What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real EstateCoronavirus

NAR survey affirms concern over spring housing market slowdown

Seventy-two percent of respondents found sellers were not reducing prices in the hopes of attracting buyers

The majority of homebuyers and sellers are bypassing the spring housing season as a result of the coronavirus pandemic, according to the latest Economic Pulse Flash Survey published by the National Association of Realtors (NAR).

In a poll conducted April 5-6 that generated responses from 5,855 NAR members, 59% of respondents said buyers were delaying home purchases for the next few months and 57% reported sellers were delaying the listing of their homes over the same period. As a result of the pandemic, 90% of respondents reported a drop in interest among potential buyers while 80% found a lower number of homes now on the market.

However, while 63% of respondents stated buyers expected a drop in home prices as a result of the current environment, 72% of respondents found sellers were not reducing prices in the hopes of attracting buyers.

Lawrence Yun, NAR’s chief economist, predicted a rough spring for housing market but did not foresee long-term problems.

“Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures,” said Yun.

As for transactions that are currently underway, 34% percent of NAR’s residential members reported no closing delays. As for those encountering delays, the difficulties were mostly associated with financing (31% of respondents), appraisals (25%), home inspections (21%), title searches (17%) and final walk-throughs (17%).

The survey also found NAR members relying on high-tech tools to stay connected with stakeholders, with most of their attention aimed at buyers. Fifty-eight percent of respondents relied on virtual tours of available properties while 84% used e-signature tools to get the buyers’ John Hancock. Live video was popular with half of the respondents in their outreach to future clients.

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