For Buyers Entering the Spring Home Purchase Market, the Early Bird Catches the Worm.

Dear Friends & 2018 Home Buyers,

The question is:  When is the best time to be a “Buyer?” Is it, now… as in mid January, not even half way through Winter, not even long after the Holiday season has passed?  Or, when we often hear many say, “I’m/ We’re going to wait for Spring”?

Let’s Get Started

Even though we have no data to support industry wide trends, from our vantage point, we can tell you that we are much busier, serving many more first time home buyers, when they were not able to do so in the spring of 2017. Speaking strictly from a percentage standpoint, it is safe to conclude that many more first time buyers have been successful in getting their offers accepted this month, compared to the red hot SELLER’S market we experienced this past March & June.

Although in the Spring of 2017, the housing market may have been the most extreme case, it was not an anomaly in my opinion. The 2016 spring market had limited supply as well, and my guess is that we will see something similar again for 2018. In 30+ years of working with first time home buyers, I am convinced that the largest demand for homes is in the Spring market (March through June). My personal theory is that the Spring market sets new prices, and the rest of the year falls into place based on those new prices. In many years prior to 2016, getting offers accepted for first time home buyers was not as much of a problem. Before 2016, the Spring time supply of homes increased relatively in unison, with the increased spring time demand for homes.  This normal increase in Spring supply for the inventory of homes was not so much for 2016 market, and definitely not true in the 2017 market. Many predictions are that it may be a tight supply again for 2018.

As a mortgage lender who has always specialized in working with first time home buyer’s, I will agree that the spring market of 2017 was brutal for many first time home buyers who were working with low down payment programs. At times, it seemed that offer after offer, would get rejected in favor of a 20% down buyer, or a cash buyer. From our vantage point, the tide didn’t seem to change until last summer, after the market seemed to soften a bit for buyers. For first time home buyers, the best way to overcome this challenge for 2018 is to have a solid pre-approval in place, and to perhaps, to beat the influx of buyers who will compete for homes in March, April, May & June.

As the cliche goes, “the early bird catches the worm.”  And in this context, the early bird is the home buyer who is active, and pre-approved prior to the spring market hitting. If you want to come out of the blocks ready, willing and able to purchase a home in 2018, please contact me. You just may beat the rush of competition for housing if you are ready to start the process in January. By Referral, we will review and discuss your loan options, including monthly payments in various price ranges, closing costs, how escrows for property taxes and homeowners insurance work, what you qualify for, and, to answer all of your questions!

To get your FREE appraisal coupon Click Here!

If you are looking to purchase a home this year, please contact me.  By referral, I will sit down with you to go over your loan options. We will review and discuss your loan options including monthly payments in various price ranges, closing costs, how escrows for property taxes and homeowners insurance work, what you qualify for, and, to answer all of your questions.

-Bob Hein, Mortgage Lender

Phone: 616.292.6703

Mortgage Rates: Yesterday, Today And Into 2018

Dear Friends,

As a mortgage lender, one comparison I like to make heading into a new year is to look back at where our rates had been throughout the year, and compare to where they are presently. I typically make my own personal forecast on where I think rates are headed for the coming year.  Below is a revealing graph and chart depicting how mortgage rates have changed over the past 45+ years.

Continue reading

First Time Home Buyers! Don’t Give Up the Search!

Dear Friends, if you are currently looking for a home, or know of someone who is, you probably know there isn’t a lot of homes out there in terms of numbers to choose from.  As a Loan Officer with over 30 years of experience, I am well aware of the reluctance to continue looking as the Holidays approach, and into the winter.  It’s just not as fun looking for homes in the dark, and snow and cold.


Millennials Want Education and Information:

Dear Friends – it’s amazing to me how many times that after meeting with a younger homebuyer who has already met with another lender, we too often hear something like:  “Wow, my other lender was nowhere near this informative and detailed.


The Return of Seller paid Closing Costs?

So, what a difference 6 months makes? To all first time home buyers:  if you were in the market to purchase a home last spring, and may have become discouraged … now is the time to retest the waters!


Bob Hein Mortgage p: 616.292.6703