Yahoo Finance RESAAS Empowers Real Estate Agents to Access Assumable Mortgage Properties Data to Enhance Sales
VANCOUVER, BC, April 2, 2024 /CNW/ - RESAAS Services Inc. (TSXV: RSS) (OTCQB: RSASF), ("RESAAS" or the "Company"), a leading provider of technology solutions for the Real Estate Industry and world's largest real estate agent's platform, today announced an innovative new solution that empowers Paying RESAAS Ultimate subscribers with Unique Real Estate Data that lists homes for sale with mortgages that are assumable. All Real Estate Agents have to upgrade to RESAAS's monthly paid-subscription to unlock access to this valuable data.
Approximately 20% of mortgages in the United States are assumable. This allows Homebuyers to inherit existing mortgages on a home, which includes the balance, remaining term, and most importantly, existing interest rate.
2023 saw the lowest number of existing home sales in recent years, with less than 4,000,000 sales recorded. As such, Real Estate Agents are strongly motivated to offer any advantage to increase transactions. According to www.statista.com there have been 5,000,000 to 7,000,000 home sales annually in the US since 2014.
"There is an ongoing housing shortage with multiple offers still occurring. That's due to many homeowners who purchased or refinanced at super low rates a few years ago and therefore are refusing to give that up for a higher current prevailing mortgage rate," said Lawrence Yun, Chief Economist at the National Association of Realtors®, which partnered with RESAAS last year. "If mortgages can be assumable – which is the case for Federal Housing Administration (FHA) and Veterans Affairs (VA) loans under certain circumstances – then the life changing circumstances would generally lead to more listings. The housing market needs more supply to help satisfy more of the pent-up housing demand."
"The Real Estate Industry in the United States is suffering from abnormally low transaction levels, fueled in part by Homebuyers sitting on the sidelines waiting for lower interest rates to return," said RESAAS CEO, Tom Rossiter. "The Unique Real Estate Data that RESAAS collects on a Global basis clearly shows housing transactions have slowed down the most in countries that do not have portable or Assumable Mortgages."
For example, most mortgages in Canada are "portable", meaning they can be moved between homes when Homeowners move. This allows existing mortgages fixed at lower interest rates than today's rates to continue to be enjoyed by the Homeowner.
"RESAAS has worked with various Financial, Real Estate, Housing, and Federal Organizations to assemble valuable data, listing properties with Assumable Mortgages," Rossiter continues. "This data equips Real Estate Agents to offer solutions that may enable their clients to move house without waiting for interest rate reductions."
Rossiter concludes "Adding another value-add opportunity, that can generate more business for Real Estate Agents, encourages our more than 600,000 Agents to upgrade to the RESAAS Ultimate subscription. RESAAS is continually adding valuable benefits to its paid subscribers."
About RESAAS Services Inc.
RESAAS is an award-winning technology company serving the Real Estate Industry, uniting all Real Estate Brokerages and Agencies in one Global, Centralized Industry Platform.
Over 600,000 RESAAS Agents in 160 countries have access to unique Real Estate Data, providing access to qualified international referrals and Coming Soon listings only available inside RESAAS.
Some of Real Estate's largest organizations leverage RESAAS to provide Business Intelligence, new business opportunities, and real-time industry-wide communication. For more information, please visit www.resaas.com.
Disclaimer
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from RESAAS Services Inc.'s expectations and projections.
SOURCE RESAAS SERVICES INC.
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