Housing Demand Heating Up

Obviously, COVID-19 has had an impact on the housing market and has created new challenges for potential home buyers to effectively locate and purchase their dream home.  It appears, however, that we have turned the corner and the spring market is finally heading in the right direction. 

According to the Mortgage Bankers Association’s seasonally-adjusted index, mortgage applications to purchase a home increased 6% week to week, which represents five consecutive weeks of improvement.  As a whole, purchase volume is just 1.5% lower than last year at this time, which is amazing considering the challenges presented by COVID-19.  To put it in perspective, just six weeks ago, purchase volume was down 35% from the same time last year. 

Combining increased purchase volume, along with record-low mortgage rates, it’s no surprise that buyers are ready and willing to come back to the housing market.  As this demand continues to build, it is fully expected that more homes will begin to hit the market in the coming weeks!


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Demand for Homes

CoreLogic released their Home Price Index (HPI) showing that homes increased in price by 4.5% from March of 2019 to March of 2020.  It also showed that prices increased by 1.3% from February to March of this year.  The HPI has increased on a year over year basis every month since February 2012!  The housing market was surely very strong pre-coronavirus, but even during this crisis, homes are still selling.  Forecasts are showing that there might be a slight dip in home appreciation, but home values will hang in there. Some experts are even saying that they might end the year up.  CoreLogic is forecasting a 0.5% year over year gain. 

When speaking of home appreciation, it is also great to focus in what areas might be getting the most attention for new home buyers in this new COVID-19 environment.  The Harris Poll showed that 39% of respondents who live in urban areas have considered moving to a less populated area.  They are saying that homes in the suburbs or more rural areas might see additional demand from new buyers.  Today, more than ever, the American worker has become more used to, and more accepting of remote work.  This means that homes outside of densely populated areas might be more desirable or sought out by those who embrace the remote working experience.

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Source: CoreLogic

Advisors’ 30 Second Market Update for the Week of May 11, 2020.

COVID-19 has obviously had a major impact on businesses and industries all over the world.  This impact will also shape how these very same businesses and industries evolve and adapt in the future.  The Real Estate industry is no different, and in many ways has already started to evolve. 

Real estate agents have begun showing homes via virtual tours with 360 views, along with video chats.  Home buyers are putting in offers for homes based off internet searches, versus going to open houses to see the house.  A study by the National Association of Realtors concluded that 52% of home buyers found the home they purchased by discovering it online, versus 6% finding it at an in-person open house. 

Appraisers now have the ability to inspect some homes with a “drive by” or exterior review of the property.  The exterior analysis combined with data available from third party resources about the property result in an appraiser never needing to step foot inside the home.

Overall, the real estate industry is evolving, and Advisors Mortgage Group will continue to evolve with it.

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.

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Housing Market Update


The National Association of Realtors (NAR) has released their monthly Pending Home Sales report for the month of March.  This report was partially pre-coronavirus, but the data showed that contracts for existing, single family homes, condominiums and co-ops have slowed.  They were down 20.8% in March and down around 16% compared to last year.  But, there is a silver lining.  NAR’s Chief Economist Lawrence Yun said, “The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts. As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.”  He added, “Due to the ongoing housing shortage, home prices are likely to squeeze out a gain in 2020 to a new record high,” Larry also projected that the national median home price will increase 1.3% for the year.


As the coronavirus continues to affect the market, we will be seeing many economic reports worsen. At the same time, window of opportunity is opening for those looking to take advantage of temporary period of discounted homes.  Also, as the virus dissipates, the housing market should rebound and repair its losses and finish the year at new pricing record highs.


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30-Second Update:  Zillow Reports Large Online Spike in Viewer Traffic

Due to Covid-19, there are obvious challenges to both people looking to sell and buy homes. In normal times, sellers would be looking to take advantage of the typically robust spring housing market.  Home buyers would be looking to capitalize on the current ultra-low interest rate environment, coupled with the presumed flood of new homes listed for sale.  While that may not be how the spring market of 2020 is shaping up as of yet, Zillow has just reported that there are actually more homebuyers actively looking for homes online than a year ago.  For the week ending April 13th, home search views have increased by 13% compared to last year.  Clearly the demand to buy is still there, and home buyers are looking to enter into the market. 

Believe it or not, now may be the perfect time for home sellers to list their home and capitalize on this demand, as well as home buyers to continue to take advantage of the interest rates remaining low and look for bargains on homes that remain on the market!  Reach out to your Advisors Mortgage Loan Officer today to discuss all your home buying and selling questions!

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