There are some nice changes either about to happen or have already been implemented in the residential housing market. Yeah!

NAR, the National Association of Realtors, reports that stricter credit score limits, large down payments and even heavy paperwork requirements may ease.  In fact some of those changes have already begun to show up.

Credit scores for conventional financing can now go as low as 620.  And even the down payments for conventional loans can be as low as 5% and, in some cases, 3%.  Wow!  And what about the paperwork? Well let’s not get carried away . . . but that is going to ease up some also.

What does that mean?  Well, for starters it means there will be more qualified buyers in the market for homes.

And with those projected 1.2 million additional home loans per year, buyers will eat up our already thinning inventory of available homes.

And that’s when that wonderful phrase “supply and demand” kicks in, which starts pushing the price of homes up.

And that, in turn, will bring more houses on the market at a little bit higher price.

And that will create urgency among the buyers (which is always good).   So –

Merry Christmas, Happy New Year and all good things to everyone!

Life is good and getting better!