April 2021 Market Update

The Foreclosure Protections Under the CARES Act Expire Soon. Here’s What To Do Until Then.

According to Bankrate, 2.7 million American homeowners have their mortgages in forbearance under the CARES Act. These protections are set to expire in a few months and lenders will begin trying to make those debts current or attempt to foreclose on borrowers. However, unlike in 2008, home borrowers now have the Consumer Financial Protection Bureau (CFPB) working to protect their rights. The agency was created after the 2008 financial crisis that saw a dramatic increase in foreclosures. If you’ve seen the movie, The Big Short, you know why this agency is needed. The CFPB is prepared to punish lenders that needlessly evict homeowners due to lack of preparation. The agency warned lenders that they will seek enforcement actions against the following lenders:

  • Those who fail to be proactive in their communication with borrowers about repayment options,
  • Lenders who fail to work with borrowers and provide all necessary information and documents for borrowers to make informed decisions,
  • Lenders who do not address language barriers,
  • Lenders who do not evaluate income fairly,
  • Lenders who have long delays in handling borrower inquiries; and
  • Lenders who opt to foreclose before borrowers have an opportunity to save their home.

During forbearance homeowners are able to pause their payments but the debt remains in effect. Some lenders may require a lump sum payment for the unpaid mortgage payments from borrowers when the foreclosure protections expire. Other lenders may increase the regular monthly mortgage payment to make the account current while some may allow borrowers to pay off the missed portion at the end of their loan term.

If you are currently in forbearance, it is important that you contact your lender and ask what you can do to avoid foreclosure. Ask about all their repayment options to determine their affordability. If you cannot afford to make your payments, there are ways to avoid foreclosure. One of those being meeting with a realtor to determine if you have any equity in your home and whether selling the property will allow you and your family to get a fresh start with the earnings from the sale.

Contact Uprise for your complimentary strategy session to protect your equity.

Who Needs a Little Spring Cleaning?

Spring is the season of new beginnings and growth. All around you, flowers are beginning to bloom and birds are serenading the breeze. Yet your home, which you’ve likely been quarantined in for a year now, still has the Winter Blues. What can you do? It’s time for a little Spring cleaning. Spring cleaning doesn’t just mean going room by room decluttering and cleaning every square inch. It means getting your house ready from SUMMER ENTERTAINMENT. We all know Texans love some good barbecue and the best is usually made right at home in your backyard. Why not prepare your brisket or grill some fajitas on a new deck or patio overlooking your freshly manicured landscaping? Perhaps you might want to add a touch of new flavor to your kitchen by changing out paint colors or adding new flooring. As the days begin to heat up, you’ll be looking for ways to cool down. Put a call into your HVAC company to service your unit and clean out your dryer vents to keep your home cool in the sweltering Texas heat.

If any of these services sound like something you need right now, contact Uprise today. Our Project Managers can help you with any interior and exterior updates to your home including landscaping.

Lumber Prices Add A Surprising Twist to An Extraordinary Year in Real Estate

2021 began with an influx of California buyers and historic low inventory levels, and now, lumber prices are adding another twist to this extraordinary year in Real Estate. Rising Lumber costs have affected real estate unlike many have seen in a long time or ever. Due to a lumber shortage, made worse by a U.S. tariff on imports from Canada, the industry is seeing record high lumber prices. The surge in prices affected new home construction, suppliers, and the purchase of new homes. The National Association of Homebuilders reported that last month alone, the unprecedented spikes in lumber prices added more than $24,000 to the price of an average single family home. Another twist is that prices continue to rise week after week. COVID has compounded the issue as well in the U.S. since many lumber mills were shut down and are still playing catch up.

Surprisingly, the demand for home purchases continues to trend upwards, while the lumber supply is declining. While the market is seeing supply chain issues and record high lumber prices, buyers continue to want new homes due to the low interest rates. However, buyers are facing low inventory of homes and an increase in new home prices. The continuous demand for new homes creates a cycle where there is still not enough lumber to go around and the price continues to rise. To avoid economic repercussions from the supply-demand dilemma, new construction builders have put limits on how many homes their sales teams are allowed to sell in a month. This is their internal way of managing supply and demand. Many new home builds are taking longer than anticipated to complete due to delays from suppliers. Many people are confused when they contact a home builder and ask for the price on a new home they want to build and the builder responds with a big price range or a simple “I don’t know”. Homebuilders are responding this way because their costs are changing substantially within a short time. The unknowns regarding lumber prices has builders utilizing extra precautions as prices can dramatically change in a few weeks and especially a few months from now.

So, if you or anyone you know are interested in purchasing a new home, make sure you contact Uprise or a trusted real estate advisor who can help you navigate the process with home builders, timelines, pricing, etc.

Additional Uprise Services You May Need

Project Management Services

The treacherous winter storm wreaked havoc on many homes in Texas this week. COVID restrictions already had many of us spending more time in our homes and this winter storm made us realize that some areas of our home need improvements or repairs. Please keep in mind that Uprise expanded its Project Management Services to homeowners several months ago. Thus far, our services have been a huge blessing to our clients. We take our experience, negotiation skills, systems, tools, and time to help you not only get your renovations done but completed in a way where you save time, money, and most of all, frustration. 

Let us know if you need any help managing your renovations or next investment project by visiting our Project Management page.

You asked for it and now it’s here:
REHAB/RENOVATION CONSULTING SERVICES

Thinking about remodeling your home? Flipping a property? Updating a soon to be rental? Some of you may have the time and energy to tackle these projects, but lack the know-how to get the job done efficiently. We know you want to get your project completed on budget, you want to hit your profit goals, and you want good workmanship. You don’t need our full scale project management services, but maybe you could benefit from our guidance on developing systems that will keep your project on track. As you know, anytime we see a need in the market, we try to fill that need. We want to bring value and solutions to those of you in need.

Our Consulting Services will open to the public this coming summer. Investors and homeowners can hire an Uprise Consultant to help them solve issues, develop proven strategies and get results on their projects. Services can be purchased by the hour or you may choose from one of our service packages.

Uprise Real Estate Partners

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