By Mike Bodeen · 31 July 2017
Cromford Market Index is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer’s market, while values above 100 indicate a seller’s market. A value of 100 indicates a balanced market.
Every once in a while we have to throw a definition at you to remind you (and us) exactly what these charts describe.
The Cromford Market Index that we display as a dashboard again provides us with their excellent Market trend report. With the only exception being Phoenix, although that’s a big one, the only decliners in this month’s Index is the West Valley. Specifically, Avondale, Glendale and Buckeye.
The rest of the valley went on the upswing last month.
It should be noted that the decliners, with the exception of Buckeye, remain firmly in “seller’s market” territory. As noted in the above definition, values above 100 indicate a seller’s market. Every major city in the Valley are in the seller’s market territory.
Paradise Valley bolted to a 13% Market Index gain since last month. Scottsdale and Surprise also registered strong jumps!
Getting Pre-Approved for a Mortgage Is Not the Pain You Think it is!
Many prospective buyer/borrowers may be apprehensive about what it takes to get pre-approved for a mortgage – and yes, you do need to be pre-approved for your mortgage. But it’s really as simple as picking up the phone, or shooting an e-mail to a quality mortgage lender to get that ball rolling.
For the first conversation with the lender, you’ll tell them how much money you make, how much debt you have, and how much cash you have for a down-payment and closing costs. The lender will immediately give you an idea as to how much of a home you can afford to buy.
The rest of the process involves verifying the information you’ve provided to the lender, including running your credit report. And then your professional Realtor is provided a copy of the PQF (Pre-Qualification Form), and you make an offer to buy the house. Importantly too, the FINAL LOAN APPROVAL comes weeks down the road following an appraisal of the home you’re buying. If you don’t get the final loan approval, your deal may fall through, but you won’t lose any earnest money deposit.
This is just a short description of what you’ll do to get the loan, but a really good loan professional will walk you through the process to get you into your new home. If you need the names of outstanding lenders, just contact us. We’ll be happy to help you there!
Market data referenced in this article comes from The Cromford Report.