{"id":69336,"date":"2020-06-12T11:56:35","date_gmt":"2020-06-12T18:56:35","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=69336"},"modified":"2022-10-26T13:13:07","modified_gmt":"2022-10-26T20:13:07","slug":"home-buying-demand-gets-stronger-amid-pandemic","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-buying-demand-gets-stronger-amid-pandemic\/","title":{"rendered":"Homebuying Demand Just Keeps Getting Stronger"},"content":{"rendered":"<h4><b>Key Takeaways<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Demand is 25% above pre-pandemic levels. Buyers haven\u2019t \u201cbatted an eyelash\u201d over the possibility of a resurgent pandemic or now protests.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bidding wars are \u201cbananas\u201d with homes \u201cflying off the shelves.\u201d Sale prices are up 3.1%; asking prices are up 9.9%.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New listings are still 15% below last year\u2019s levels. More listings may hit the market soon, though sellers still have more health concerns than buyers. A buyer can decide how many homes to visit, but a seller has to \u201clet an open-ended number of people walk through until the home is sold.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Many renters in the city are buying in more affordable outlying areas; home-ownership levels may meaningfully increase for the first time in 15 years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">But continued unemployment could pull first-time buyers out of the market; \u201cCondos are tough to sell right now\u2026 The ball is going to drop and it will be interesting to see how it rolls down the hill.\u201d<\/span><\/li>\n<\/ul>\n<h4><b>Nothing Seems to Deter Homebuyers<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">It seems that nothing can deter homebuyers. Seasonally adjusted demand for the week of June 1 &#8211; June 7 is now 25% higher than it was pre-pandemic in January and February, marking the eighth straight week of rising demand.<\/span><br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-69337\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/Homebuying-Demand-June-7.jpg\" alt=\"Redfin Homebuying Demand June 7 2020\" width=\"975\" height=\"650\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/Homebuying-Demand-June-7.jpg 975w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/Homebuying-Demand-June-7-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/Homebuying-Demand-June-7-768x512.jpg 768w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><br \/>\n<span style=\"font-weight: 400;\">Our abiding concern in May was about the number of homes for sale, but that\u2019s improving too. After falling to 21% below last year\u2019s level the week of May 25 &#8211; 31, new listings last week continued their recovery; last week\u2019s new listings were 15% below last year\u2019s level.\u00a0<\/span><br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-69338\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/New-Home-Listings.jpg\" alt=\"New Home Listings June 7 2020\" width=\"975\" height=\"650\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/New-Home-Listings.jpg 975w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/New-Home-Listings-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/06\/New-Home-Listings-768x512.jpg 768w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><br \/>\n<span style=\"font-weight: 400;\">Listings accepting an offer improved as well. Two weeks ago, this number was down 11% year-over-year, but for the week of June 1 &#8211; June 7 it was 9%. With demand surging and supply recovering, we expect sales to strengthen; mortgage purchase applications were up 7% year-over-year in the last week of May and up even more, 13%, in the first week of June.<\/span><\/p>\n<h4><b>Buyers Unfazed by Protests and Pandemics<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Agents from Seattle to LA to Philadelphia have been surprised that protests didn\u2019t deter more buyers. \u201cIt has been a speed bump,\u201d said Alec Traub, an LA-based team manager for Redfin. Hazel Shakur, Redfin Maryland agent, reports that \u201cbetween the virus and now the protests, folks are not batting an eyelash.\u201d What\u2019s driving demand is low rates and, now, easing credit. According to Sarah Martin, a Redfin mortgage advisor in Washington DC, \u201ccredit has pretty much loosened up except for self-employed borrowers.\u201d\u00a0\u00a0<\/span><\/p>\n<h4><b>Sellers Re-Entering Market, Worried About Health Risks<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">And sellers, always more careful than buyers, are finally responding to increased demand. \u201cA lot of what I\u2019m listing are not new clients, but people I\u2019ve met with over the past few weeks and months,\u201d said Seattle Redfin Agent David Palmer. \u201cI\u2019ll be bringing on double-digit listings in the month of June and expect the same for July. Those people who were looking to get top dollar and wanted to wait to list until they could get the most buyer attention, they can definitely get that now.\u201d\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">It\u2019s also easier for buyers than sellers to accept the health risks of touring. \u201cWe\u2019ve had a lot of clients who are going to list with us but they\u2019re just not ready yet,\u201d said Mr. Traub, the LA team manager. \u201cEspecially when you live in your house, it\u2019s more difficult to let an open-ended number of people walk through until the home is sold. When you\u2019re a buyer, you can control the number of listings you see in-person. I think a lot of people still don\u2019t feel comfortable with that and what that means for their own health.\u201d Adds Charles Davies, a Redfin agent in Philly, \u201cIf it\u2019s vacant, I can get those listings all day long.\u201d\u00a0<\/span><\/p>\n<h4><b>Bidding Wars Common<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Until supply catches up to demand, prices will rise. For the week of June 1 &#8211; 7, year-over-year growth in asking prices was up 9.9%, compared to 7.9% the week before, and 3.9% in January and February. Sales prices for the first week of June are up 3.1% year-over-year, an improvement from 1.3% in May, when offers from late March and April were still closing. The percentage of newly listed homes accepting an offer within 14 days of their debut increased from 42% in May to 47% in the first week of June.