Defying high unemployment and an economic recession, the housing market has surged during the COVID-19 pandemic. That isn’t likely to let up heading into the winter months, said Lawrence Yun, chief economist of the National Association of REALTORS® during Tuesday’s “Residential Economic Issues & Trends Forum” at the virtual 2020 REALTORS® Conference & Expo.“2020 has been a year of surprises,” Yun said, singling out the
The term “bidding war” lends an adversarial tone to multiple-offer situations, and pitting one side against the other is the wrong way to handle such a transaction, Greg Glosson, managing broker at Fast Track Realty in Memphis, Tenn., said Tuesday at a session called “Multiple Offers = Multiple Confusion” during the virtual 2020 REALTORS® Conference & Expo.“We need to be very cooperative with one another because we are all try
Given the feverish pace of home sales and strong competition in the industry, not to mention the tumult of 2020, Clint Pardoe, speaker and real estate coach, believes “feeling overwhelmed and scattered [may be] one way of doing business in real estate—but it’s not the only way.”During his session, “Zen Real Estate: A Simplified Approach to Increase Income, Efficiency, and Inner Peace,” at the virtual 2020 REALTORS® Conference &a
Studies show that staging a property can lead to a higher sales price and a quicker sale, whether in a buyer or seller’s market. But novices’ mistakes—such as a lack of insurance or minimalist vignette staging that fails to convey the full attributes of a room—could have the opposite effect or even pose some liability issues for you or your client, said Shell Brodnax, CEO of the Real Estate Staging Association, during Monday’s
Neighbors are becoming more important since the COVID-19 outbreak began. Sixty-nine percent of Americans surveyed say they’ve gotten to know their neighbors better during the pandemic. And 65% of Americans say they’ve made an effort to be more friendly than usual, according to a new poll of 2,500 Americans from Improvenet, a home remodeling resource.The neighborhood is often a big factor when shopping for a home, but the neighbors themselves
Foreclosure filings in October climbed 20% compared to September’s figures as the pandemic remains a threat to homeownership for some Americans and to the economy, ATTOM Data Solutions, a real estate research firm, reports. Foreclosure filings include default notices, scheduled auctions, or bank repossessions.“It’s a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place,”
Amid the coronavirus pandemic, nearly one in six renters are late on their payments, according to a LendingTree analysis reflecting data from late September to early October. Further, more than one in four renters say they have no confidence or are only slightly confident in being able to make next month’s payment.A federal eviction moratorium will expire Dec. 31. That could leave many renters without a home and property managers with missed pa
In the third quarter, 16.7 million residential properties in the U.S., or 28.3% overall, were considered “equity rich,” according to a new report from ATTOM Data Solutions, a real estate research data firm. A property is considered equity rich when the property owner has at least 50% equity in the home.“Homeowner equity in the third quarter added another pebble to the pile of markers showing that the U.S. housing market continues to defy th
Home shopping was down last week as the nation focused its attention on a heated presidential election and a surging number of coronavirus cases across the country, realtor.com® reports in its Weekly Housing Report.Mortgage demand from home buyers dropped to the lowest level in six months, the Mortgage Bankers Association reported on Wednesday. Its weekly mortgage index showed that loan applications to buy a home dropped 3% last week. Applicatio
Home prices continue to climb in a market with limited number of homes for sale and high buyer demand. The majority of major metros across the U.S. posted double-digit price gains in the third quarter. Single-family existing home prices increased in all 181 metro areas tracked in the National Association of REALTORS®’ latest quarterly report, released Thursday.The price of single-family homes surged 12% year over year to $313,500. The Western
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