The ten biggest issues for real estate now and in the future

The 2018 Realtors Conference and Expo has highlighted some of the issues that are challenging the industry as we prepare for 2019. The event, organized by the National Association of Realtors, produced the annual Top Ten Impacts on Real Estate for 2018-2019, as named by the Counselors of Real Estate.

Source: The ten biggest issues for real estate now and in the future

Millions of homeowners have missed their chance to refinance

Refinancing is no longer an option for 6.5 million homeowners as rates have picked up over the summer months. Since the start of 2018 there has been a 56% decrease in the number of homeowners who have a financial incentive to refinance – just 1.86 million – according to the September Mortgage Monitor Report from the data and analytics division of Black Knight Inc.

Source: Millions of homeowners have missed their chance to refinance

Small increase in supply but rising rates are slowing demand

The US housing market is starting to see an increase in supply in some markets but buyers are not necessarily in a hurry to take advantage of the extra choice. Markets posting rising inventories may not see sales follow as rising interest rates and high prices giving potential buyers cause for caution according to an analysis of 171 metros by Redfin.

Source: Small increase in supply but rising rates are slowing demand

Mortgage rates, home prices costing buyers an extra $1,416

The impact of rising mortgage rates is highlighted in a new report on the monthly cost of homeownership. The analysis by Zillow finds that higher rates are responsible for about two-thirds of the increase in buyers’ monthly mortgage payments compared with what those costs would have been a year ago had home values remained constant at their current level.

Source: Mortgage rates, home prices costing buyers an extra $1,416

Shop & Lock

You can now lock your interest rate while you shop for your new home. Even without a formal offer on a property, Lock & Shop gives you rate security with 60- or 90-day rate locks. If the rates improve as you shop, you can float down to the better rate.
Along with the Lock & Shop, you can submit an approval with conditions to make your offer strong in a competitive market.

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