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This week I wanted to highlight where we stand as we come to the end of the first quarter of 2015 and give you some advice on how to deal with Boomerang buyers. The lending side of our market is rounding out the first quarter in a good way and these Boomerang buyers are certainly coming through as expected so there is one important piece we all need to know to help them.

Rates have spent nearly every day of the last few weeks in positive territory. This comes after a bit of a breather in late February when we saw a period of high volatility. We are currently very near our best point of the year which puts rates at nearly their best point since the all time lows of 2013. Consumers are hearing this news as the number of buyers making application has risen by five percent and is also near the high point of the year. We would love to see this momentum continue on into the second quarter with some strong buyer demand.

We have certainly seen an increase in the Boomerang buyer traffic and the most common question we get asked is "when does the clock start for the waiting periods". Everyone knows there are different waiting periods but few know exactly when these periods actually begin. There are really just two scenarios with one having to do with people who lost a home and the other for people who declared bankruptcy. If they lost a home to short sale or foreclosure we look at the date the deed was notarized. If they went through a BK then we go off of the BK discharge date. Knowing this will help you and I both identify when these buyers can realistically get a new home

For more information about this or home financing give me a call at 480-744-6040 or email me at [email protected]