You’ve heard it said before: “Real estate is local, not national. There is no national real estate market.” When friends ask us “How’s the market?” we know they’re really asking “How are things in my neighborhood, on my street…?” When you turn on the nightly news, however, you hear about the New York, Florida or Las Vegas markets, not the Maumee real estate market.
TV news in particular deals in sound bites, sometimes airing a few brief words from an “expert” for the sake of credibility. But the fact that experts find their way onto television shows does not necessarily mean they’ve done their homework. One perfect example: last week one of the major network morning shows interviewed their “Financial Contributor” to discuss the mortgage market. She said, among other things, that “ . . . you MUST have a credit score of 740, while the average American has a 600 credit score, or you will not get a mortgage. And you MUST have a 20% downpayment. . .” Hogwash! The most popular mortgage loans right now are FHA loans requiring 3.5% down with credit scores above 600! Conventional loans may be more restrictive, but the message viewers were left with was that it is nearly hopeless to think you can get approved.
If you know someone in the Toledo real estate market with these misconceptions, please direct them to the “Financing” button above to speak with Ann, Emily or Greg. They will explain the LOCAL mortgage market to you, and you may be surprised what an incredible time it is to be looking for financing.
