Will The Housing Market Cool Off By Fall? Here’s What Experts Predict
Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better home offices or just fear of missing out (FOMO).
The Federal Reserve’s steps last year to keep the financial markets liquid and to ensure mortgage rates stayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year.
Home prices nationwide, including distressed sales, grew by 17.2% in June 2021 compared with June 2020—a record high, according to the latest CoreLogic report. And while there have certainly been hot seller’s markets in the past, none quite compare to the current market where more than 50% of homes for sale have fetched over the asking price.
“We’ve been tracking housing prices for over 20 years, and we’ve never seen anything like this,” says Frank Nothaft, chief economist at CoreLogic.
Historically, the fall ushers in less competition and better deals as children return to school and the holidays overtake schedules. But the pandemic altered that trend last year, and many cities are going through double-digit percentage increases in housing prices.
To get some insight into what prospective buyers and sellers can expect as we enter the midpoint of summer, Forbes Advisor spoke to housing experts across the country to get their forecast on home prices, rates and buyer appetite in the coming months.
Are Home Prices Slowing Down?
While a full-on celebration might be too soon, prospective homebuyers can breathe a little easier, based on predictions from real estate experts. Prices are beginning to decelerate in some areas as more inventory has become available for single-family homes.
According to the National Association of Realtors, unsold homes rose 3.3% to 1.25 million from May to June this year. Although the increase in inventory is not enough to satisfy demand, it might give buyers hope and possibly buying leverage with more options to choose from.
“Mortgage applications have dropped to an 18-month low, and we are seeing some real buyer fatigue in the market,” says Tamar Asken, real estate agent at Avenue 8 in Los Angeles. “Sellers are responding to lower buyer enthusiasm with price reductions.”
In Northern Virginia, home prices were up 10.9% year-over-year (YOY) in June 2021 compared to the same time last year. The more affordable areas of Northern Virginia, like Fairfax City, saw a sharper rise in YOY median home price gains (15.1%) compared to their more expensive nearby areas like Falls Church, which experienced a smaller rise of just 3.2%.
“The market in Northern Virginia has slowed significantly during the past month, with fewer offers and longer days on market,” says Ryan McLaughlin, CEO at the Northern Virginia Association of Realtors (NVAR). “While this would be a normal pattern in a typical year, given the intensity of the spring market, it is surprising. It could well be due to an uptick in travel as pandemic restrictions eased.”
Cape Cod, part of the “Zoom towns” (areas that got popular as more people were able to work from home) housing frenzy that took hold last year, is starting to see a slight reprieve from the hopped-up demand.
Last year, the early pandemic buying spree slashed Cape Cod inventory from approximately 2,300 homes to 230 homes as cities shut down and buyers flocked to the coastal town, says Ken Hager, general manager of Gibson Sotheby’s International Realty on Cape Cod. But Hager says that the market is beginning to normalize.
“Looking ahead, we could see price increases continue on Cape Cod as well as across the country, but at a much slower pace. And prices will likely retreat from panic-buying highs,” Hager says.
However, for some communities, the pandemic gave them a much-needed boost from the lagging price appreciation still leftover from the last housing crisis. Wisconsin, for instance, was slower to recover from the 2008 crash, when foreclosure filings hit a record high of 21.5%.
“In many of our neighborhoods, it took until 2018 to return to those pre-crisis values. Since then, we have seen double-digit appreciation, but it has largely been a reversion to the mean,” says Rick Ruvin, lead partner with the Falk Ruvin Gallagher team at Keller Williams in Milwaukee. “Locally, we are anticipating an evening of the playing field and a return to offers with the typical inspection and financing contingencies.”
Buyer Behavior Is Becoming Less Risky
Similar to how the pandemic triggered a sanitizer and toilet paper buying spree, consumers also flocked to the real estate market last year. As demand for houses picked up, interested buyers have pulled out all the stops to outbid the competition.
This caused all sorts of strange and perhaps reckless behavior, including buyers forgoing contingencies in the sales contract meant to protect them and their earnest money, which can amount to thousands of dollars. Some buyers were using their retirement savings, while others were getting loans so they could appear to be all-cash buyers.
