A federal judge ruled that an Oregon law preventing buyer “love letters” is a violation of First Amendment rights. The letters have commonly been included in home offers, with buyers writing to sellers expressing their desire for a home. Last …
‘FOMO’ Behind Some of the Buying Frenzy
Lawrence Yun, chief economist of the National Association of REALTORS®, summed up the current state of the housing market in one word to NPR recently: “Incredible.” Homes for sale are, on average, getting 5.1 offers before they sell and reports …
How High Above Ask Must Buyers Go?
Bidding wars have become the norm, but the bigger dilemma buyers face is how much higher the asking price will be in that competitive offer situation. In Marin County, Calif., a recent listing for a 1,305-square-foot home with a single …
The US Needs 3.8 Million More Homes
The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018. “This is what …
Spring Buyers Must Be Ready to Act Quickly
This spring will likely be another fiercely competitive one for home buyers. Real estate professionals should prepare their house hunters for record low inventories and rapidly rising home prices. “Demand for housing was already strong coming into the year and …
A Refi Could Help Homeowners the Most in these States (and yes, it includes California!)
Forty-three percent of 30-year mortgage holders are eligible for a refinance that would lower their mortgage rates, a new study shows. That means their credit rating is at least 720, they have at least 20% equity in their homes, and …
Buying Sprees Continue, Contract Signings Surge to Record High
September 30, 2020 Source: Realtor Magazine Pending home sales are exceeding pre-pandemic levels and defying forecasts. August marked the fourth consecutive month of escalating sales contract activity, with all four major regions of the U.S. posting higher year-over-year pending …
Buyers Can Afford $33K More on a Home Purchase Compared to a Year Ago
Low mortgage rates are enabling home buyers to stretch their budgets more this year. Buyers can afford about $33,250 more on a home purchase compared to a year ago—a 6.9% increase, a new Redfin study shows. However, an 8.2% uptick …
New Coronavirus Concern: Digital Real Estate Scams
Like many Silicon Valley home searches, this hunt for a nice, three-bedroom, two-bath home in San Jose with an ample yard was filled with angst, losing bids and a swollen budget. And then came the con — older than the …
REALTORS GET EXCEPTION IN SF BAY AREA COUNTIES
Just now the six primary “Bay Area” Counties (Santa Clara, San Mateo, San Francisco, Marin, Contra Costa, and Alameda) jointly announced that real estate agents now have a narrow exception to practice residential real estate as essential business! The exact …
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