Now that we have considered what Realtors have to say about the market, lets take a look at the opinion of local lenders.
Oculina Bank executive vice president and senior lender, Chris Russell feels that the bottom has been hit and that we are on a slow curve upward. “One indicator is that we’re busier with mortgage production than any time in our eight-year history. We’re incredibly swamped.”
Seacoast National Bank’s executive vice president of mortgage banking, W.D. “Chic” Acosta feels that some submarkets have hit bottom and others have not. “Low and mid markets, yes,” Acosta said. “Higher-end is up for debate. Areas with limited amenities, yes; big amenities and big fees, no.”
Harbor Community Bank President Hal Roberts agreed that residential lenders are busy “and not just with refinance transactions, which was the majority of lending activity for months.” “Home prices do not appear to be rising rapidly as we have seen in prior periods and mortgage rates are the lowest I have seen in my 40-plus years as a banker,” Roberts said.
Roberts remains cautious in his optimism because maintaining the current momentum depends on low interest rates to absorb not only the known inventory and the shadow inventory, but also homeowners who have wanted to sell but were waiting for the right time.