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Real Estate Tips: Articles on the Flagstaff Real Estate Market: Past Articles [October 2008]

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Lenders are still open for business

As I reflect on the economic situation which has developed this year, I try to put into perspective how it is affecting our local real estate industry.  Without a crystal ball it is hard to envision the end result, however I am optimistic that we will get through it all with only some minor scars.

While reviewing my own business and visiting with others in working in this industry I find that there are a surprising number of people who are interested in purchasing a home even with all of the negative press about home sales and the economy in general.  Many are first time homebuyers as well as some that are looking to move up, and there are still a number of second home buyers looking for bargains.

It seems however that many people are under the misconception that lenders have closed their doors and are no longer providing loans.  Nothing could be farther from the truth.  I have spoken to a number of mortgage professionals and all are telling me that they are ready and willing to lend money to qualified borrowers.  In fact if you can qualify for a loan, now is a great time to buy a home.  As I write this article rates are less that 6% for a 30 year mortgage, and with a large pool of homes on the market many sellers are in the mood to negotiate their sales price.

Although times have changed and homeownership is not as easy as it was a few years ago, there is money available and lending institutions willing to lend it.  If you are in the market to purchase a home contact one of our local Flagstaff lenders and get pre-qualified for a home loan.  I like local lenders because we have a great pool of professional mortgage officers here in our community that are ready to roll up their sleeves and go to work finding you the best terms possible.  To my knowledge none of our local mortgage companies or their employees have been accused of illegal or unsavory lending practices the likes of which you have read about in other parts of the country this past year.

If you would like a list of local mortgage companies please send me an email and I will be happy to send it to you.

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“Mary Monday made the experience of selling my home a genuine pleasure. It delights me to know there are true professionals left in the world.”—BS