As the manager of a Wenatchee home inspection company it’s very important learn about the latest real estate news and information. On May 19, 2011, the Wenatchee Valley Chamber of Commerce led a discussion panel with local real estate experts to discuss the current state of the real estate market and to say their predictions for the rest of 2011. This blog entry along with the next 3 entries will summarize the panel discussions of each speaker.
Darel Ansley, Real Estate Loan Officer at Peoples Bank
Darel is a Real Estate Loan Officer at the Wenatchee Peoples Bank. He specializes in construction loans and mortgages for Wenatchee, Chelan, Leavenworth, and Okanogan Counties. He has lived in Wenatchee for 8 years after moving from Issaquah.
Darel concentrated on the topics of availability of funds and the access to low mortgage rates. Mortgage fees increased a quarter point in March while rates are staying at an extremely low 4-4.5%. Darel assured everyone that there are plenty of funds. While more affordable options are available in the Wenatchee home market, buyers have to consider increased mortgage fees that are adding about $100 on average to the monthly payment. With “cheap money” lended to home buyers they can currently buy more home for less money. Darel agreed with Cheri Farivar (Touchstone Appraisals) that now is the time to buy! He sees our current economic cycle in the bottom of a “U” shape. While our market is going to improve slowly in the next couple of years the new regulations imposed on lenders and appraisers will only make the home buying process more time consuming and will double the amount of time to close a transaction. He also predicts that rates will increase up 5.5% by the end of 2011.