Mortgage Applications Increase as Investors Jump into the Residential Market – Homes for Sale Ventura, CA

by Gary and Lisa Schoeffler on April 6, 2011

in Investors

Although analysts are sounding a cautionary note, the number of Americans applying for mortgages rose by 16.1 percent in the first week of March – the largest monthly increase since June of 2009. The activity could be due to investors with money to spend, and not the first-time homebuyers who will play a vital role in the housing market’s recovery.  The refinance index increased 17.2 percent and the purchase index increased 12.5 percent, to the highest level this year.  The refinance share of activity increased to 65.5 percent of all applications from 64.9 percent the last week of February.  That’s the good news.  That bad news is that mortgage applications are likely to decline over the next several months because homeowners are unable to sell their current homes and trade up.  At present, cash buyers and investors — lured by low prices and soaring rents — represent the majority of sales, said Paul Ashworth, chief U.S. economist with Capital Economics.  Also, rates are low.  According to Zillow.com, the average 30-year fixed-rate mortgage is now 4.73 percent.

This is absolutely the time for investors to take advantage of some of the great deals we have in the Ventura, CA market. We come across ideal rental property every day and we have seen some amazing deals in the past few weeks. They haven’t stayed on the market long, which reinforces the investors are out there and they are buying.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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