This post today is about our current real estate market. A lot to good and bad things have been cooking in the real estate World, but today we will discuss 4 positive items to look forward to!
The real estate industry changes constantly. While things like rates and loan products seem to evolve constantly, every few years something major will change that has a major effect on the industry. Every now and then, there will be perhaps a new version of the state contract or a new addendum that pops up. Things like this are perfectly fine as they are improved or developed to better serve our clients and they take very little time to acclimate to. However, some times there are major changes that can stunt the whole industry for a short period of time. Recently, it was revealed that we will be using an entirely new closing procedure when buying or selling a home. This was also designed to protect both buyers and sellers after many were unaware of their predatory loans in the mid-2000's. Rather than using the HUD-1 as the closing document that were all so used to, we will not be shifting to a new document and disclosures process. This process will take a little bit longer to get through than the old HUD-1, but it gives buyers much more transparency when it comes to their loan product. This blog post is all about the new RESPA-TILA activity and the new closing processes that have sprung from it. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.
Congress works with various other Government entities and Government-affiliated organizations to help homebuyers purchase homes. They mainly responsible for setting the rules and regulations that Government-endorsed lending agencies like Fannie Mae and Freddie Mac follow to underwrite loans. Congress wants to bolster homeownership since the country has rebounded from the recession. The National Association of Realtors is urging Congress to loosening up on some of their lending restrictions in order to increase the number of new homeowners across the country. One major hurdle that many people face is their lack of stellar credit. NAR would like to see Congress reform their credit requirements to see a huge increase in homebuyers. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, South Carolina!