Real Estate Brokers are "strongly confident" about the housing market's outlook over the next six months, although confidence has eased since the beginning of this spring, according to the latest confidence index, which is a monthly survey of nearly 3,000 brokers about local market conditions.
In general, Brokers continued to report "strong" local market conditions last month for single-family and townhome properties. The strong confidence is being buoyed by strong job creation, the reduction in the Federal Housing Administration's annual mortgage insurance premium rates, and the acceptance of Fannie Mae and Freddie Mac's 3 percent down payment loans. Check your home value HERE
Still, Brokers are reporting several issues with the market. The survey revealed the following top concerns:
- The upcoming TILA-RESPA Integrated Disclosure regulations, which take effect Oct. 3, and concerns that they could delay closings.
- Tight inventory with a limited number of homes for-sale.
- Affordability issues: Fewer affordable homes so sellers are also hesitant to move.
- Financing issues, such as difficulty in qualifying for a mortgage due to higher FICO credit and down payment standards, protracted mortgage approval process, and condo-financing issues.
- Appraisal issues: conservative estimates, "out-of-town appraisers," and slow turn-around.
- Rising interest rates.
- Declining demand from international buyers due to a strong U.S. dollar.
- Uncertainty about flood insurance rates and reform.
Source: "June 2015 REALTORS® Confidence Index,"National Association of REALTORS® (June 2015)
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