RE Rundown (8/6/20)

Mortgage applications for suburban homes are surging as buyers try to escape the coronavirus pandemic

Health concerns ➕ space ➕ working from home ➡️. Three great reasons to move to the suburbs. While buyer demand has stayed up for a considerable amount of time, this pandemic has certainly shaped consumer sentiment and behavior. Yet another source (Caliber Home Loans) is saying that homebuyers are happily looking to move to less densely populated areas 😳.

Mortgage rates set another record low, but borrowers take a step back

Mortgage rates are continuing to fall, but not enough to impress borrowers 😕. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage application volume fell ⬇ 5.1% from last week. Don’t stall for too long if you’re thinking of buying, the supply of homes also remains low.

10 Markets Recovering Fastest Since the Pandemic Onset

Realtor.com reported that Northeastern markets with fewer cases of COVID-19 have recovered strongly 💪 from the pandemic. While more buyers flooded the markets this summer, there was a shift in demand. Seems like more people want larger homes in the suburbs as opposed to condos and townhomes in cities 🌆.

Virtual broker eXp sees record profits in Q2

After a large net loss in Q2 of 2019, eXp Realty’s profits surged ⬆️ in Q2 of 2020. The virtual brokerage’s cloud-based tool allowed it to achieve exceptional 👍 results. The time is now to be ahead on this sort of technology!

Zillow Offers resumes buying houses in all operating markets

Looking to sell your home through Zillow? Zillow Offers, their iBuying service, is now back and has resumed all of its operating markets. The platform is also adding a new health-safety initiative ✅ to make the sale of homes easier and safer🧴.