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 Estate

Zillow: Pandemic uncertainty is keeping 34% of home sellers out of the market

Anxiety about losing employment is also a factor

Hesitant home sellers could be one reason there is such low housing inventory, according to a report from Zillow. Thirty-four percent of would-be home sellers said they are staying out of the market due to the uncertainty caused by COVID-19.

That uncertainty includes financial anxiety, which is keeping 31% of homeowners from selling in the next three years, according to the report.

A recent change in employment was a barrier to finding a new home for 27% of those who responded, while 17% said another reason was that their spouse or partner was laid off or involuntarily unemployed. On the other hand, one out of 10 homeowners said they weren’t selling because an adult child or other family member had moved in with them during the pandemic.

Nearly 40% of homeowners who said they would consider selling in the next three years said that they anticipate a more favorable price if they wait.

“Potential sellers are likely correct that home prices have yet to reach their peak, but in the long run, prices tend to rise, so there’s no clear ‘right time’ to sell,” Zillow Senior Economist Jeff Tucker said. “Homeowners who feel life is uncertain right now may think they can still get a strong price if they delay selling until they have more clarity.

“The catch is that waiting to sell may raise the cost of a trade-up. This fall’s record-low mortgage rates, which make a trade-up more affordable on a monthly basis, are not guaranteed to last,” Tucker said.


Untying business growth from the housing market cycle

Lenders need to be able to grow their business in a way that is not linear and is not tied to the market cycles – leveraging automation technology can help.

Presented by: Indecomm Global

The difficulty of finding a new home is definitely weighing on some consumers, as 31% of homeowners in the survey who were considering selling in the next three years said their plans paused because they are concerned about finding or affording a new home.

Of those who are hesitant to put their home on the market, virus safety was one of the least frequently cited concerns among homeowners. Only 25% of potential sellers said they weren’t selling because they were concerned about their household’s health and safety during COVID-19.

Taking advantage of mortgage forbearance was the reason 6% of homeowners who were considering selling in the next three years decided to stay put.

And those who have just refinanced are also unlikely to sell soon. Record-low mortgage rates are the reason 15% said a recent refinance was a reason not to list their home for sale.

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