Seattle-Based Brokerage Redfin Starts To See Coronavirus Impact On Housing Market. “It will be another couple of weeks until the National Association of Realtors releases data on February’s pending and existing-home sales, statistics that could cue to the potential impact of the coronavirus on real estate selling and purchasing. Yet, tech-powered real estate brokerage Redfin says the first effects of COVID-19, the disease caused by the virus, are starting to ripple through the market.” This is a good time for agents, sellers, and buyers to take some precautionary measures until this virus passes.
2. A QUICK NOTE
Housingwire reports Mortgage rates fall to an all-time low. “The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971. The rate fell 16 basis points from the prior week after the worst stock retreat since the 2008 financial crisis sent investors piling into the bond markets. The yield on 10-year Treasuries, a benchmark for mortgage investors, fell to a record low this week as money managers sought safe havens amid coronavirus fears.” The 15-year fixed-rate averaged 2.79%, down from 2.95% last week.
3. THAT SAID
“In response to the growing concerns about COVID-19, commonly referred to as coronavirus, NAR is providing this guidance to help REALTORS® respond to the coronavirus’s potential impact on the real estate industry. As of March 4, 2020, the U.S. Centers for Disease Control and Prevention (CDC) has issued Level 3 Travel Warnings for all of China, South Korea, Italy, and Iran, and a Level 2 Travel Warning for Japan. However, the situation is rapidly evolving.” Here is a Coronavirus: A Guide for REALTORS®.
4. EASY AND NOT SO EASY PICKIN’S
“While most people who are house hunting must stay within a particular metro area to be near their work, family, and friends, those with plenty of flexibility may want to pay close attention to the recent analysis by Realtor.com that shows where it’s hardest and easiest to buy a home.” WaPo Report: Some of the most affordable cities in the U.S. may be the toughest places to buy a home. Four metro areas in Florida are on the list of easiest markets, three are in Connecticut, two in South Carolina and two in Texas.
5. GUESS WHO?
If you’re interested, CNBC posted a video this week about how real estate is a favorite investment of multi-millionaires, but some parts of the world are more attractive than others. Robert Frank reports: Here are the top cities where the super rich are buying real estate. Before you watch can you guess their favorite destination? What countries do you think they are coming from? Also in the video, find out what $1M buys in top cities.
BONUS: AN INSPIRING STORY
Formerly Homeless, This CEO of Her Own Real Estate Firm is Now Building a $14M Affordable Housing Project. “Terrica Smith, now the founder and CEO of Cachet Real Estate and Salt Capital Equity Group, used to dream of having her own home when she was homeless and living on the streets years ago. Now, she is making other homeless families’ dreams come true as she heads the Madeline Cove project, a housing development that would offer affordable homes in the community.” Thank you BlackBusiness.com for sharing this story!