{"id":13378,"date":"2018-04-27T13:08:35","date_gmt":"2018-04-27T13:08:35","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=13378"},"modified":"2018-04-27T13:08:36","modified_gmt":"2018-04-27T13:08:36","slug":"buyers-stretch-budgets-to-be-more-competitive","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-stretch-budgets-to-be-more-competitive\/","title":{"rendered":"Buyers Stretch Budgets to Be More Competitive"},"content":{"rendered":"

Buyers Stretch Budgets to Be More Competitive<\/h1>\n

 <\/p>\n

\"Buyers<\/a>

Buyers Stretch Budgets to Be More Competitive<\/p><\/div>\n

Buyer demand is high but the number of homes for sale is low. This is prompting more shoppers to stretch their budgets, put less money down, or turn to adjustable-rate loans to prevail in a bidding war for a home.<\/p>\n

\u201cThe frustration with the lack of inventory is, so many of the houses are going in bidding wars, and so you know you really have to step up to the plate and you have to do your homework to be a competitive buyer,\u201d\u00a0Patrick Clark, a real estate professional with Long & Foster in Philadelphia, told CNBC.<\/p>\n

Higher mortgage rates and escalating home prices are prompting more home buyers to consider adjustable-rate mortgages, which offer lower initial rates for a set time before rising. Borrowers are being tempted on low down payment loan options, such as Fannie Mae- and Freddie Mac-backed 3 percent down payment loans. They\u2019re also being lured to private lenders\u00a0offering\u00a0\u201cnonprime loans\u201d (the reimagined subprime loans). Read more: \u2018Nonprime\u2019 Loans Expand Mortgage Options<\/a><\/p>\n

Buyers are feeling confident enough in their own finances to put more at stake to break into homeownership.<\/p>\n

\u201cWhen they\u2019re more confident they are willing to stretch a little further,\u201d\u00a0says Mike Graff, a mortgage consultant with Prosperity Home Mortgage. \u201cI think that some people realize, look, they\u2019re not going to be in this house for 30 years, so moving to an ARM, when the rate is fixed for a period of time, they\u2019re definitely more comfortable with something like that to lower their payment or to kind of stretch their budget a bit, so we have seen an uptick in that.\u201d<\/p>\n

Banks are showing more willingness to take on greater risk in jumbo loans, too.<\/p>\n

Source: \u201cHomebuyers Are Stretching Their Budgets and Mortgage Limits to Win Bidding Wars<\/a>,\u201d CNBC (April 24, 2018)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers Stretch Budgets to Be More Competitive   Buyer demand is high but the number of homes for sale is low. This is prompting more shoppers to stretch their budgets, put less money down, or turn to adjustable-rate loans to prevail in a bidding war for a home. \u201cThe frustration with the lack of inventory … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-13378","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuyers Stretch Budgets to Be More Competitive - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-stretch-budgets-to-be-more-competitive\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Buyers Stretch Budgets to Be More Competitive\",\"datePublished\":\"2018-04-27T13:08:35+00:00\",\"dateModified\":\"2018-04-27T13:08:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/\"},\"wordCount\":329,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/04\\\/04272018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-stretch-budgets-to-be-more-competitive\\\/\",\"name\":\"Buyers Stretch Budgets to Be More Competitive - 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