But this going-for-broke approach could be declining, says Brady Miller CEO of Trelora, a real estate company based in Denver, Colorado. Whether it’s because inventory is beginning to ramp up or home prices are flattening, some buyers realize that they might be putting too much on the line and “are taking the power position back once they go under contract,” Miller says.
Even Asken, who’s based in Los Angeles’ notoriously expensive and competitive market, says she is noticing that more buyers are now proceeding with caution.
“I do not see the same level of desperation and urgency we saw a few months ago,” Asken says. “After large price increases, many properties just don’t feel like such a good deal anymore.”
Mortgage Rates and Home Price Forecasts for the Fall
While history would indicate that fall is when you can get a better deal on real estate, last year bucked all trends with enormous home sales growth recorded in the fall season. So are we likely to see a repeat later this year?
Ralph B. McLaughlin, chief economist and senior vice president of analytics at Haus, Inc., says that demand will go back to its usual cooling-off period in the fall, noting the recent expansion of inventory and retreating home prices.
“I think it’s absolutely likely that price growth will slow throughout the end of the year, as they’re already slowing from their peak in June,” McLaughlin says. “We expect price growth to moderate to the mid-high single digits by December.”
However, McLaughlin added that he doesn’t expect inventory to recover fully until next spring.
Likewise, Nothaft was cautiously optimistic, pointing out that inventory is on a rising trajectory thanks partly to lumber prices easing and the construction of new sawmills in the U.S. But Nothaft also agrees that housing supply is a long way from meeting demand.
Nothaft also expects mortgage rates to increase as we head into fall and the new year. The mortgage rates on both fixed 30-year and 15-year mortgages have been sitting at record-low averages since last summer, bobbing between the low-3% and mid-2% range. These low rates have only encouraged an already fiery housing market, so higher rates should help subdue demand.
“Mortgage rates are rock-bottom and record low, but they will not stay like that forever,” Nothaft says. “Over the course of 2022, we’ll see a gradual rise, probably about half a percentage point higher than in 2021. On the margin, that will moderate demand.”
Buyers Shouldn’t Wait to Prepare
The best course of action for buyers waiting on the sidelines is to start getting your finances in order now—if you wait to do that until a deal comes along, you’ll be too late.
This is a good time to work on your credit score—a higher score means lower rates, which translates into lower monthly payments. You can get weekly free credit reports from all three credit bureaus until April 20, 2022. After that, you’re entitled to one free credit report from each bureau per year.
Keep in mind that as home prices rise, so does your down payment requirement. What was a 5% down payment on a house last year is much higher this year as home prices continue to tick up, so keep saving and explore down-payment assistance (DPA) options.
Not only do you have to save for a down payment, but there are also closing costs and reserve money you’ll need in the bank, too. If you want help navigating the homebuying process, a great place to start is with a housing counselor. The U.S. Department of Housing and Urban Development (HUD) has a directory of free, HUD-approved housing counselors on its website.
How pre-approval helps you buy your first home
originally published by Better.com
Buying your first home is exciting, but it can also feel daunting — especially in a hot market, where offers are flying and homes are going on and off the market in a matter of days.
One of the best tools in your homebuyer toolkit is a pre-approval letter. It shows sellers that you’re likely able to secure financing, and that they can take your offer seriously. And most importantly, it helps you focus your search by giving you an accurate picture of how much house you can comfortably afford.
What is pre-approval?
Essentially, pre-approval is a snapshot of what you’re likely able to borrow for a home. It’s based largely on information you provide to a lender, so the final amount could change somewhat once you’ve gone through the full underwriting process, where an underwriter verifies all of the necessary information to understand what you’ll be able to comfortably borrow.
A Better Mortgage pre-approval takes as little as 3 minutes and asks you a few brief questions about things like how much income you have, how many assets you have available, and how much debt you owe. To get an accurate picture of what you can afford, it’s good to be as accurate as possible when answering these questions — accuracy here will ensure your final approved amount doesn’t end up being significantly different from your pre-approved amount.
Pre-approval also usually involves a credit check. Most lenders run a hard credit check which can impact your credit score by up to 5 points. A Better Mortgage pre-approval uses a soft credit check which does not impact your credit score. This means that even if you’re just starting to think about buying a home you can see how much you’ll be pre-approved to borrow with peace of mind that your credit score won’t take a hit.
Who is pre-approval for?
