According to the head of Bank of the West’s team of mortgage bankers, today the housing market could be considered a seller’s market. What it means is that sellers have more power than the buyers. Based on a definition by Investopedia, a seller’s market is a “market condition characterized by a shortage of goods available for sale.” And what it means to the buyer is that market research before making any buying decision has become more important than ever before.
“This housing market has really become a seller’s market, so homebuyers need to prepare themselves as much as possible before they start shopping for a home.” — Karen Mayfield, Bank of the West.
In hopes to help the consumer make wiser decisions and help them along the way, they have created a set of short videos, a series called Mortgages In Brief that tries to address the most common questions consumers have when buying a home. From credit scores to down payments, from information about different required documents to closing costs.
The new video series can be seen at Bank of the West’s youtube channel and the Mortgages In Brief series is the latest addition to their popular In Brief series meant to educate the consumers.
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