Why 2018 Is The Best Time To Partner With LendPlus
If you have been waiting for the ideal time to enter the real estate market, 2018 could be your year. This upcoming year figures to see an increase in available home inventory, giving you the selection you deserve. Interest rates and home prices are projected to rise as well, incentivizing you to act soon rather than wait on the sidelines.
Traditional banks may not act quickly enough to fund your mortgage loan while buying conditions are good, but LendPlus can help. The company frequently funds residential mortgage loans within 21 days of a customer beginning their convenient application process, ensuring that you get the money you need when you need it. Their agents are also committed to treating every customer as a top priority, not the afterthought that large banks see you as.
Let's take a closer look at why 2018 is a great time to partner with LendPlus!
Interest Rates Are Finally Rising
The recent recession caused an extended period of economic stagnation, preventing the Federal Reserve from raising interest rates. That trend finally started to change in 2017, as 30-year mortgage interest rates climbed back above 4 percent last year. This is projected to continue, with many real estate experts forecasting between two and four rate increases over the course of 2018 to bring the final number above 5 percent.
Obviously, higher interest rates will only increase the cost of the American Dream for homebuyers. This means that if you're interested in buying, you should do so as quickly as you can. The expedited loan application processes LendPlus offers is just the thing you need to get your loan funded before interest rates rise again.
Inventory Is Increasing
There was no money for new construction during the recession, limiting the real estate market to only the inventory that was available before it began. This forced buyers to settle for homes that they did not necessarily love if they wanted to capitalize on the record low interest rates available at the time.
A lack of inventory also inflates the price of whatever is available, artificially keeping well-qualified buyers out of the market entirely.
However, recent trends suggest that more inventory will be available in 2018. Construction is starting up again, and while a spike in the price of building materials and available land limitations are slowing the process down we should start seeing new dwellings in 2018. The Republican tax bill may also convince some buyers to stay out of the real estate game, increasing the inventory available for serious buyers.
Home Appreciation Finally Slowing Down
The experts at Realtor.com forecast nationwide home prices to increase by 3.2 percent year-over-year in 2018, significantly less than the 5.5 percent increase that occurred between 2016 and 2017. Real estate varies wildly by market, so home prices in San Francisco, Detroit, and Wichita will all be different. The experts predict that previously red-hot markets such as San Francisco will cool considerably in 2018, while Southern states will see an increase thanks to the region's thriving economy.
Of course, prices are still going up, encouraging you to act quickly. The executive team at LendPlus has over 30 years of banking experience, giving them the steady hands needed to navigate new legislation as it arises to get you into a new home. Visit them online at LendPlus.com today for further information! You can also follow them on Facebook, Twitter and Instagram to stay up-to-date on the latest news.