Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

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.

Most Popular Articles

Better.com lays off LOs, secures $750M cash injection

Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

Who’s afraid of the PSPA?

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the FHFA should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Dec 06, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please