Home loan activity through the Department of Veterans Affairs has jumped to a new high, climbing 114% since the beginning of the 2020 fiscal year, according to VA data. Refinance loans are a big portion of the increase, with homeowners looking to lock in lower mortgage rates.During the first three quarters of fiscal 2020, the VA loan program backed more than 865,000 loans—a record high. The VA’s fiscal year doesn’t end until Sept. 30, and i
As mortgage rates remain low and people look for pandemic-safe getaways, vacation homes are growing in demand, according to Vacasa, a vacation rental management platform.“We’ve seen a surge in demand for vacation homes across our portfolio, and real estate transactions are up as much as 35% in some of our vacation rental markets across the county when compared to July 2019,” says Shaun Greer, vice president of sales and marketing at Vacasa.
Video tours are a growing method to help home shoppers narrow their prospects during the pandemic. But not being able to see the home in person has its limitations. Real estate professionals will want to be sure they zoom in on the right features and offer insights to help their clients avoid buyer regret—especially if they decide to make a “sight-unseen” offer.The kitchen can be a tough room to show off on video, but it’s often an import
Housing is giving a boost to the economic recovery and housing inventories. Single-family and multifamily construction jumped nearly 23% last month, the Commerce Department reports. This marks the highest production rate since February.Broken out, single-family construction jumped in July by 8.2% to a seasonally adjusted annual rate of 940,000. The multifamily sector, which encompasses apartment buildings and condos, rose 58.4% to a 556,000 pace,
East Coast housing markets are dominating this year. Helping these markets to boom: millennials who are migrating away from city centers in search of affordable housing and space to raise a family, according to realtor.com®’s newly released 2020 Hottest ZIP Codes Report.The top 10 hottest markets on realtor.com®’s list this year share some traits: easy access to downtown amenities and outdoor space, relative affordability with a vibrant loc
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Florida may be seeing high numbers of COVID-19 cases, but that hasn’t stopped house hunters from rushing to the Sunshine State. Florida has been the top destination to move to during the pandemic, according to HireAHelper’s newly released migration report, which is based on more than 25,000 moves booked since March 11. HireAHelper is an online marketplace for finding and booking moving transportation services.Fifteen percent of moves booked s
Seventy-two percent of renters say they would rent an apartment without ever seeing the property in person if a 3D virtual tour was offered, according to a recent survey conducted by Zumper, a rental marketplace, and Matterport, a 3D and virtual service company. Just like home shoppers, renters are turning to online tools to find a home during the pandemic, and property managers are increasingly seeking out nontraditional ways to allow potential
Mortgage rates inched up slightly this week but still remained near historical lows. The 30-year fixed-rate mortgage averaged 2.96% this week, up from last week’s record low of 2.88%, Freddie Mac reports.“Home buyer demand remains strong, especially for those in search of an entry-level home, where the improvement in affordability via lower mortgage rates has a material impact,” says Sam Khater, Freddie Mac’s chief economist. “Even with
Even as mortgage delinquencies climb, foreclosure activity continues to be low. Foreclosure moratoriums ordered by federal and state governments during early phases of the pandemic likely helped to minimize the foreclosure rate, says Rick Sharga, executive vice president at RealtyTrac, a real estate data firm.“It’s inevitable that there will be a significant increase in foreclosures once these moratoriums have expired, although it’s unlikel
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