What's Next In The Mortgage Market for 2010?

Happy Holidays to You!

As we approach the end of 2009, it’s time to thank the people that have helped us become what we are here at Dundee Mortgage. To all of our loan clients this past year, we offer you our sincere thanks for putting your trust in us to handle your home lending transactions. They say in our business that you’re only as good as the people you work for think you are, and we try very hard to be the best at what we do.

To our business partners, we also say thanks. Building a new mortgage company from the ground up takes strong partners that you can trust to do things the same way we do. So to Missouri River Title, DRI Title, Residential Appraisals, and everybody we rely on to help us get things done, we say thank you as well.

2010 is going to be interesting.

In coming weeks, you’re going to see information here about the changes coming to our industry. We touched on it earlier, and we are going to expand the information we give out to help you understand the lending environment we live in going forward. Not since 1972 ushered in the era of regulated home lending have we seen changes like this, and we’re going to be your source for everything you need to know. But first, a little about what Terry and I think the market is going to look like next year.

I’ve had conversations lately with realtors, lawyers, bankers, and all kinds of industry watchers that think the real estate market is in for a banner year. There is a lot of pent up demand with the home buying public, and it’s only a matter of time before that demand hits the streets. Interest rates started 2009 in the low 5% range, and they’re still there today with no real indication that they are going to rise sharply any time soon.

Couple that with people that have been waiting for their economic outlook to improve before they decide to consider a move up in home price or a first-time home purchase, and we think things are going to really start heating up. There is still a ton of inventory available in the Omaha market, and we think that it will be the best time to buy and sell a home since 2007.

Stay tuned for our next update on what you can expect when you apply for that home loan in 2010.