According to a recent article in Mortgage Professional America “The National Association of Hispanic Real Estate Professionals released a report today detailing that the reform, which could see the 10 million undocumented immigrants living in the US a pathway to citizenship, could add 3 million prospective homebuyers to the market. This could potentially spur approximately US$ 500bn in new mortgages and US$ 25bn in mortgage origination and refinance income, the report said. Approximately a third of all foreign-born immigrants are currently homeowners, according to a report from the Research institute for Housing America.” The article goes on to project that in states like Texas and Florida, immigration reform will bring as many as 834,000 people looking to find a home.
With this influx of home buyers, a potential increase in property sales is inevitable. Keeping this in mind, if property values maintain the stable position they have held for the last few months, the future of the housing market has bright potential upside in the coming years, once the new immigration reform legislation takes hold.
Even the potential increase in home sales can affect property values and sale prices in the next year and a half. While interest rates are expected to stay low for a while longer (we hope!), the time to move and find a home, if you intend to be in the market in the next year or two, is now. The basic rule of supply and demand will soon be a player in the ability for potential homeowners to find the home of their dreams, at the price they can afford.