Preapproval for 2 Mortgages Dead?

With recent interest rate increases, and the Fed seemingly not holding back, homeownership for many first time buyers is out the window. Or, folks have significantly lowered their expectations.

What about those that are current homeowners looking to sell? How have these dramatic impacts changed that buyer landscape?

For one, many banks have curtailed lending to lower their risk exposures with the eminent recession being talked about.

This is affecting sellers looking to upgrade in that many can no longer purchase their next home… prior to selling their first home.

Being preapproved for 2 mortgages requires a very strong credit profile and healthy reserves for a bank to give the go ahead, and many simply don’t qualify.

This has led to sellers either holding off selling, or waiting until their current home sells prior to beginning the next purchase process.

But who is going to want to sell their property, and then viciously go hunting for another home when many homes are still seeing bidding wars.

Simply put, buyers are worn out. Even those looking to sell and then become an upgrade buyer.

Right now, the market is in limbo, with low inventory and buyers starting to pull back as well.

Kind of a weird time, but we’ll get through it like previous tough markets.

In the meantime, if you are looking how to sell your property for top dollar fast, reach out for our FREE report ‘How to Sell Your Listing Above Ask in 30 Days or Fewer.

As always, we are here to help :)