“A bad time to sell? Well, no. It may not seem like it to those outside the real estate industry, but buyer demand continues to outstrip seller supply. And many people are stuck in the last recession, expecting home prices to drop – but that won’t happen anytime soon.” The Florida Realtors respond: The Top Three Coronavirus Real Estate Myths? The National Association of Realtors recently posted two housing reports to back it up. Contract Signings Make a ‘Remarkable’ Move and Existing-Home Sales Surge to Record Pace in June.
2. OUTSIDE THE BOX
“GOBankingRates analyzed the most expensive metro areas in the U.S. in terms of home price per square foot. The study then evaluated more affordable cities within each metro area by looking at the one- and five-year changes in median home value, percentage of homes with negative equity and violent and property crime rates to help prospective homebuyers identify some fantastic places to invest in.” They came up with the 15 Worst Places To Buy a Home — and Where To Invest Instead.
3. THAT SAID…
Here are Realtor.com’s Comeback Kids: These Housing Markets Have Recovered the Most Since the Start of the Pandemic. “The U.S. housing market has come back—and then some. After monthslong pauses in many parts of the country, bidding wars and offers over asking price have returned. Cooped-up buyers seeking larger homes and wanting to cash in on record-low mortgage interest rates are battling it out over a very limited supply of properties for sale. Median list prices are up more than 9% over last year, a result of the lack of homes on the market, according to weekly realtor.com® data. (The median home price nationally rose to an all-time high of $349,000 in July.)”
4. UNDERCOVER COST
“In its three-year investigation, Newsday sent testers carrying hidden cameras and microphones to meet with real estate agents and record the meetings. Covering three years, the findings included evidence that potential homebuyers were steered to neighborhoods based on race and that agents in some cases required preapproval for mortgages from black customers but not white ones.” Newsday reported this week Cuomo signs bill, sparked by Newsday investigation, to fight real estate discrimination.
5. WHAT’S ABOUT TO UNFOLD?
From AP News: Wave of evictions expected as moratoriums end in many states. “Experts predict the problem will only get worse in the coming weeks, with 30 million unemployed and uncertainty whether Congress will extend the extra $600 in weekly unemployment benefits that expired Friday. The federal eviction moratorium that protects more than 12 million renters living in federally subsidized apartments or units with federally backed mortgages expired July 25. If it’s not extended, landlords can initiate eviction proceedings in 30 days.”
