Ep. 91 - You're Invited to a BYOI (Bring Your Own Inventory): Real Estate Market Update
Want a home, but low inventory is slowing down your options? Build your own! In this episode, we delve into updates offering buyers a chance to buy, build, or close. We also shed light on the Hometown Heroes funding, a weekly cash injection for buyers in a scarce inventory market, and discuss the significance of the "5% is the new 3%" notion in today's housing landscape. If interest rates dip to 1%, a whopping 5 million more could afford a median-priced home. Daniel Halverson from Bank of England Mortgage shares insights on the housing market, the impact of interest rates on potential buyers, and a bold prediction for 2023's real estate scene.
Take advantage of how experts are innovating and guiding buyers in the current real estate climate!
[00:01 - 05:08] A one-time closed construction loan program for a limited inventory market
[05:09 - 08:38] Hometown Heroes or bust?
[08:39 - 12:13] 5% is the new 3%: how low interest rates could “unlock” home buying opportunities
[12:14 - 17:01] boosts and hindrances to the real estate market
Quotes:
"In a limited inventory market where we get more and more questions about, ‘Can I build, what are my options to build?’ It's something that a lot of lenders really don't participate in." - Daniel Halverson
"When you have 23 years of home buying experience with a 5% handle on it, that's where we have the lock-in effect." - Quinton Harris
"The challenge that real estate agents have right now is there's too many... There's over a million real estate agents nationwide. The other challenge for lenders: there are too many damn lenders. There's too many!" - Quinton Harris
Resources Mentioned:
Be sure to catch us on YouTube to enjoy highlights and full video episodes.
Watch the podcast on Spotify for full video episodes, Q&As, and community polls! Do you want to master your finances and financial leadership? Connect with us on Facebook, Twitter, and Instagram.
Bank of England is a nationwide lender that takes the time to understand your needs and structure the right mortgage for you and your family. Find your local branch at https://www.boemortgage.com/.
Be sure to Subscribe, Share, and Leave a Review to let us know you want to keep the content coming.
