What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

When it comes to home sales, August is the new May, keeping agents busy into the fall

The pandemic pushed peak home-buying from spring to summer

Rather than a typically busy spring home-buying season, the COVID-19 pandemic pushed the bulk of home-buying this year into the summer months, and real estate agents are busier than ever.

According to the National Association of Realtors, contract signings kicked off strong in August, with the most contract signings last week in the Midwest, at 21%. The South followed, at 20%; the Northeast at 13%; but the West actually declined, by 4%.

As new contract signings are outpacing new listings due to low inventory, properties sold typically within 26 days in the four weeks leading up to August 2, NAR said.

Since homebuying season was pushed back from this spring, realtor.com’s Housing Market Recovery Index reported that August is the new May. Homes on the market sold four days faster year over year, as total inventory is down 35%.

Now, agents are showing and selling nonstop.

Terry Story, a Realtor with Keller Williams Realty Services in East Boca Raton, Florida, told HousingWire that business is exponentially busier now than at the beginning of the year, pre-pandemic.

“. . . then about mid-May, it just accelerated,” Story said. “Everybody came out of the woodwork and it just keeps getting faster and faster and faster. [And] we’re selling property to people sight-unseen out of the area.”

Story also said that because there is low inventory in Boca Raton, a lot of homes are part of bidding wars.

Single-family homes are the hottest in Boca Raton right now, as many city dwellers are making their way down south and moving into bigger homes.

As for the rest of the year, Story said that historically, the market would slow down in September or October, but amidst the pandemic it’s unclear what is going to happen this year.

“I don’t know that we’re going to see a slowdown,” Story said. “. . . we anticipate that the market’s going to stay like that for a while. It started off with pent-up demand, where we didn’t have any inventory so we didn’t have any activity for a couple months.”

Steve Beaupre, an agent with Compass in San Diego, said the same thing Story said – more sellers are raising asking prices more than they’re worth, and they’re buying sight-unseen, thanks to virtual tours.

“As people have been coming back on the market, you’re seeing houses go for prices that are way over asking, and buyers kind of willing to do anything and everything they can to secure a property because it is so competitive,” Beaupre said.

For Beaupre, the San Diego market has been “on fire.”

“Spring’s homebuying season, and as opposed to people thinking we didn’t get spring, it was just deferred, so we have both spring and summer now because the world was in such a unique spot when this started,” Beaupre said.

Leave a comment

Most Popular Articles

Do higher mortgage rates mark the end of the refi wave?

As mortgage rates rose over the last week, refi activity fell. But millions of borrowers are still eligible if lenders can get them through the pipeline.

Feb 23, 2021 By

Latest Articles

Finicity launches verification service approved by GSEs

Finicity, an open-banking solutions provider that was acquired by Mastercard in October, announced that it is dipping further into the mortgage space.

Feb 25, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please