Showing posts from June, 2020

Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.1Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. Homebuyer demand is beginning to show signs of life. Overall, the U.S. recorded its 6th consecutive increase in new purchase-money applications. That brings the number of mortgage applications back above the pre-crisis levels of late February. Importantly, this also erases the year-to-year deficit that peaked in mid-April as well with total applications 8% higher last week than they were during the same period of 2019.  California saw its 7th consecutive weekly gain in mortgage applications as well, though it also saw a bigger contraction in the immediate aftermath of the downturn, so it remains roughly 2% bel…