RE Rundown (7/23/20)

Bill Proposes ‘Pandemic Savings’ for First-Time Home Buyers

Heard of The First-Time Homebuyer Pandemic Savings Act? Well, the House of Representatives just passed it ✍️; it’s allowing first-time homebuyers to take funds out of their retirement accounts tax-free and put them towards their down payment. An obstacle down 💪for the younger generations.

U.S. Existing-Home Sales Rose 20.7% in June

We’ve set it before, and we’ll say it again. Buyers are taking advantage of record-low ⬇️mortgage rates, and June’s existing-home sales are here to prove it. Despite the highest monthly gain ⬆ on record, unemployment remains high. The question now is how long this “strong sales pace” will last.

Homebuyers can now turn to Google Search for detailed info about mortgages

Check out Google’s new mortgage tools. They teamed up 🤝with the Consumer Financial Protection Bureau to help people shopping for mortgages. It includes an overview, calculator, rates, refinance, process, and more sections to make home-buying a lot easier👍.

1.4 million homes have accessory dwelling units, Freddie Mac says

Looking for a home with a guest house? Turns out Florida, California, Texas, and Georgia account for half of the 1.4 million permitted ADU’s in the US. In today’s economy, they are becoming a more viable affordable housing option 💲.

Downsizing From a Two-Bedroom to a Studio

❗️Attention all apartment renters❗️ The big, open light and views 🌆 that can come with moving to a studio apartment might be worth looking into. Read about how a couple that downsized from a two-bedroom to a studio does not regret their decision, even after months of quarantine.