As states reopen, buyers are reemerging faster than expected, proving market resiliency against the COVID-19 pandemic. Applications to purchase a home posted their fourth consecutive weekly increase, rising 11% last week, the Mortgage Bankers Associations reported Wednesday.Applications are still 10% lower than a year ago but the annual loss continues to shrink each week. For example, last week’s purchase volume was down 19% annually. A month a
When Chris Read, ABR, CRS, broker-owner of CR Strategies in Woodridge, Ill., was asked to be a speaker at the REALTORS® Legislative Meetings two years ago in Washington, D.C., she interviewed 20 real estate professionals beforehand to get a bearing on their thoughts and experiences working with appraisers. It turned out to be interesting fodder for the Real Property Valuation Forum at this year’s virtual meetings. Before presenting Wednesday a
Property managers are coming up with new, creative ways to help commercial tenants in the COVID-19 era. Some are allowing move-out inspections via video conferencing while others are helping tenants to ramp back up as business starts to reopen, according to Angela Aeschliman, CPM, senior vice president of property and asset management with the Missner Group in Chicago. She presented during the Property Management Forum as part of the virtual 2020
Home prices in the first quarter of the year were up in nearly all major U.S. cities, and despite the continuing difficulties of the COVID-19 pandemic, prices show no signs of slowing, according to the National Association of REALTORS®’ latest quarterly report.The median price nationwide for an existing single-family home was $274,600 in the first quarter, a 7.7% increase year over year. “The first-quarter price jumps mostly reflect conditio
Many homeowners have a lot of money in their homes. During the first quarter of this year, 26.5% of residential properties or 14.5 million were considered equity rich, meaning the owner had at least 50% equity in their home, ATTOM Data Solutions reports Thursday.“Homeowners’ balance sheets generally remained strong in the first quarter of 2020 across the U.S.,” says Todd Teta, chief product officer with ATTOM Data Solutions. “In the lates
The 30-year fixed-rate mortgage inched up slightly this week to average 3.26%, but remains near its record low.“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates for the week ending May 7:30-year fixed-rate mortgages: average
Many cities and states have put a moratorium on evicting tenants who are struggling to pay rent due to job loss during the COVID-19 pandemic. So, what can property managers do to secure their business if they’re suddenly losing income because of missed rental payments? At a meeting Wednesday of NAR’s Single-Family Investment Management Committee during the virtual 2020 REALTORS® Legislative Meetings, members developed some safeguard ideas.Fi
Record low mortgage rates last week may have offered up plenty of incentive for home buyers, even in a pandemic. Mortgage applications for home purchases increased 7% this week, which follows a 12% uptick last week, the Mortgage Bankers Association reports. Mortgage applications are viewed as a gauge for upcoming home sales.This marks the third week in a row that purchase volume in mortgage applications has increased. The strongest grow
Homeowners seeking a premium when selling their home should eye the months of May and June, a new analysis from ATTOM Data Solutions shows. The study is based on 33 million single-family home and condo sales between 2011 to 2019; it does not take into account the effect of the current COVID-19 pandemic on home sales this spring or summer.Over the nine-year period in the study, home sellers typically find that warmer months offered the best times
Mortgage rates have fallen to record lows, and low APRs are helping potential home buyers and refinancers net even more savings to their monthly payments. The average annual percentage rate offered to borrowers looking to purchase a home dropped by 17% over the past year, from April 2019 compared to April 2020.The APR reflects the true cost of borrowing by including the interest rate, points, and fees charged by a lender. As such, it is high
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