We recommend that every homebuyer get pre-approved. Even experienced homebuyers with proven credit and significant assets will still benefit from having a pre-approval letter to show sellers their offers should be taken seriously.
The one exception is cash buyers, who of course do not need any mortgage approval processwhatsoever. It’s worth noting that even if you don’t have the entire purchase amount in cash, you can work with a company with a program that gives you the resources to make a cash offer, such as the Better Cash Offer Program.* These programs allow you to use the lender’s cash to make a cash offer on the home, then convert to a traditional loan after underwriting is complete. Since cash is so attractive to sellers, this can make a big difference in your likelihood of winning the offer beyond what even a pre-approval letter can do.
When should you get pre-approved?
Since most lenders only run a soft credit check for pre-approval, you can get pre-approved at any stage in the process — even if you’re just starting to think seriously about buying a home. One of the biggest benefits of pre-approval is that it tells you how much a lender is willing to offer you for a purchase, which can help you frame your thinking around what kind of home to start looking for.
That said, it’s important to keep in mind that pre-approval letters are typically valid for 90 days — so if you plan to start making offers in the near future, it’s wise to keep that 90-day window in mind.
The other timing consideration has to do with the information you’re able to provide. If you anticipate an increase in your income, a payoff of a debt, or a detractor on your credit report falling off in the near future, it’s worthwhile to wait for those things to pass before getting pre-approved. It may significantly impact the amount you’re pre-approved for.
Why is pre-approval important?
Imagine someone’s selling a home for $350,000, and they receive two offers: One without a pre-approval letter from a lender, for $375,000, and one with a pre-approval letter for the list price of $350,000. The higher amount is enticing, but they have no way of knowing if the person making that offer can actually pay that amount for the home. The lower one, on the other hand, is backed up by a lender who has said “Based on what this person has told us, this person is pre-approved for a mortgage to buy your home.”
That’s the power of pre-approval. Even if your offer isn’t the highest, it proves that you’re likely able to complete the purchase and therefore gives you a much higher chance of winning the home.
How do you get pre-approved?
Depending on the lender, it could be as simple as a few questions online or as complex as an in-person appointment with a series of paper forms to fill out.
Many lenders are moving to an online pre-approval process, but most still require in-person paperwork further along in the underwriting process.
WIth Better Mortgage, you can get pre-approved online in as little as 3 minutes, and have your pre-approval letter in-hand immediately. If you continue with Better Mortgage to get your loan fully approved, your pre-approval flows seamlessly into our fully digital mortgage approval process, where you’ll have a dedicated support person and an online portal where you can view, download, and upload documents all in one place.
Homeowners Insurance vs. Title Insurance
originally published by Old Republic Title Co.
Purchasing a home can be one of the most exciting experiences in life and making sure your new investment is protected should be top of mind. Whether you’re buying your home in cash or taking out a loan, purchasing both homeowners insurance and title insurance is the best way to make sure your home is protected for years to come.
But what is the difference between homeowners insurance and title insurance? And why do you need both?
The short answer is that homeowners insurance protects you from what might happen, while title insurance protects you from things that may have already happened but are unknown or hidden. Both can have significant financial impact on homeowners, so let’s explore them in more depth.
Homeowners Insurance
Many people are familiar with the benefits that homeowners insurance provides. This is a policy the homeowner pays monthly, quarterly or annually that includes coverages that may help pay to repair or replace your home and belongings if they are damaged by certain perils.
Homeowners insurance may cover things like:
Damage to the contents of your home
Theft of personal property in your home
Living expenses if your home is uninhabitable
Damage to your home caused by fire, hail, windstorm and vandalism
Personal liability for bodily injury or accidents to guests in your home
Structural damage to your home or detached structures
Homeowners insurance may cover damage sustained to your home or its contents due to a natural disaster, but states may vary in how they address a natural disaster. You may be able to add additional coverage to a standard policy for things like earthquake or flood insurance.
Title Insurance
On the other hand, title insurance is a way to protect yourself from financial loss and related legal expenses in the event there is a defect in title to your property that is covered by the policy. With title insurance, title examiners review the history of your property and seek to eliminate title issues before the purchase occurs. Title insurance also differs in that it comes with no monthly payment. It’s just a one-time premium paid at closing.
