Two Words: Larger Space

Today’s News Synopsis:

How will the coronavirus affect our future habits and social behaviors?  The Mortgage Bankers Association reported mortgage applications decreased 2.6% from last week.  April and May saw an increase in bidding wars with 41% of Redfin offers facing this in the midst of the pandemic.

In The News:


Redfin “41% of Redfin Offers Faced Bidding Wars in Late April, Early May Amid Coronavirus Pandemic” (5-20-2020)

“Nationwide, 41.1% of Redfin offers faced competition in the four weeks ending on May 10. In a handful of metros, the bidding war rate was above 60%.”

CNBC “Homebuilding stocks rise despite plunge in housing starts — how two traders would play the move” (5-20-2020)

“Homebuilding stocks held their own in the face of major headwinds.  The iShares U.S. Home Construction ETF (ITB), which tracks the group, hung onto gains for most of Tuesday’s trading session before closing practically flat after a report showed U.S. housing starts had plunged to five-year lows in April.”

HousingWire “Could the coronavirus crisis lead to larger homes and office spaces?” (5-20-2020)

“A lot of interesting ideas are being floated about how the coronavirus crisis will affect our future habits and social patterns.”

Mortgage Bankers Association “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-20-2020)

“Mortgage applications decreased 2.6 percent from one week earlieraccording to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2020.”

Forbes “70% Of Homeowners Seeking Mortgage Relief Don’t Actually Need The Help” (5-20-2020)

“More than 4 million homeowners have now been granted forbearance on their mortgage loans. But in 70% of those cases? The homeowners didn’t actually need the break..” “In Airbnb Hubs, Furnished Short-Term Rentals Are Now Pouring Onto the Market” (5-20-2020)

“The sweeping shutdowns across the U.S. intended to keep the coronavirus pandemic in check have been devastating to the economy—and especially anything related to travel, as pretty much everything one would do on a vacation was put on pause.”

Apartment Therapy “Here’s Why Everyone Should Grow a Tiny Victory Garden (and How to Start)” (5-20-2020)

“You may have noticed that nearly everyone around you seems suddenly interested in growing things. (If not, perhaps it’s because you were busy tending to your sourdough starter).”

National Association of Realtors “NAR Applauds FHFA Action Attempting to Assure Access to Affordable Credit” (5-20-2020)

“National Association of Realtors® President Vince Malta issued the following statement after the Federal Housing Finance Agency issued guidance Tuesday regarding credit access for borrowers who are in or have recently exited forbearance.”


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:

Should you move out before you sell your home?  What were the 9 biggest mistakes people made when trying to sell their home?  A couple in Sonoma, California was fined $600K for uprooting and killing an ancient tree.


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