Things are certainly picking up: Mortgage applications have increased dramatically. and inventory levels are on the rise. However, prices aren’t falling that trend in all cases. (Great for buyers!) We’re seeing an average of 1-4% over the asking price (vs 20-30% in many cases in the past)! This does vary property-to-property, and if you ever need help navigating pricing or the right offer strategy to win, you know who to ask! 🙂
Purchase applications were up 18% compared to the same time last year and up 6% from a week ago, according to the Mortgage Bankers Association‘s Weekly Mortgage Applications Survey. This gives us two back-to-back weeks of positive year-over-year prints for purchase applications in the final weeks of the typical housing market heat months. It’s not a coincidence that …
Things have undoubtedly been crazy lately, and many of you have been asking about the impact to the housing market in the Bay Area.
Inventory is low, but on the rise. Prices are down, and buyers have increased leverage. As we move towards reopening, I strongly believe that many of these trends will be temporary. The housing market here will stay resilient and, therefore, competition will heat up. If you’re realizing now that you don’t love your home, there is really no better time to buy.
If trends in China are any indication, real estate sales could bounce back as soon as coronavirus restrictions are lifted. Emerging from the outbreak, the country has slowly started easing lockdowns and saw real estate activity come back even stronger as a result.
This worldwide pandemic has brought with it public health crises, global economic upheaval and widespread uncertainty.
Even though the acute threat of COVID-19 will pass, things will not return completely to normal. The virus and the economic tumult that accompanies it are transformative events and will likely change lifestyle and financial choices for every generation.
I have a few thoughts (plus some entertainment) to share with you! Like many of you, I have found the reactions and impacts of the Coronavirus to be interesting, particularly those related to Real Estate (go figure…ha!).
As always, if you have questions or would like to chat about your specific situation, I would love to talk to you! I remain very optimistic about real estate as a powerful long term investment option, and I’ll always do everything in my power to get you the latest and most accurate info.
Fortunately, banks, lenders and the federal government have already begun to address the dire financial situation many Americans will soon face. If you can’t pay your loans or you soon won’t be able to, you do have some options. We’ve included updated information on all the loan programs that may be available to you below.
In light of coronavirus concerns, the housing market is starting to signal a minor downturn with a decrease in housing starts.
That said, more people are remodeling and new construction is up compared to this time last year.
Mnuchin said the delay would apply to individuals and small businesses, and that he did not need the approval of Congress to do it. It would be part of a broader package of stimulus the Trump administration is planning, he said in testimony to the House of Representatives Appropriations Committee. He did not specify what the new deadline would be.
Typically, spring homebuying season starts in earnest as the calendar ticks toward March, but homebuyers are seemingly getting an earlier start this year, perhaps driven into the market by low mortgage rates.
Now, a new report from the Mortgage Bankers Association shows that spring homebuying season officially began in January this year.
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