Every Monday Amber Kovarik with Guild Mortgage and I spend 15 minutes (or less) talking about what is currently happening in the real estate market, title, and lending. We give a few key points to share without taking up too much time.
Today’s Big Takeaways:
- May’s job report was way better than predicted. Rather than losing 8 million jobs, the United States created 2.5 million jobs!
- Demand has grown 7% in the past 3 weeks and it is increasing daily. It has increased to only 20% below normal.
- Inventory is decreasing daily and we are now nearly 49% below normal.
- With demand being higher than inventory, prices are pushing upwards.
- Many listings are seeing multiple offers. One of Amber’s clients had a new listing that had 70 showing requests this past weekend.
- Lending guidelines are clearer now. New options available including self employed loan options and jumbos.
- It is very important to get pre-qualified early on as houses are moving so quickly right now.
Sarah Perkins is an award winning account executive and has been in title sales since 2004. As the Director of Industry Research & Senior Account Executive, Sarah’s role is to bring real estate transactions to Navi Title. Sarah supports her clients by helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.