The 2018 real estate market is widely expected to register higher property prices. However, there is a lack of consensus on how much the prices will rise. A number of forecasters are convinced that the figures will hit at least 3.65 percent. CoreLogic anticipates an increase of at least 5 percent starting in July 2017 through to July 2018.
Meanwhile, Lawrence Yun who is the Chief Economist at NAR says the number of home sales is more likely to increase by 3.7 percent. The projection translates to total sales of up to 5.67 million. This follows an expected total of 5.47 million in 2017, which represents a 0.4 percent rise (year-on-year) from 2016.
Yun made the announcement at the Association’s Realtors Conference and Expo in Chicago. He also noted that the national median home prices will most likely rise by about 5.5 percent in 2018. Overall, these predictions are being viewed as positive news for real estate consumers.
Yun anticipates a growth of 9.4 percent in the single-family housing market, which translates to an increase of 950,000. Furthermore, the Chief Economist pointed out that the figures still fall short of the 50-year average of 1.2 million starts. This is despite the fact that 2018 forecasts will help alleviate pressure.
Robust starts play a key role in minimizing inventory problems in addition to untenable property prices associated with them.
The majority of experts anticipate that mortgage rates will rise in tandem with interest rate hikes. Federal Reserve officials, including Janet Yellen, Jerome Powell and Stanley Fischer have been prepping the market for further rate hikes with at least three expected in 2018. These possible hikes come at the back of three in 2017.
Forecasting the extent of mortgage rate increases is difficult. However, the Mortgage Bankers Association (MBA) recently announced that they foresee the benchmark 30-year rate rising above the 5 percent threshold. MBA expects the increase to take effect by mid 2018.
The LendPlus difference
LendPlus Financial offers affordable mortgage loans to homebuyers. The company has been operating for many years and its executives boast more than three decades of mortgage banking experience. This has helped the lender stand out in the competitive mortgage lending market. Borrowers take advantage of innovative products and a speedy loan application process to secure their ideal residential property.
LendPlus is known for providing a transparent loan application and approval process thanks to its proprietary software. The firm is a full-service direct lender that leverages strategic partnerships with prominent realtor partners. This makes it easier for homebuyers to achieve their financing goals.
It comes as no surprise that thousands of people trust and rely on LendPlus to access affordable home loans. The entity is a non-bank mortgage lender that provides superior customer service. The speed of loan approvals is a major factor that contributes to the business’ success. In the majority of cases, borrowers can receive funds within three weeks after lodging a loan application.
The lender achieves faster processing times using an advanced software system that is undoubtedly one of the best in the industry. The company maintains high standards of service across four retail production channels.
LendPlus has offices in Aliso Viejo, CA and operates a growing number of branches in more than seven states. The loans offered to clients can be secured by single-family properties. You can also follow them on their social media channels, Facebook, Twitter and Instagram to stay up-to-date with the latest news.