Freeway Traffic May Be Down, But Online Traffic Isn’t

Today’s News Synopsis:

Zillow reported an increase in the number of people looking for a home online from last year despite the drop in new home listings and sales.  Mortgage rates increased slightly this week with 30-year rates now at 3.33% and 15-year rates at 2.86%.  Less panic selling seems to be occurring as 3 out of 4 realtors said sellers are not lowering their price listings.

In The News:

Freddie Mac “Mortgage Rates Increase Slightly” (4-23-2020)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.33 percent, up slightly from last week.”

Zillow “Home Sales Show First Positive Signs After Dramatic Slowdown in March” (4-23-2020)

“Amid an unprecedented health crisis, pending sales in the U.S. housing market fell steeply during the second half of March, according to a new Zillow® Real Estate Market Report.”

National Association of Realtors “Nearly 3 in 4 Realtors® This Week Report Sellers Haven’t Lowered Listing Prices to Attract Buyers, Suggesting Calmness and No Panic Selling by Homeowners” (4-23-2020)

“Nearly 3 in 4 Realtors® currently working with sellers this week – 74% – reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors.”

HousingWire “Home listing traffic has spiked despite sales going down” (4-23-2020)

“Even though new home listings and home sales have dropped since COVID-19 hit, there are more buyers actively looking for homes online than a year ago, according to Zillow.”

Curbed “COVID-19 paused the housing market. What happens next?” (4-23-2020)

“The economic fallout from the spread of COVID-19 has put the housing market in the United States on pause.  New home listings have dropped precipitously. Mortgage lending has gotten even more strict, making it harder to get a home loan.”

Forbes “Travel Bans During COVID Crisis Fuel Call For Timeshare Reform” (4-23-2020)

“In the wake of COVID-19, a flood of timeshare owners have tried to cancel their contracts, citing travel bans and health fears that make them untenable.” “How Coronavirus Is Costing You Cash at Home: 7 Hidden Expenses of Self-Isolating” (4-23-2020)

“Those who are fortunate enough to still be collecting a paycheck while quarantined or sheltering in place might expect to build up some serious savings.”

Business Insider “American factory workers describe 12-hour shifts and 13-day rotations to make masks face shields faster than ever before” (4-23-2020)

“America’s factory workers have been working around the clock to produce masks and face shields that frontline healthcare workers desperately need.”


California Real Estate Investor Events

Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing With NorcalREIA on Wednesday, June 10.

Bruce and Aaron Norris will be presenting Keep-Sell-Create in Sacramento on Saturday, June 20.

The Norris Group presents its award-winning black-tie event I Survived Real Estate 2020 on Friday, September 18.

Looking Back:

Looking to save money on taxes?  New home sales increased by 4.5% in March according to the Commerce Department.  Could you have a better chance of selling your home if you held an open house?


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