Starting in January of this year, we have seen a low availability of houses on the market to meet the demand for buyers. This has created what we term a "seller's market," where homes are now selling faster and for a higher amount. The demand has also caused a bidding frenzy which drives up the sale price. In our year end round up, we can see how more people are ready to make a move in the real estate market.

Notable stats of 2020:

• New Listings -3,912 a 2.5% increase from 2019

• Single Family homes sold - 3,259 a 20% increase from 2019

• 41 days on the market - 20% down from 2019 (Average)

However, the seller's market will not last forever, as we are already seeing an increase in interest rates over the…

The FNMA HomeStyle conventional mortgage allows a buyer to purchase a home that needs renovations and include them in the financing. This facilitates the purchase of the home and the renovations in one loan rather than getting a separate second mortgage or home equity line of credit.The combination of these loans should save closing costs as well as interest rates which would typically be higher on a home improvement loan.

The borrower will need to have an itemized, written bid from a contractor covering the scope of the improvements. Any type of renovation or repair is eligible if it is a permanent part of the property. Improvements must be completed within 12 months from the date the mortgage loan is delivered.

• 15 and 30-year fixed rate and…