Title insurance covers things like:
A defect in title caused by forgery, fraud, undue influence, duress or incompetency
A defect in title caused by undisclosed prior mortgage or other liens
No right of access to and from the land
A defect in title caused by improper execution of documents
A defect in title caused by documents not being properly filed, recorded or indexed in the Public Records
Before issuing title insurance, your title company will perform an exhaustive title search to determine that the property is free and clear of encumbrances or defects. If anything is found, these title issues should be addressed before you buy the property and title insurance policies are issued at closing. Despite this title search being performed before closing, the most skilled title professionals may not find all problems associated with a property. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. This is why purchasing title insurance is important.
If you are purchasing your home with help from a lender, they will likely require you to purchase a lender’s title insurance policy. There are two types of title insurance policies:
A Lender’s Policy: This policy is what your lender often requires you to purchase. Because your lender has an interest in the property until you pay them back, this policy protects only your lender from valid claims on the title to your property. This covers your lender for the amount of your mortgage loan.
An Owner’s Policy: This policy is what protects you in case someone makes a valid claim on your property. This is an optional purchase that covers you for as long as you or your heirs own the property. This policy covers you for the purchase price of your home.
Carrying both homeowners insurance and title insurance play an important role in keeping your investment protected. Old Republic Title does not sell homeowner’s insurance. However, if you would like to purchase title insurance when you buy your home, learn more about title insurance, or find out if title insurance is worth the cost, contact your local Old Republic Title representative today.
6 Things That Might Make Your Property Taxes Go Up
Originally published on Architectural Digest
How much should you put down on a house?
Published April 28, 2021
What You’ll Learn
What factors go into determining an ideal down payment
How your upfront costs can impact long-term savings
Why 20% down payment minimums are a thing of the past
How much should you put down on a house?
Unless you're part of the 25% or so of homebuyers who elect to put in an all-cash offer, you'll likely need a mortgage (and a down payment) to buy a home. A down payment is the amount of money you pay upfront to buy your home, with the remaining balance (known as the principal) funded through a lender.
Down payments are expressed as a percentage of the total purchase price, and 20% is often touted as the must-have amount for any prospective homebuyer. While this was the benchmark once upon a time, these days there are more flexible funding options available—it’s no longer a “one-size-fits-all” scenario when it comes to down payments. Instead, it’s about finding the amount that works best for your homebuying budget. Here’s what you should keep in mind when deciding how much to put down on a house:
Mortgage down payment requirements
While a 20% down payment comes with some clutch benefits (namely, you can avoid paying private mortgage insurance, or PMI), different types of loans offer different down payment options ranging between 3–20%. Conventional mortgages typically require down payments between 5–15%, FHA loans are backed by the government and require as little as 3.5% down payment, and others—VA and USDA loans, for example—require no down payment at all! Especially for first-time homebuyers, loans with smaller down payments may be more financially palatable.
However you’re funding your down payment—savings, assets, a cash gift from generous relativesnever hurts—deciding how much you can spend upfront is pivotal to the purchase process. You can’t really start making offers until you have that number set and pre-approved with your lender. In the days after you make an offer on a home, you should be ready to part with some of this payment. An earnest money deposit, also referred to as a good faith deposit, is usually paid during this time to signal your commitment as a buyer and typically equates to 1%–2% of the purchase price. At the closing table, your earnest money deposit will be put toward the down payment. This is also when you’ll pay the remainder of the down payment and any other closing costs.
What is the average down payment on a house?
A typical down payment in 2020 was just 12%. But the exact number that’s right for you is determined by your financial profile, your budget, and your homebuying goals. As the biggest upfront cost of buying a house, your down payment impacts the affordability of your loan, your monthly payment amount, and your interest rate.
As a general rule, a bigger down payment comes with some key benefits. Spending more on your down payment means you pay less in interest, either because you qualify for a lower rate or simply because the principal amount that’s used to calculate your interest payments will be smaller. It can also give you a competitive edge as a buyer and borrower—larger down payments signal savings and financial stability to lenders, which can equate to less risk; on top of that, offering more money upfront reassures sellers that you have plenty of cash to cover closing costs and other expenses associated with the purchase of a home.
