Positive outlook for local housing market in 2015

COLLIER COUNTY, Fla.- It’s your money and WINK News found out it’s going to be easier for you to buy a home in 2015.

“I’m definitely seeing a move in the market,” said Debbie Seifert, realtor with Keller Williams Naples.

Seifert tells WINK News buyers will have an easier time purchasing a home in 2015 for three reasons. The government recently relaxed the criteria for getting a loan, called overlays. Seifert says they were very strict in the years since the housing crisis.

“When the banks started installing the overlays they were being hypersensitive about giving out money, so it made it almost impossible for people to get a loan to buy a home,” said Seifert.

Seifert says those regulations are now back to normal.

You also don’t need such a huge down payment.

“Within the past month, Freddie Mac and Fannie Mae made the consumers aware that they’re doing a 3 percent down payment which is fantastic,” said Seifert.

Finally, interest rates are still extremely low.

“The rates may increase a little over 2015, but you’re talking about a high of possible 5 percent. It’s not going to skyrocket so that it’s out of reach for people. It’s making it much easier and people are becoming more optimistic again about owning a home,” said Seifert.

Seifert says she does not believe these relaxed regulations will lead to another housing crisis, because this time, the government still has income requirements and you have to have a credit score in the low 600s.