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Last week, the Federal government stepped in and introduced new measures which should assist buyers and sellers of Victorville California homes and the California housing market in general. A lack of prospective buyers, caused by a severe credit squeeze that began last August, has combined with a general lack of consumer confidence to reduce the number of house sales and lower the median price of the sales that are taking place.
The credit squeeze of the past few months has made it far more difficult for potential buyers to satisfy the criteria required to obtain new mortgages. But there is - it seems - some light at the end of the tunnel. Last Wednesday, President Bush signed off an economic stimulus package that will increase the limits for Freddie Mac, Fannie Mae and FHA-backed mortgages. This is expected to have a positive impact on the Victorville California homes sales market.
This new easier availability of FHA-backed mortgages will significantly assist first-time buyers who had previously been pushed out of the mortgage market by the turmoil of the sub prime lending problems of the last few months. The lack of available mortgages for those with little money for down payment had stalled the lower end of the housing ladder, which had a ripple effect right through the Victorville California homes market.
This new availability of larger mortgages should greatly assist in turning around the California housing slump. If you’re searching for Victorville California homes, the current market presents some excellent opportunities. The recent slump in sales now means there’s a huge selection of houses available for purchase. Whereas previously the area was very definitely a seller’s market, it’s now turned 180° into a buyer’s market. With such a large choice of homes available, a buyer can afford to shop around for a real bargain.
Lower interest rates will also help boost the ailing market, and the new incentives announced by the President will last for just one year. Therefore, it’s expected many people who have been sitting on the fence waiting to see what happens with the Victorville California homes market, will now see that there’s been a clear change of circumstances that will benefit them. This, in turn, should provide the much-needed stimulation to restart the local housing market.
Many developers are offering large, incentive packages on new and resale homes. Buyers now have an excellent choice of properties to sift through. In addition, over the past few months, many big-time home builders have slashed prices by around 25% - there are approximately 5400 brand new homes sitting vacant in San Bernardino and Riverside alone, providing a rare opportunity for home buyers to snap up one of the many Victorville California homes bargains now available.
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