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CNBC reports “evidence is mounting that homebuyers may be coming back to the market,” according to the latest Mortgage Bankers Association Weekly Applications Survey.
“The 10 largest states [by application volume] had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying season, as coronavirus lockdown restrictions slowly ease in various markets,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “California and Washington continued to show increases in purchase activity, with New York seeing a significant gain after declines in five of the last six weeks.”
A recent Forbes article argues that new data from national showing service ShowingTime gives investors a reason to feel optimistic. As expected, home showings dropped swiftly at the first signs of the spread of the coronavirus. “However,” the articles states, “if we look at the past week and a half, the trajectory has started an upward trend of a 39% increase compared to the earlier time frame…since showings are often one of the best early indicators for how the market will perform a few months later it is a hopeful sign for a real estate market that will have some life left in it.” Read on to see how different states are fairing.
Real estate investors have been looking for a silver lining in the current crisis, hoping to scoop up investment properties at low prices during the recession. However, it doesn’t look like sellers are cooperating based on a new survey of 3,000 Realtors on April 19 and 20 by the National Association of Realtors (NAR). According to the survey, most sellers have not discounted their homes to attract buyers. In fact, 74% of Realtors reported that clients have not reduced listing prices. Read on for more on the factors preventing home prices from taking a nosedive.
As states begin to ease restrictions and investors ramp up construction activity, it’s important to protect the health and safety of workers. The Construction Industry Safety Coalition (CISC) has updated its guidance for construction employers, employees and contractors on coronavirus exposure prevention, preparedness and response. The new plan includes some significant changes and additions now that more data is available on the spread of COVID-19.
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