Despite red-hot market conditions, something peculiar is happening to pending home sales.
According to the National Association of Realtors, pending home sales experienced a two-month slump at the start of 2021 before increasing by 1.9%. The upward movement was a slight underperformance because following months of shutdowns during the pandemic, a bounce back was to be expected.
Plus, experts had predicted a larger boost. The consensus was that the market would pick up by 3.8%, not 1.9%. Still, today’s high housing demand and less-than-ideal inventory will continue to drive the market and pending home sales.
Mortgage rates have increased, but still remain near record lows. More people are feeling the positive effects of a recovering economy. All these factors will continue to drive home sales prices and pending home sales. The National Association of Realtors forecasts an annual increase of 10% to existing-home sales, with the median price increasing by 9% in 2021. New builds are also entering into the picture and can help reshape this year’s housing market.
In today’s market, time can be of the essence. That’s why PRM’s exclusive FastTrac Approval System can get the underwriting of a loan completed within 48 hours of receiving an application.
Getting started is easy. Applicants just need to provide some information about their income, assets and credit to move the process forward. Within hours of submitting an application, you can expect to hear back from PMR on your approval letter with important details about your buying power.
Accelerating the approval process lets you hit the ground running as your find and buy your future dream home. The FastTrac program also better positions you to make a serious offer that stands out. As a prepared homebuyer, you can submit an offer with substance and ultimate financial backing with little turnaround time.
So before you thrust yourself into today’s hot market, consider getting a preapproval through the FastTrac program. This buying tool tells you the size of your loan and gets you approved within two days. This allows you to respond to a seller with a competitive offer that will be hard to refuse and that’s provided in short order. In today’s market, a strong and rapid offer can make the difference.