The new-home market is booming as states wind down sheltering-in-place restrictions, easing the search for a new home. Sales of newly built single-family homes last month jumped nearly 13% over 2019—that is the strongest May since 2007, according to newly released data from the U.S. Census Bureau.
The National Association of REALTORS® welcomed two proposed rules by the Consumer Financial Protection Bureau on Monday in what it believes will help bring greater stability to the housing market for homebuyers.
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The pandemic isn’t scaring off home buyers. More than half–or 53% of about 1,000 homebuyers recently surveyed–say they are more likely to buy a home in the next year due to the coronavirus outbreak. First-time buyers and millennials may be the most eager to buy within the next 12 months, the survey from LendingTree shows.
As real estate professionals, you’re well aware that steering clients to a particular neighborhood or home based on their race, ethnicity, or other protected class is flat-out illegal under fair housing laws. You’ve been reminded in ethics training and continuing education classes of your obligation to treat all clients and consumers equally. But it’s possible your unconscious mind could still be putting you at risk.
Fifty-six percent of consumers say that despite the ongoing COVID-19 pandemic, they would attend an open house or take a home tour without hesitation, according to the Back To Normal Barometer from research company Engagious. Additionally, nearly half of respondents to the survey say they would return to activities such as taking a cruise, attending a live sporting event, or staying at a hotel.
Acknowledging the many unknowns in relation to the COVID-19 virus, Lawrence Yun, chief economist for the National Association of REALTORS®, sounded cautious optimism about where the economy is heading and highlighted positive indicators in the residential real estate market at the Residential Economic Issues and Trends Forum on May 13 at the 2020 REALTORS® Legislative Meetings.
Now more than ever American families rely on REALTORS to help them defend and protect the American Dream of Homeownership! The “Protect Your Investment–A Guide For At Risk Homeowners” was developed to help those who are experiencing financial difficulties as a result of the COVID-19 pandemic. This resource is a free benefit of your REALTOR membership.
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