Your Northern California Real Estate Resource with Lori Wilcox

Producer prices rose a bit more than expected in August, as the cost of services increased solidly. Underlying wholesale inflation also continued to rise, but only slightly. Lawmakers still struggle to agree on a new stimulus package. Republicans have proposed a 'skinny' stimulus bill, and Democrats have said they will not support it. Jobless claims missed estimates last week as employment gains tapered. Continuing claims rose to 13.385 million, an indication that labor mar...ket improvement may be tailing off. Mortgage applications to purchase a home rose 3% last week from the previous week and were 40% higher than a year ago. Refinances were up 60% year over year. The number of homes for sale nationwide is in record low territory, and some of the nation's most affordable areas are seeing the largest drops in housing inventories. Bidding wars continue to send home prices higher. More than two-thirds of homes sold in July were on the market for less than a month, according to NAR. "Winners are not those who never fail, but those who never quit." Edwin Louis Cole

What’s Next for 2020? Panic. Lock-down. 42.5 million unemployed....Continue reading

AMERICANS INCREASINGLY CLICKING THE "BUY NOW" BUTTON WHEN PURCHASING A HOME It used to be that people said they would never buy anything online. They had to physically look at the item (kick the tires) before buying it. Since then, many retail operations have gone by way of the dodo, because online shopping is just so darned convenient, and with easy return policies, we can still dabble to a certain extent. Add the pandemic into the equation and, well, you can imagine how... cyberspace is used to buy just about everything, including groceries. But one thing most of us could NEVER imagine is buying a home without ever stepping foot inside it. Think again. According to HousingWire’s Julia Falcon, there is a rising habit among homebuyers (in these days of limited open houses) to use 3D home tours, virtual home tours, and even FaceTime home tours. In April, Realtor.com said that about 25% of home shoppers would buy a home without even stepping foot in it. Now, that number has notably risen. She goes on to report that according to Zillow, 36% of Americans said they would be more likely to try and buy a home entirely online because of the pandemic, and a full 43% said they would be more likely to sell a home entirely online because of the pandemic. When you think about how much easier it is for sellers (spiffing up the house once to take photos instead of keeping it perfect every day for potential buyers), it makes total sense. But Falcon goes one further, reporting that even after the current outbreak ends, 30% would still be likely to buy a home completely online, and 33% said they would still be more likely to sell a home entirely online as well. The home shopping tradition of loading the family into the minivan and touring open houses all weekend may be over, said Zillow economist Jeff Tucker. Now shoppers are realizing they can use virtual tours to either skip in-person shopping, or at least to winnow down their options and visit fewer homes in person, making it easier and less time-consuming to find their next home. That speed advantage can give buyers a leg up in today’s fast-moving market. 3D home technology use skyrocketed more than 750% in one month after the pandemic was declared, and usage has remained at least three times as high in the following months. Falcon also says of the surveyed agents, 86% said they started or continued to use virtual or video home tours during the outbreak, and 72% said they are likely to continue providing those tours after the current outbreak has ended. Additionally, 75% of U.S. adults said they would want the option to tour remotely through virtual or video technology if they were home shopping right now. Source: HousingWire | Zillow | TBWS