How lenders see your down payment
Credit, income, assets, and debt. Lenders look at all these factors to figure out how much money they might be willing to lend you. The size of your down payment will impact the loan terms a lender offers you, particularly your interest rate. For example, your lender might require that you make a higher down payment to offset a lower credit score. Conversely, if you don’t have much money saved or just don’t want to lay out a bunch of cash upfront, a strong credit score might help qualify you for a smaller down payment.
Your down payment helps determine your loan-to-value (LTV) ratio, which is a measure that lenders use to assess the risk of a mortgage. To calculate the LTV of a particular loan, just divide the amount of money you borrow by the appraised value of the property. Let’s say you’re buying a $300K house with a 10% down payment of $30K. Divide the loan amount ($270K) by the value of the home ($300K) to get an LTV of 90%. The more money you have to invest upfront, the higher your equity or “ownership” in the home will be from the get-go. A lower LTV means reduced risk for lenders, and typically qualifies your loan for more competitive interest rates which can reduce the monthly cost of your mortgage.
How to calculate down payment on a house
Maybe it goes without saying, but you shouldn't plan to drain your entire savings account on a down payment. Not only are there other upfront costs associated with buying a home (closing costs can be 2–5% of the loan amount), but you also need to consider the other financial obligations in your life. So how much should you plan to spend upfront? The type of loan you choose, your cash savings, as well as your pre-approval will indicate ballpark figures for your ideal down payment amount. Beyond that, here are the most important factors to consider:
Short-term affordability
Putting more money down upfront has its appeal, but overextending on a big down payment isn’t the right call if it’s going to create unmanageable financial strain in the here and now. Be sure you’re budgeting for other expenses in the homebuying process like closing costs, fees, and moving expenses; beyond that, consider how other upcoming costs—travel, a new car, starting a family, saving for retirement—might factor into your down payment decision.
Monthly mortgage payments
Your down payment is a one-time, upfront cost, but it will have a recurring impact on your mortgage for years to come. It’s important to consider the long-term feasibility of that monthly cost when choosing your down payment amount. Once you know how much house you can afford and the types of loans available to you, you’ll be able to see how increasing or decreasing the size of your down payment amount can impact the monthly cost of your mortgage.
Interest rates
Along with homeowner’s insurance and property taxes, your loan principal and interest rate are primary factors in determining the affordability of your monthly mortgage payment. Putting more money toward your down payment can qualify you for better interest rates, which can equate to significant savings over the life of your loan. Just make sure you’re looking at the impact of these savings in the long-run and comparing them to short-term costs.
In addition to paying more in interest over time and making higher monthly payments on the principal/interest, the loan with the smaller down payment is subject to recurring PMI fees until the LTV ratio dips below 80%. You’ll save more over the life of the loan with a bigger down payment. On the other hand, saying goodbye to $60,000 in one fell swoop might make it difficult to sock money away for other important financial obligations like retirement savings or to deal with unexpected emergencies such as losing a job.
You might decide that you’re comfortable with the higher monthly amount, and that more expensive interest costs/PMI fees are worth it for the chance to buy a house and start building equity. However, if you can only afford to spend 30K on your down payment (or some other set amount) and you want to reduce the cost of your loan, it might be worthwhile to look at less expensive houses where your upfront investment will equate to a larger percentage of the purchase price. (A $30,000 down payment goes a lot farther on a house listed for $220K than for $300K.) Either way, the right down payment will make it possible to manage monthly costs without taking on unreasonable financial risks.
Just Sold!
SOLD! This was a special one for us, as we helped a good friend purchase a beautiful home in the beautiful historical district in Oxnard. We can’t wait to drive by the home on Candy Cane Lane during Christmas! Do you know anyone looking to buy or sell? @thelashleygroup can help!
For any real estate questions or inquiries, feel free to reach out to Ian Lashley at ian@thelashleygroup.com or Jamie R Lashley at jamie@thelashleygroup.com
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Higher Production Prices Sting Builders and Homeowners Alike
By Jordan Grice (courtesy of RIS Media)
The impact of higher building material costs is going to be palpable in real estate as experts say price tags for newly built homes reflect a mix of factors from pandemic-induced to potential inflationary circumstances.
“Costs are definitely higher,” says Robert Dietz, chief economist at the National Association of Home Builders (NAHB). “The best advice to buyers and renters is to be strategic in terms of how you approach the housing market right now.”
