Home buyers are in a spring mood, but sellers are still hibernating, suggested one broker while commenting on the latest statistics from Northwest Multiple Listing Service. Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers, rising prices, fewer sales, and frustrated house-hunters.
Year-over-year pending sales (mutually accepted offers) declined for the first time since March 2016, falling 8.9 percent. Eight counties, including King and Snohomish, reported double-digit drops in pending sales as the volume of new listings couldn't keep pace with demand.
It is no secret that qualifying for a mortgage loan is often more challenging for Borrower's who are Self-Employed. Freddie Mac has just announced a change to how these Business Owners must document their income (and this change is effective immediately):
Documentation Requirements -- The number of years of required Tax Returns will be based on the number of years the business has been in existence.
- For Businesses operating for 5+ years, the most recent 1 year of Tax Returns will be required
- For Businesses operating for less than 5 years, the most recent 2 years of Tax Returns will be required