Boomerang buyers are commonplace now
The housing meltdown took its toll on millions of people’s credit, income and stability. Most of these people have been renting or stuck in their housing since then. Now, since their hardships have been over for 3 – 7 years, they are coming back to buying real estate competitively. FNMA, FREDDIEMAC, VA, as well as FHA, all have programs at historically low rates to accommodate these buyers. RealtyTrac has estimated that over 7 million Americans lost their homes; half of these former homeowners are now in a position to buy again, peaking in qualification in 2018.
Our local market has shifted a bit, but, based on Boomerangs, low rates, job growth, and our increasing population trends, our housing market shows a steady and stable future.
If you are a Boomerang buyer and want to explore your buying power, please contact me. If you have not owned a property for at least three years, you can benefit from the same “1st time buyer” programs.
Michael Lux, Sr. Loan Officer