Are the Banks still lending money to buy in Steamboat?

You wouldn't think it but I get this question all of the time and the answer is yes. The stats show us that 8-15 families per week are buying in Steamboat and while volume is lower than last year average prices are up. That said there are a few deals to be found we are just fortunate to be in a market that is more stable than average due to our relative value for a mtn resort, little if any sub-prime exposure along with much more capable and conservative buyers that can make their mortgage payment.

The percentage of cash deals continues to increase just like Income needs to be documented but every loan application a client of mine or the broker who brought a buyer to one of my listings has done this year has been approved. To be honest the loans and closings have been some of the smoothest I have seen with anything from an immigrant fast food manager, to an unmarried couple with limited credit to jumbo loans. and things in between. The major change is that you need to go to a mortgage person that works for a bank vs. a typical broker who is on their own. The broker at the bank will still most often shop multiple wholesale lenders like traditional mortgage brokers did. The difference is the wholesalers feel better about working with someone that is responsible to a bank since many of the marginal loans in the 5 markets that most of the national mortgage issues are in were done by unaffiliated brokers. Most mortgage brokers were very honest but this was one of the steps that was taken to tighten up this system.

With the state of the economy and a the chance to pick the property of their choice at a discount buyers wanting to upgrade or make Steamboat a part of their lifestyle are taking advantage of the buyers market to fulfill their goals. These are not people ignoring reality but sophisticated people who are taking this break to purchase exactly what they want at a good price with the time to make a considered decision. If you would like to learn more or find a great mortgage broker let me know and I will give you thoughtful guidance. For more click back to the Steamboat Springs blog main page.