<\/span><br \/>\n<span style=\"font-weight: 400;\">The major theme of our conversations with agents across the country this past week has been about bidding wars. \u201cIt\u2019s just bananas, with so few listings and so many buyers,\u201d said Ms. Shakur, the Redfin agent in Maryland. \u201cHaving lived through the 2008 bubble, I just want to be cautious. Maybe it&#8217;s nowhere near the same size as it was in &#8217;08, and maybe it&#8217;ll turn out not to have been a bubble at all. But buyers are desperate. If a property is in a desirable neighborhood, buyers will overpay. Bidding wars, escalations, no inspections, agreement to pay over appraised value, all of that\u2019s becoming the norm.\u201d Adds Mr. Palmer, the Redfin agent in Seattle. \u201cAnything I\u2019m pricing correctly right now is flying off the shelf.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">No one knows for sure how long this will keep up, but very <\/span><a href=\"https:\/\/www.mba.org\/news-research-and-resources\/research-and-economics\/single-family-research\/mortgage-credit-availability-index\"><span style=\"font-weight: 400;\">tight credit in recent months<\/span><\/a><span style=\"font-weight: 400;\"> has at least limited housing speculation; price increases have been the result of record-low mortgage rates and inventory. \u201cOne thing I\u2019ve noticed on my listings are our seller dashboards,\u201d Mr. Palmer said. The seller dashboard shows Redfin listing clients and their agents how much online traffic a listing is getting, and how digital ad campaigns for that listing are performing. \u201cThe views are up definitely for what I would normally see for a week\u2019s worth of views compared to this time last year. Usually 1,000 &#8211; 1,500 views would be a solid week for your first week. I\u2019m having listings hit that on the first day.\u201d\u00a0<\/span><\/p>\n<h4><b>Buyers Prefer Three-Dimensional Scans to Video-Chat Tours<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Online interest in listings now takes many forms. As shelter-in-place rules subside in parts of the country, much of the demand for virtual showings is from relocating homebuyers who want to avoid a long drive or a flight to tour a home. Fifteen percent of tours are happening via video-chat rather than in person. This is half of its April peak, but still 30 times higher than it was pre-pandemic.<\/span><br \/>\n<span style=\"font-weight: 400;\">The popularity of three-dimensional scans has been even more durable, with views of these scans on Redfin.com increasing 42% from April to May. In markets like Orange County and Seattle, a quarter of new listings include a scan, and we now believe this will be the most popular way to virtualize a showing, with buyers preferring to move through the home at their own pace, whenever they want.\u00a0<\/span><\/p>\n<h4><b>People Are On the Move<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Many of these relocating buyers are pursuing the suburbs, or smaller, more affordable cities. \u201cIt\u2019s odd, because I\u2019ve got two different sellers moving to Oklahoma, both for jobs,\u201d said Ms. Shakur, the Redfin agent from Maryland. \u201cThat big migration we\u2019re all expecting, it&#8217;s beginning to happen. People are now moving more to the interior of the country. I also have a lot of clients who are retiring and moving down south to more tax-favorable states.\u201d\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cI think some sellers are now at the point where they don\u2019t want to be in the city anymore or keep paying high prices to stay here,\u201d said Mr. Traub, one of Redfin\u2019s LA team managers. \u201cA lot of people relocate to LA for work, but now they realize they could go back home and their money would go further, especially when they can work remotely.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">It has been a point of debate within Redfin whether the movements of people we\u2019re now seeing are mostly to the outlying areas of the same city, or to entirely different parts of the country. What we can be sure of now is that this latter group of cross-country movers is already increasing in size, albeit only modestly: in April and May of 2020, 27% of Redfin.com users searched outside their metropolitan area, compared to 25% in April and May of 2019.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">We now speculate that the flexibility to work remotely, combined with low interest rates, will lead to higher levels of home ownership in the U.S., which have mostly been declining since 2004. \u201cWith interest rates so low, a lot of people want to buy who are currently renting in the city,\u201d said Redfin Boston Agent Elynn Chen. \u201cThey want to go somewhere for more space.\u201d<\/span><\/p>\n<h4><b>Long-Term, Still Clouds on the Horizon<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">But even though demand is strong now, no one can say for sure what the long-term outlook is. The whole reason we\u2019re reporting on demand every week instead of every month is because we have seen such a volatile real estate market. \u201cA lot of jobs are not coming back,\u201d said Mr. Palmer, the Redfin Seattle agent. \u201cWould-be first-time buyers are gonna say screw it. They are just thinking about how to pay rent and survive. We have a lot of band-aids with unemployment insurance right now, but those aren\u2019t going to last forever. Condos are tough [to sell] right now. The ball is going to drop and it will be interesting to see how it rolls down the hill.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homebuyer demand is now 25% above pre-pandemic levels. Redfin agents report bidding wars are \u201cbananas\u201d with homes \u201cflying off the shelves.\u201d Sale prices are up 3.1%; asking prices are up 9.9%.\u00a0<\/p>\n","protected":false},"author":13210,"featured_media":69339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8,615],"tags":[9,32],"coauthors":[126],"class_list":["post-69336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-weekly-market-update","tag-coronavirus","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuying Demand Just Keeps Getting Stronger<\/title>\n<meta name=\"description\" content=\"Homebuyer demand is now 25% above pre-pandemic levels. 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