If hold times are any indication, the housing market is definitely on the upswing. We’ve found two houses that interest us in our desired town of Maplewood, NJ. I found out yesterday they both received offers. This was after I spent almost 2 hours on hold with my bank waiting to speak to a mortgage specialist to get pre-approval. Having learned that the paperwork I waited so long to procure was now invalid, I just spent another hour and a half waiting to get through to a broker so we could revise my letter. I could never hear The Boy from Ipanema again and be just fine.
Based on the number of people trying to get mortgage approvals and the fact that every house I get a hankering for is gone before my hold time is completed, I’d say the market is turning around. So it does seem that I managed to time this all perfectly…sell LOW, buy HIGH. Grumble.