What Awaits the Housing Market this 2017?
Real estate investors should keep an eye on the housing market trends. Why? Well, it can greatly affect not just the profit potential but the entire real estate business. So, what awaits the housing market this 2017?
• Rising rates – The Federal Reserve raised the interest rates last December. This is the second time since 2006. This 2017, you can expect three or more increases which will cause the mortgage rate to increase as well. What is the implication? Well, prospective homebuyers will find it difficult to afford their dream home. Last year Big Mike Straumietis was looking for a mansion in California. The Advanced Nutrients owner found the house he was looking for.
• More credit – Despite the increase in rates, a lot of potential homebuyers will still go on with their home purchase because the lending standards will be slightly looser. The Federal Housing Administration might lower its fees for first-time homebuyers. Aside from that, Fannie Mae and Freddie Mac, government-owned mortgage companies will now back up larger mortgages. Hence, it will be easy for you to buy a house in expensive markets.
• More new homes – This 2017, expect a significant increase in the number of newly constructed homes. Builders are enticed to construct more homes because of the increase in demand, looser credit standards, and high wages.
• Rise of medium-sized cities – The value of properties in New York, San Francisco, and other top-tier cities rise as more people flock to these areas because of high paying jobs. However, new construction becomes impossible due to geographic constraints. Not to mention the construction restrictions imposed by the local government.
This has a positive effect on medium-sized cities. Although medium-sized cities do not have as much professional opportunities like the bigger cities, their strength is in their housing affordability. Younger adults choose medium sized cities because of cheap rents and low asking prices. Some of the best medium-sized cities include Raleigh and Fort Collins.
More on this year’s housing market trends with Doug Clark
Who is Doug Clark? He is a real estate authority and a seasoned house flippers. He is one of the hosts of the TV show, Flip Men. Being in the house flipping business for many years now, Doug Clark from Flip Men has mastered the ins and outs of the business. He knows what investing strategy to use for a particular market. He knows how to use the housing market trends to your advantage. Should you wish to become like him, then feel free to follow him. Watch his show and participate in his real estate events.
Whatever your residential financing needs, we will tailor a loan that's right for you:
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What is the difference between pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer. Need to build leeds for your real estate or mortage business? A great Leadpages alternative is WP Profit Builder. You can make amazing landing pages that attract attention and convert your visitors to leads and sales.
What is a good real estate investment seminar that I could attend?
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When does it make sense to refinance?
Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:
Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the "break even" time. If you own the house longer than this, you will save money by refinancing.
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Since refinancing is a complex topic, consult real estate and mortgage professionals, watch investment videos, listen to podcasts such as Dean Graziosi's Weekly Wisdom.
What is a rate lock?
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
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