30 Nov Sell More Homes In A Record Setting Year With Angel Oak
We love sharing good news – especially at this time of the year. We have been keeping an eye on market performance and 2021 projections. Based on reports issued from the National Association of Realtors (NAR) and the Mortgage Banking Association (MBA) this coming winter could be another record setter for home sales.
The National Association of Realtors’ Chief Economist Lawrence Yun predicts that in 2021 mortgage rates will remain low, home prices will increase by 3%, existing home sales up by 9%, and a 23% surge in new home sales. NARs reported that mortgage applications are up 20% year over year. This number reflects the number of homebuyers who have been approved for mortgages and ready to purchase a home. According to their survey, 47% of homebuyers plan to move to the suburbs and many of these people want larger homes. They also noted an increase in the purchase of vacation homes. People are buying them for their own private use and/or to rent out as a means to increase cash flow.
The Mortgage Bankers Association weekly applications survey for the week of 11.25 showed a 3.9% increase in applications from one week prior. New purchases increased 4% from the week earlier. Purchases are up 19% year over year same time period and will continue to increase well into 2021.
More good news….we have continuously improved our guidelines for many of our products offering your clients more options and flexibility.
Call us to find how our products give your homebuyers more options to purchase a home.