The first week of 2010 proved interesting. I learned that the new RESPA changes are going to be a total pain in the neck. I also learned that Fannie/Freddy are no longer accepting loans with a debt to income ratio over 45%. Previously, there was no maximum on debt to income ratio. This is going to be a huge change and one that's going to be brutal when qualifying potential clients for a loan. Both of these factors are going to make business REALLY fun this year. *sigh*
Inventory is increasing gradually and people seem to be shopping despite the 30 degree weather. Usually Janaury is dead but so far it's been somewhat brisk. 3 of the properties I viewed with clients in the last 2 weeks have already gone under contract. 1 had only been on the market for 4 days. Another went on the market the day before Christmas. That's pretty impressive considering the time of year, weather, and general economic reports. Once again, I'm glad I live in DC!