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Still a seller’s market…

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Realtor.com says sellers still dominate the real estate but does offer one caveat based on last week’s activity. Home prices continue to rise – median listings were up 10.8 percent annually – the fastest pace in over two years.

The average time on the market for a home is 12 days less than a year ago. Buyers continue to move very fast in an effort to beat out the competition and lick in low mortgage rates.

As to that caveat: last week buyers demand dropped slightly while the number of new listings showed a smaller decline than had been seen recently. Whether this is a trend or a one-time thing remains to be seen.

Bay Area rents are down … or up …or …

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Depending on where you look Bay Area rents continue to decline, while a few cities are up slightly. According to a report by Zumper, 27 of 31 Bay Area cities showed a decrease in rental prices. By and large, more expensive areas saw decreases while the increases were in less-expensive cities.

San Francisco saw median 2-bedroom rentals dip below $3000 for the first time in six years. On the other hand, Livermore (plus 9.7 percent), Concord (plus 3.4 percent), and Vallejo (plus 4.3 percent) all saw increases.

Analysts predict both trends will continue in the foreseeable future.

Refinancing, delinquencies both on the rise

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Given the extremes of the current situation, from the pandemic to economic uncertainty, it’s not surprising that the real estate market is mirroring those extremes as both refinancing and delinquencies both on the rise.

With 30-year fixed rates below 3 percent, mortgage originations hit a record $1.1 trillion in the second quarter.

At the same time, nearly 2.25 million mortages were at least 90 days late in July, an increase of 450 percent from the pre-pandemic days. While the number of homeowners in forbearance declined, many analysts see the July 31 end to extra unemployment benefits as a real test to how things actually stand.

NAR calls for help for struggling landlords

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While much has been made about the extension of the eviction moratorium, the National Association of Realtors (NAR) is calling for emergency rental assistance for property owners who are facing their own financial crisis.

The NAR points out that landlords must still make payments on their property but will have no source of income under the moratorium extension. The vast majority of these property owners are mom-and-pop investors who are in danger of losing their properties.

Millennials are ready to buy!

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As they enter their early 30’s, millennials are turning their attention to the housing market and they’re ready to buy! Because of their large size – they’ve passed baby boomers as the largest living generation in the United States – millennials have long been predicted to have a huge impact on the housing market. They only question has been: are they interested in owning a home?

The answer appears to be Yes!

Existing=home sales jumped nearly 25 percent in July with first-time buyers making up 34 percent of that group. And most mst millennials are first-time buyers.

Of course, it doesn’t hurt that interest rates remain below 3 percent.

Leaving the City

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As has been mentioned, one of the major effects on the national real estate market of the pandemic – and, to some extent, social unrest – is that many city dwellers are looking to move to the suburbs. The New York Times recently reported that one listing in the suburbs near New York had 97 showings and 24 offers!

In fact, New York City leads with the number of homeowners looking elsewhere, followed by Chicago, Washington, DC, St. Louis, and Miami.

Analysts warn that, while city living is particularly attractive right now, panic buying is not a good idea. Moreover, trying to sell your city home during the current conditions will certainly not bring top dollar.

US home sales up by nearly 25% in July

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As the pandemic continues to shape American life, homebuyers have decided that now’s the time to purchase. After a very slow March and April, as much of the country was in lockdown, the late spring and summer have seen a surge of buyers.

Many are looking for new places to live away from the cities as commuting is a considerably less important factor. Others are looking for more space in their homes to accommodate working areas. Finally, some are opting to move closer to family.

Should you build your home?

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The greatest single benefit of building your home is that you can make it exactly as you want, from floor plan to bedrooms and bathrooms to kitchen layout – everything! You can also be assured that everything will be up to code. And, of course, you can have exactly the colors and styles you prefer.

The downside is that you will have to wait many months for the house to be finished. In addition, unexpected costs will certainly arise as you go along. Finally, the price will probably be considerably less negotiable that if you were buying.

Foreclosures remain low, for now

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Although mortgage delinquencies continue to rise, foreclosures remain low due to the moratoriums put. in place by federal and state governments in the early stages of the pandemic. This mortgage forbearance has a maximum of 12 months so it’s unlikely there will be a significant increase in foreclosures until then.

Of course, a great deal will depend on the economy, and if homeowners are able to return to work. Still, analysts don’t believe the foreclosure rate will approach the levels of the Great Recession. They also don’t believe it will be enough for housing prices to significantly drop.

Poor credit? A few options

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Last week we looked at other factors that may come into play when your credit, as a first-time buyer, is poor. What are some options to finding a lender?

  • FHA Loans: The federal Housing Administration on requires a credit score of 580 and a down payment of 3.5 percent. Many lenders won’t go below a credit score of 620, so you may have to look around.
  • VA Loans: Military personnel (current or former) can benefit from very low – or no – down payment or mortgage insurance.
  • Credit Karma: Credit Karma can help with crucial credit decisions so that you can improve your credit score before you apply for a mortgage.