Rising material prices and supply chain shortages dropped builder confidence for newly built single-family homes to its lowest level since August 2020, according to the recent reports from NAHB.
Dietz says material costs in aggregate were up at least 20% YoY, but individual prices for different materials have seen triple-digit growth over the past year and half.
“That’s easily adding about $36,000 to the price of a single-family home, and probably adding about $120 to the rent of a typical apartment when those costs are fully phased in,” he says.
Builder Challenges
While builders are doing their best to deal with the issue, sky-high costs of building materials continue to challenge their efforts, leaving some concerned for the future of the housing market.
That’s been the case for Boise-based builder Steve Martinez of Tradewinds General Contracting.
“At some point when the market does stop, pause or cool off, who’s left holding the bag?” Martinez asks. “You’ve got many builders that are either not committing to a contract price with clients, or they are only looking to build spec homes because they don’t know what their costs will be, which takes inventory off the table.”
While every material has gotten more expensive, Martinez admits that softwood lumber has been a more considerable challenge to new construction.
Lumber mills across the country overestimated the decline in housing demand during the pandemic’s early days. As a result, the unexpected surge in demand for building materials amid the 2020 remodeling boom and pandemic relief-induced wealth blindsided companies.
“Unfortunately, they rolled the dice, and they rolled it wrong,” Martinez quips. Housing only exploded after the pandemic hit, specifically states like Idaho where we had a huge influx of out-of-state people moving to get away from the more metro areas.”
While pandemic-induced factors sparked the triple-digit gains, lumber prices have been an issue for builders for the past two or three years due to high tariffs on softwood imported from Canada.
Roughly 30% of the lumber used in U.S. homebuilding comes from Canada, which currently has tariffs at 9%. There is a chance that could double, according to previous announcements from the U.S. Commerce Department.
“Our estimate on the producer price index is for about a 6% gain in 2021, but then some of those cost pressures should ease as we head into 2022,” Dietz says. “The reason for that is that we expect a lot of growth this year—ultimately in additional supply that will help to tame the price growth.”
Builders made a small dent in the considerable deficit contributing to the frenzied for-sale market, according to Danielle Hale, senior economist at realtor.com®.
“Even though we’ve seen a little bit of moderation in the housing market in response to higher prices, the reality is that there is still a lot of unmet demand from homebuyers…trying to meet that shortage is the biggest thing that we can do to keep the housing market moving forward at this time,” Hale says.
Housing starts rose 3.6% from last month overall and 4.2% for single-family homes. Year-over-year starts rose 50%.
According to Hale, challenges rose in single-family homes’ completion rates, which dipped below 1 million for the first time this year.
“Builders can get started, but these materials cost challenges are making it difficult for them to get them finished ultimately,” Hale says.
Price Hikes and Building Struggles
Economists think it’s a bit too soon to tell, but potential inflation increases this year could add to the price growth in the housing market.
“It’s just like a wait-and-see period for inflation,” says National Association of REALTORS® economist Nadia Evangelou. “The Fed already reported that they think this inflation will be temporary…Even though mortgage rates typically rise when inflation increases, this isn’t what is happening right now.”
According to recent projections by the Federal Open Market Committee, economic growth and inflation are rising higher in 2021 than expected.
The median estimate of annual inflation rose from 2.4% to 3.4% in March, while the median estimate of unemployment remained unchanged at 4.5%.
Housing demand will likely remain strong in 2021 and head into 2022, according to Evangelou, who also expects home building to ramp up during the summer. Although inventory is still low, she anticipates roughly 10% more for existing-home sales and 20% more for new single-family home sales.
It’s still uncertain whether the inflation in the housing market will be short or long term. Brokers expect it to fall somewhere in the middle as the economy rebounds and new inventory enters the market.
“We’ve seen higher home prices and dramatic price increases, to the tune of double-digit increases over the last couple of years,” says Mike Pappas, president and CEO of The Keyes Company in Florida.
That could bode well for the real estate market overall, but Papas says buyers will need to watch interest rate increases for a better picture.
“People are asking if it’s transitory or sustainable inflation,” he says. “There is no question that we are seeing short-term [inflation]. It’s undeniable to say that we haven’t had inflation or price rise in the short term in many sectors.”
Jordan Grice is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
