SIOUX FALLS, S.D. (KELO) — It’s a unique summer for the housing market as mortgage rates are rising but inventory remains scarce across the country. In tonight’s Your Money Matters, why mortgage professionals from all over the U.S. were in Sioux Falls this week tackling some of those issues.
“There’s new markets, new challenges, dealing with inventory changes, needing more inventory and interest rates going up. This is a great time for us all to get together to work on our craft to be able to serve our customers better,” CEO of Plains Commerce Mortgage Division Chris Vinson said.
It’s why Plains Commerce Bank hosted the Crack the Code Mortgage Bootcamp this week, bringing mortgage professionals together from all over the country.
“We all have different challenges we’re experiencing, we all have different breakthroughs and so sometimes somebody may share a success they’re having right now that we can take back and put into our business, sometimes when we share challenges, maybe they’ve overcome that same challenges that helps us all get better together,” Jason Purcell, one of the owners of Florida-based Certified Mortgage Planners said.
This is the second time hosting this conference but the first time it’s been in Sioux Falls, and Plains Commerce had a great turnout of professional clients they serve.
“Plains Commerce Bank serves all 50 states throughout the country,” Vinson said. “We’re representing a little over 30 states here today with more than 350 people.”
All of them are facing some of the same issues the housing market across KELOLAND is experiencing.
“We’ve got an inventory shortage pretty much nationwide,” Purcell said. “There’s definitely a lot of homeowners that may like to sell but they’ve got this really great rate so they’re choosing not to for example, so maybe we’ll see some additional inventory come on the market as rates do drop, but there’s just not enough supply to meet the demand right now.”
“That does bring all kinds of challenges, affordability, price, getting your offer accepted, we have lots of people pre-qualified right now that want to buy their dream home, want that for their family, but they simply can’t find that,” Vinson said.
Despite the higher rates and the low inventory of homes for sale, these mortgage professionals are still busy helping a long line of people get into a new home.
“The number of homes being sold is still super, super high, in fact, it is probably going to be our third best purchase market that we’ve ever experienced in the mortgage industry,” Purcell said.
Mortgage professionals at the conference say they expect to see rates start to go down in the next 6 to 12 months; it’s why many are encouraging their clients to buy a home now and look at refinancing later if rates do see a significant drop.