If you've been paying attention to the news, you've probably heard about several large mortgage lenders going belly-up.  This is because an increasing number of homeowners have been going into foreclosure across the country.  Most of the lenders affected are those that deal in sub-prime loans.  These are loans that allow people with lower credit scores, higher debt-to-income ratios, and less cash on hand buy homes that they traditionally wouldn't be able to qualify for.  As a result, almost all lenders have recently tightened up on their program guidelines.  This means that some buyers who were pre-approved for a loan a week or so ago may not be able to get the same loan today!  I've actually heard of existing contracts falling through because the buyer no longer qualifies under the new guidelines.  If you're looking to buy anytime soon, make sure you keep in constant contact with your lender.  If you're selling your home, be aware that there may be fewer buyers out there who can get a loan to buy your home.  It's still unclear how much this is going to affect the overall market.  We'll keep you posted!

People always ask us how the local real estate market is.  The truth is, it all depends on who you are.  If you're a seller, the current market can be a little frustrating.  If you're a buyer, chances are you're loving things right now.  If you're a Realtor, you're just glad people are buying and selling!  But no matter who you are, there are some stats that can help give you a better perspective on things.  We've just created a page on our site that gives you access to the most up-to-date market statistics:

click here!