September, 2020

Wow — 6 million existing home sales! However, context is key with 2020 housing market data

Housing Wire

Painter Kenneth Noland said, “Context is key – from that comes the understanding of everything.” Whether that is true in the world of art I could not tell you, but it is most certainly true in the world of economics. What are numbers but meaningless points?

Sales 284

No seasonal slowdown this year as real estate agents report a busier-than-usual fall

Housing Wire

Realtors can usually count on their biggest season being spring, followed by summer, but nothing about 2020 has been normal, including home-buying patterns. With shut-down orders in the spring, summer became the new home-buying season, but homebuyers were still incredibly active in August.

Agents 286
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Commercial Real Estate: Post-Coronavirus Market Outlook

RIS Media

A global view of the pandemic’s impact on the commercial market. The world has changed dramatically since the coronavirus outbreak, and global real estate markets have not escaped its impact. The pandemic has magnified and accelerated a number of sector trends for the longer term.

Why Selling this Fall May Be Your Best Move

Keeping Current Matters

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one. Buyers Are Actively in the Market.

Home Values, Owners’ Equity Rise in 2Q20

Eye on Housing

As the novel coronavirus took hold in the second quarter, households’ market values continued to rise, per second quarter 2020 Federal Reserve Flow of Funds report. In the second quarter, the aggregate value of all household mortgages rose by $80 billion to $10.6

Equity 114

Home Prices Up 13%, Biggest Increase Since 2013

Redfin

Buyers seem undeterred, as pending sales soar 28% and a 9% increase in new listings brings little relief. Key housing market takeaways for 434 U.S. metro areas during the 4-week period ending September 6: Median home sale price increased 13% from 2019 to $319,178—the highest on record.

Sales 114

More Trending

Home prices post record two-month gain, FHFA says

Housing Wire

Home prices jumped more than 2% between May and July, the largest two-month gain on record, as Americans emerging from COVID-19 lockdowns bought real estate, the Federal Housing Finance Agency said in a Wednesday report.

Loans 285

5 Ways Big Data Drives Innovation in Real Estate

RIS Media

It’s a complicated, competitive world out there, made even more complex by the powerful pandemic that turned life upside-down for so many people. For real estate brokers, agents and investors, the initial freeze on the residential real estate market quickly turned to frenzy.

Homebuyer Demand Is Far Above Last Year’s Pace

Keeping Current Matters

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase.

Sales 275

Time to Build a Single-Family Home in 2019

Eye on Housing

The 2019 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.1 months, which usually includes a little over a month from authorization to start and another 7 months to finish the construction.

Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years as Pending Sales Surge 21%

Redfin

Record-low inventory of homes for sale has “created a complete storm of insanity,” in small, affordable markets like Boise, which is seeing an influx of buyers leaving the West Coast.

Sales 113

OREA pitches land transfer tax holiday, renovation tax credit

REM Online

The following content may have been republished here without the author's permission. The original post can be found at the following URL: OREA pitches land transfer tax holiday, renovation tax credit.

Land 109

Brokerage uses VR to get consumers inside houses that haven’t been built yet

Housing Wire

Urban District Realty , a Washington, D.C.-based based brokerage, announced last week the launch of its custom real estate listing system, PROJETO. This system uses virtual reality technology which allows clients to be put in a virtual representation of a property that hasn’t been built yet.

Is It Time to Revamp Your Networking Strategy?

RIS Media

Is networking as we know it gone? With the impact of social distancing, the days of wine and cheese gatherings have come to a screeching halt, but that’s no reason to put your networking activities on hold. In the bestselling book, “Build Your Dream Network,” author J.

Homebuyer Traffic Is on the Rise

Keeping Current Matters

One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year.

Examining Rental Housing in the US

Eye on Housing

Using the 2018 Rental Housing Finance Survey (RHFS) published by the US Census Bureau, this post examines the characteristics of rental housing in the United States.

Seemingly Invincible, the Housing Market Posts More Strong Gains—Pending Sales Up 20%, Prices up 11%

Redfin

Key takeaways for the 4-week period ending August 23: New listings of homes for sale were up 4% from a year ago—the largest increase since the four-week period ending March 15—but active listings continued to fall, down 28% from 2019.

Sales 110

Christopher Alexander: A decline in real estate prices is unlikely

REM Online

The following content may have been republished here without the author's permission. The original post can be found at the following URL: Christopher Alexander: A decline in real estate prices is unlikely.

Sales of existing homes surge to a 14-year high

Housing Wire

Sales of existing homes rose to a 14-year high of 6 million in August, the National Association of Realtors said in a report on Tuesday. Combined sales of single-family houses, townhomes, condominiums and cooperatively owned apartments rose 2.4% from July, according to the report.

Sales 285

How mortgage rates move when the Federal Reserve meets

The Mortgage Report

The Fed adjourns from a 2-day meeting Wednesday. The group doesn't set mortgage rates but it can influence them. How this week's meeting could affect your refinance and purchase mortgage rate. Federal Reserve federal reserve FOMC Housing Mortgage mortgage rates Real Estate

Where Are Home Values Headed Over the Next 12 Months?

Keeping Current Matters

As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt?

Largest Four-Month Lumber Price Increase in 70 Years Outweighs Other Price Declines in August

Eye on Housing

Prices paid for goods used in residential construction continued their upward trend in August, increasing 0.9% (not seasonally adjusted) according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics.

Freddie Mac: Mortgages Hit Another All-Time Low

RIS Media

Freddie Mac recently released the results of its Primary Mortgage Market Survey ®, which showed that the 30-year fixed rate mortgage is averaging 2.86 percent—the lowest in survey history, which goes back to 1971. Here’s the breakdown: 30-Year Fixed-Rate Mortgage. Averaged 2.86

Sacramento, Austin and Phoenix Are the Most Popular Destinations For People Searching For Homes Outside Their Metro Area

Redfin

Remote work is accelerating the trend of migration away from expensive places like New York and San Francisco toward relatively affordable inland areas, where out-of-towners are winning bidding wars and driving up home prices. Nationwide, 28.7%

Pandemic drives more interest in real estate careers

Housing Wire

For Victoria Murphy, a RE/MAX agent in Oahu, Hawaii, getting her Realtor license was always a part of her plan. But shut-down orders in March helped push the college student to get it done.

Mortgage rate and housing market predictions for late-2020

The Mortgage Report

We asked 10 housing and finance experts for their mortgage rate predictions and housing forecasts for late-2020. Here's what they said. Mortgage Rates Mortgage Strategy Real Estate

The Cost of a Home Is Far More Important than the Price

Keeping Current Matters

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported : “Newly pending sales are up 25.5%

Home Price Appreciation Continues in July

Eye on Housing

National home prices continued to increase at a modest pace in July. While Los Angeles posted the strongest annual growth rate among the 19 metro areas, New York experienced a home price decline. The S&P CoreLogic Case-Shiller U.S.

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Second homes and the principal residence tax exemption

REM Online

The following content may have been republished here without the author's permission. The original post can be found at the following URL: Second homes and the principal residence tax exemption.

11 Tips to Win a Bidding War on a House

Redfin

You’ve been house hunting for weeks, possibly months, and now you’ve finally found a beautiful home that would be just perfect for your family. Already familiar with how to make an offer on a house , you submit what you believe is a competitive offer and anxiously wait for a response.