MYTH
Housing prices will continue to drop.
Fact They are already heading back up. Economic experts predict that the bottom of the housing market is near. With the new federal and state tax incentives, along with buyers sitting on the fence waiting to jump in when they think the bottom has hit prices will not remain low forever. Believe it or not, there is significant sales activity for bottom priced homes in San Mateo County and across the Bay Area. We are returning to a normal market, and the shortage of inventory, combined with the continued demand to live in such a desirable locale will force prices to climb again. Its basic supply-and-demand economics: over time, the lack of housing and high demand will continue to fuel the housing cost of San Mateo County.
MYTH
My friend just got into the lending business. I should use them.
Fact Using an experienced real estate
professional in this market is key. In the current housing market, where lending guidelines are constantly changing, using a seasoned professional is more important now than ever. Interview your mortgage professional just like you would any person you would hire to do a very important job for you. Remember, this is the largest financial decision in your life (perhaps more so if it’s your first home), and experience with underwriting and pre-qualification guidelines, as well as lending programs are paramount to a successful financial transaction. Interviewing your REALTORŽ should also be a priority. We all like to support our friends and family. However, be sure to remember the value of experience and connections within the real estate community, it does make a difference.
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