Homebuying Demand Just Keeps Getting Stronger

6/16/2020

Listings accepting an offer improved as well. Two weeks ago, this number was down 11% year-over-year, but for the week of June 1 – June 7 it was 9%. With demand surging and supply recovering, we expect sales to strengthen; mortgage purchase applications were up 7% year-over-year in the last week of May and up even more, 13%, in the rst week of June.

Buyers Unfazed by Protests and Pandemics

Agents from Seattle to LA to Philadelphia have been surprised that protests didn’t deter more buyers. “It has been a speed bump,” said Alec Traub, an LA-based teammanager for Redn. Hazel Shakur, Redn Maryland agent, reports that “between the virus and now the protests, folks are not batting an eyelash.” What’s driving demand is low rates and, now, easing credit. According to Sarah Martin, a Redn mortgage advisor in Washington DC, “credit has pretty much loosened up except for self-employed borrowers.”

Sellers Re-Entering Market, Worried About Health Risks

And sellers, always more careful than buyers, are nally responding to increased demand. “A lot of what I’m listing are not new clients, but people I’ve met with over the past few weeks and months,” said Seattle Redn Agent David Palmer. “I’ll be bringing on double-digit listings See Latest Coronavirus Housing Market News

https://www.redfin.com/blog/home-buying-demand-gets-stronger-amid-pandemic/

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