To make predictions for the remaining months of the year may seem impossible because of lingering uncertainties, but one real estate pro took a crack at it. Tri Nguyen, founder and CEO of Network Capital Funding Corporation, forecasts possible changes to lending regulations, more attraction to affordable locales, and a reemergence of housing inventory. Though there has been some relief for borrowers, Nguyen writes in Forbes that even more helpful lending opportunities could be offered, such as a shortened approval time for refinancing applications and an opportunity to refinance mortgage without penalty if forced to initiate a forbearance agreement.
Trying economic times, especially those imposed largely because of federal mandates made in the name of health, warrant borrower-friendly protections. It is my hope that we will continue to see more regulations emerge with borrowers as beneficiaries.
A Steady Re-Emergence Of Housing Inventory
The verdict is in regarding how coronavirus initially impacted housing inventory, and the news has generally not been positive for those seeking to buy a home. Total housing inventory was down 24% by mid-May as a result of the pandemic, according to Redfin, but there may be reason to expect that evolving seller psychology could increase the number of available properties in the next six months.