
p: 615-964-6714 x225 | c: 615-554-1983