Today’s News Synopsis:
If you’re buying a home now, chances are you’re doing it sight unseen. Due to the pandemic, the home-buying season has shifted from spring to summer. However, despite the pandemic, the largest share of the market was made up of newly built homes, something not seen since 2012.
In The News:
Inman – “10 tips for buyers putting in offers sight unseen amid coronavirus” (5-26-2020)
“Buying a property without seeing it in person is hardly ideal. But, in the new world created by COVID-19, virtual touring is becoming increasingly common.”
Realtor.com – “Should I Get a Swimming Pool To Survive Quarantine This Summer?” (5-26-2020)
“To me, summertime is synonymous with swimming. Growing up, I spent most of July and August at my town’s community pool, perfecting my strokes and working up the nerve to attempt a backflip from the high dive.”
HousingWire – “Summer is the new home-buying season” (5-26-2020)
“Spring has historically been dubbed “home-buying season,” but as the last few months have been shut down due to the COVID-19 pandemic, is summer the next best thing?”
Zillow – “Coronavirus Causes Biggest Annual Rent Growth Slowdown in at Least Five Years” (5-26-2020)
“Rent prices slowed more than they had in at least five years when the coronavirus pandemic hit, according to the April Zillow® Real Estate Market Reporti. But the for-sale market continues to heat up after a slower early April.”
Mortgage Professional America – “What does the future hold for non-QM?” (5-26-2020)
“The non-QM sector took a severe hit from the COVID-19 pandemic, with many non-QM lenders temporarily suspending originations as the outbreak’s economic impacts caused investors to shy away. But Tom Hutchens, executive vice president of production for Angel Oak Mortgage Solutions, told MPA that it’s not a question of if non-QM will see a resurgence, but when.”
Forbes – “Building A Better Future For First-Time Buyers” (5-26-2020)
“The impact of COVID-19 on the housing market as a whole, and on the buying power of first-time buyers specifically, cannot be understated.”
Redfin – “Newly Built Homes Make Up Largest Share of Market Since at Least 2012” (5-26-2020)
“The number of newly built homes on the market fell just 10.5% year over year in April, the smallest decline in 2020 to date, while the supply of existing homes plunged 24%.”
Realtor Magazine – “More First-Time Home Buyers Are Entering the Market” (5-26-2020)
“A shift in the mix of home buyers has been occurring since the pandemic began. Investor numbers are shrinking, while the number of home shoppers purchasing their first home ever is on the rise.”
Hard Money Loan Closed
Wrightwood, California hard money loan closed. Real estate investor received loan for $75,000 on this single family property appraised for $244,000.
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.
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