February 18th, 2019
You’ve probably heard a lot of talk about tariffs recently, and now is the time to really start paying attention to them, and also bringing them to your customers’ attention. A new study conducted by home-improvement company Porch predicts that tariffs on imported good from China could increase newly constructed home costs by $17,000, which will ultimately be passed on to home buyers. And new home construction isn’t the only thing affected: the cost of home remodeling projects could also increase by 10-15%. According to Mortgage Professionals of America (MPA), “Tariff rates are anticipated to reach as high as 25% if the US and China can’t come to an agreement by March 1. Homebuyers should also prepare to pay an additional $5,000 toward the cost of a new home if rates continue to go uphill.”
So why should this catch your attention? Because with rates being temporarily down and home equity being at record highs, you should be notifying and motivating all of your current and past clients who are considering home improvements to act quickly! Your expert advice and attention will not only create massive savings for your borrowers, but will ensure their trust and loyalty to you as their mortgage advocate and Loan Officer for Life.