In piece for NerdWallet, staffer Holden Lewis outlines three housing and mortgage trends for buyers and owners to pay attention to over the next three months.
The trends he’s identified start with the fact that it’s still a seller’s market out there. To help home buyers in their searches, Holden advises expanding the search, touring a property as soon as physically possible, and not letting minor problems be deal-breakers.
Mortgage rates are also likely to continue their upward climb. Mortgage lenders Fannie Mae and Freddie Mac and the National Association of Realtors all forecast the 30-year, fixed-rate mortgage to rise 0.2% of a percentage point from April through June.
Lastly, Holden writes that home equity lines of credit, or HELOCs, will make a comeback. As their homes gain value, some homeowners will want to borrow against their growing equity to pay for home renovations or other expenses.
TransUnion expects1.6 million homeowners to get HELOCs in 2018, and an additional 8.4 million from 2019 to 2022.Read More