The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

In a purchase market, rookie LOs may struggle

Rookie LOs in 2020 could ride the refi wave and rack up a hefty monthly paycheck without Herculean effort. But these days, they'll have to sing for their supper.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

With a rise in natural disasters, including wildfires, hurricanes, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

Real Estate Enthusiasts

Is 2021 a good time to sell your house?

Last year, buyer demand increased due to record low mortgage rates. That said, because of those low mortgage rates, and fewer houses on the market, home prices went up. To put it simply, the last half of 2020 was a seller’s market. But will 2021 be the same? If you’re wondering whether it’s a good time to sell your house, keep reading.

Here we break down the reasons why you should or shouldn’t sell in 2021:

Should sell your house: Interest rates are low

Low-interest rates are great for potential buyers. They make monthly mortgages more affordable! Why is this a good thing for sellers, you ask? While interest rates are expected to remain steady in 2021, there will still be a low supply of houses on the market. This means home prices will rise and sellers will walk away with a good chunk of change. 

Shouldn’t sell your house: You refinanced or you’re in forbearance

Last year featured a huge refinance boom. As interest rates dropped, homeowners took advantage and refinanced their mortgages at lower rates. If you recently refinanced your house, you’re probably in a better place to afford your current mortgage than if you were to buy something new. 

According to the Mortgage Bankers Association, approximately 2.8 million homeowners are in forbearance plans. If you’re one of them, and you’re wondering if you can sell your house, we have good news.

In most cases, yes, you can! But, the money you haven’t paid will be added to your total payoff (which includes any interest you owe). If your forbearance plan is set to end and you’re still struggling, talk to your lender about an extension. 

Should sell: You live in a hot area

U.S. home prices have doubled in the last decade, according to Zillow. In recent months, some cities, in particular, have experienced huge booms in home prices. For example in 2010, the average home price in Denver, Colorado was $246,680. The average home price in 2020 was $464,068, 

If you live in an area where home prices are skyrocketing, it might be a good time to sell your home. 

Shouldn’t sell: Your income isn’t stable

The economy is starting to recover, but that doesn’t mean everyone’s back on track. If you’re waiting to go back to work after being furloughed, or you’re worried your employer will be making layoffs, you might be thinking it’s a good time to sell your house and purchase something cheaper. 

Keep in mind though, a great deal of money goes into buying a new house (regardless of the property type). Besides a down payment, you’ll have to pay closing costs, property taxes, insurance, etc. The costs add up quickly. And if your income isn’t stable, you might struggle to make ends meet.

Instead of selling your house, talk to your lender about refinancing or entering a forbearance plan to help alleviate financial stress.

3d rendering of a row of luxury townhouses along a street

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