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Expert Update - 11.06.2020

Credit Scores Get a Boost

The coronavirus has created economic hardships for many Americans, so you may be surprised to learn that credit scores actually have gone up in 2020. Government stimulus, expanded unemployment benefits, and payment holidays on mortgages and other debt have helped consumers pay their bills and keep their credit report clean. How is your score faring? Request a free report once a year from any of the nationwide credit reporting companies - TransUnion, Equifax, and Experian.1

More Homes Enter the Market

High prices and strong demand are giving more owners the confidence they need to list their home. Earlier this month, the market saw an incremental uptick in listings following four weeks of stability or growth - a welcome sign for buyers who have been competing over limited inventory for months. As these new properties come to the market, owners are listing them for an average of $38,000 more than homes listed one year ago.2

Pandemic Shifts Buyers' Tastes

COVID-19 has changed our day-to-day lives, but its impact on real estate trends could last for years. Even before the virus became widespread, homeowners began migrating to the suburbs. Now, outward migration is happening even more rapidly. Developers also are stepping back from amenity wars and are focusing instead on health and wellness in housing design. Large, urban markets - such as Boston, Los Angeles, New York, San Francisco, and Washington, D.C. - could take three to five years to return to their pre-pandemic housing market highs.3

Refinancing Remains the Rage

Refinance lending jumped more than 60% in the second quarter after rates for 30-year fixed-rate mortgages dropped to 3.13%, down from 3.5% in the first quarter. Compared second quarter 2019, refinances spiked 200%. Even with the massive increase in activity, almost half of the eligible 30-year mortgage holders have yet to take advantage of refinancing their mortgage. If you are one of the 18.9 million borrowers with a 720 credit score or higher and at least 20% equity in your home, you may qualify to reduce your rate by at least 0.75%.4

Homes Made to Travel

With an unprecedented number of employees working remotely, many now can think about where they want to live without limitations from proximity to work. Moveable homes are a fantastic option for anyone looking to invest in real estate but not ready to commit to a single location. Innovative designs for sustainable modular homes, prefabricated treehouses, and tiny portable houses on trailers allow owners to bring their homes wherever they want to go. And, when they get there, they can often be set up in just one day.5

 

Sources: Realtor.com; REALTOR Magazine; REALTOR Magazine; Forbes´╗┐; msn

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