Fazaeli Realty Group

The pandemic ignited a housing boom Source: The Wall St. Journal Most real estate analysts agree that the pandemic helped ignite the current boom as some urbanites looked to leave crowded cities like New York and San Francisco for cheaper cities or for more space in the suburbs while working from home.... When lockdowns began lifting last year, home sales in California took off: California’s housing market recorded the largest month-to-month sales increase in nearly 40 years in June, and in July, home sales climbed to their highest level in more than two and a half years, while setting a record-high median home price. Some of the home sales in the past year were likely sales that would have happened in the next few years but were accelerated due to Covid-19 and could lead to a slight slowdown in demand going forward. Economists also caution that a shortage of homes on the market could limit the number of sales this year.

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Rising home prices creating wealth for owners Source: CoreLogic Homeowners are building wealth as property appreciation surges to its highest level since 2014. In the third quarter, the average homeowner had gained about $17,000 in equity year over year, according to CoreLogic’s latest Home Equity Report. Owners in Washington State saw the largest annual increase in home equity at $35,800, followed by California at $34,000.... CoreLogic said the housing market has remained a strong in an otherwise tumultuous economic year. Record-low interest rates is spurring a sharp rise in demand, which continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.

Tiny homes boom during pandemic Source: IDX 1031 Drawn to tiny homes for their affordability, efficiency and eco-friendliness, tiny homes are booming in popularity during COVID-19. The creativity of home and business owners ranging from therapists to dog groomers, who are no longer comfortable having clients in their actual residences, is driving the boom, according to IPX 1031.... Out of 2,000 Americans surveyed, more than half said they would live in a tiny home, and 86 percent of respondents who have never owned a home said they would consider buying a tiny home as their first home.

Pandemic changes California homebuying behavior, fuels market competition, C.A.R. survey finds: Homebuying Behavior The pandemic has changed consumers’ housing preferences. With remote working becoming the norm, buyers’ housing demand is slowly evolving. Since the coronavirus outbreak, more than two of five REALTORS (43.6 percent) saw a change in buyers’ preferences in the property type they want to purchase. Of those changes, 39 percent of REALTORS who responded said their... buyers are opting for a bigger home; 35 percent said buyers are opting for a property with more rooms; 37 percent said buyers are less concerned about the commute time to work; 37 percent said buyers are opting to live in a suburb rather than a city; 26 percent said buyers are opting to live in rural areas rather than cities or suburbs. More people are buying vacation or second homes this year as its share of total sales rose to the highest level in four years. The flexibility to work from home and the desire to move from metropolitan areas motivated homebuyers to relocate to resort communities in search of more space and a healthier lifestyle.

Sellers likely to keep market advantage in 2021 Source: Realtor.com With buyer competition remaining strong and low inventory pushing home prices to new highs, sellers are likely to keep their market advantage next year, according to a Realtor.com housing forecast. Home price growth may slow but will continue an upward trend, along with property appreciation for sellers, Realtor.com said.... Housing shortages will largely continue to persist, but the number of listings will slowly rebound in 2021. More homes hitting the market will offer buyers some relief in next year, but it won’t be enough to tip the scales in favor of buyers. As inventory slowly begins to replenish and buyer demand for homes remains steady, sellers will continue to be in the driver’s seat, Realtor.com said.

How to score the lowest 15-year refinance mortgage rate Source: Money Wise With the lowest mortgage rates in history, refinancing remains a must for many homeowners. Refinancing from a 30-year mortgage to a 15-year can help you save interest costs over the life of the loan.... To get the best deal, be sure to follow some easy tips such as comparing the math on a 30-year and 15-year loan; checking your credit score; shopping around for a competitive rate; and paying as much money up front as you can.

Happy Thanksgiving

Buyers under pressure as homes sell more quickly Source: Realtor.com House hunters who see a home they like should consider making an offer quickly or risk losing out. Homes sold 13 days faster in October than a year ago, a report from realtor.com said.... This also marks the first time since 2011 that the pace of sales has accelerated from September to October, signaling buyers continued to face tough competition in this anything but normal year, according to realtor.com’s Monthly Housing Trends Report. Drawn in by low mortgage rates and the hope of more space, buyers have stayed in the housing market this fall, keeping prices high and pushing time on the market to unseasonable lows.