Physician Construction Loan in South Carolina | 24 Hours that Suddenly Improved the Market
At Physician Loans USA , we don’t want you to feel overwhelmed; we don’t want you to feel like you are lost or alone in whatever you are confronting. We are here to guide you on selecting South Carolina properties.
Today I would like to talk to you about Physician Construction Loan in South Carolina | 24 Hours that Suddenly Improved the Market
This year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row.
To many, the outlook heading into 2019 appeared dim… at best.
Then, in a 24-hour window last week, things seemed to change. On Wednesday, the National Association of Realtors’ (NAR) revealed in their Existing Homes Sales Reportthat home sales had INCREASED for the second consecutive month. The next day, NAR’s economic research team announced that the percentage of first-time buyers in the market was higher than last month and even higher than a year ago.
What happened to turn around the downward momentum in the market?
You only needed to wait a few hours to find out. On the heels of NAR’s revelations, Zillow released their November Real Estate Market Report that explained:
“After nearly four years of annual declines in inventory, the number of homes for sale has now increased year-over-year for three straight months…”
Ending 2018, we now know two things:
Listing inventory increased over the last three months
Home sales increased over the last two months
Maybe a lack of inventory was the major challenge all along.
But, what about those pesky interest rates?
Last Thursday (the day after all of the above news), Freddie Mac announced that mortgage rates did not increase but instead decreased…again. From their release:
“The response to the recent decline in mortgage rates is already being felt in the housing market. After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months.
This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes – and given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well.”
Bottom Line
Will 2019 start out better than many have predicted? Perhaps, but we’ll have to wait and see. Things do look much better today, though, than they did just a month ago.
At Physician Loans USA, we have a staff that you can connect with via phone or e-mail. Our corporate promise to you is that we will be same business day of your initial inquiry. We take pride in helping relocating physicians throughout the country, and understand the hectic schedule your profession demands.
PLEASE CHOOSE A STATE BELOW AND WE WILL CONTACT YOU DIRECTLY TO GET STARTED.
PHYSICIAN CONSTRUCTION LOANS
100% financing for loan amounts $0 - $750,000
95% financing for loan amounts $750,001 - $1,000,000
85% financing for loan amounts $1,000,000 - $1,500,000
80% financing for loan amounts $1,500,001 - $2,000,000
Must be a licensed MD, DO, DDS, DPM, or DMD
Primary or Second Homes (second homes are slightly lower loan-to-values)
Future income allowed. Must start new job within 60 days of loan closing
No Private Mortgage Insurance Required (No PMI)
Eligible Products: 15 and 30 Year Fixed Rate, 3/1, 5/1, and 7/1 Adjustable Rate
One-Time Close (Close one-time with one set of fees as opposed to getting a construction loan and then having to refinance the construction loan to a permanent loan when construction is complete)
Permanent rate is locked prior to construction close. (This eliminates the uncertainty of rising interest rates)
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