Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

HW Media HQ

OpenHouse Editor’s Note on Zillow reneging on iBuying

ICYMI, Zillow is not reinventing homebuying

On Thursday evening, we broke Real Estate Reporter Julia Falcon’s story about Zillow reneging on home purchase agreements because of the COVID-19 pandemic. Here are some of your reactions:

  • “There is little honor amongst thieves. Zillow is making use of this to exit a bad business that only works in booming markets.” – Realtor in Salem, Massachusetts
  • “As a Realtor, I say ‘Yippee!’ We’ll take good care of the people Zillow and others kick to the curb. The sellers will likely be better off for it.” – Realtor in Westminster, Colorado
  • “I’m not the victim of an iBuyer canceling a contract…I’m the iBuyer’s competition! If you hear from any homeowners in need of a cash offer on their home, I may be able to help.” – Real estate investor in San Diego
  • “They are going to mess up this market! It is not sustainable, none are making money and they are going to collapse with a correction in the market.” – Realtor in Atlanta
  • “Great article on Zillow. Shows the lack of their value position. No one says they should overpay, but to not buy when there will be more opportunity for iBuyers than ever shows they don’t know what they are doing. Bye-bye…” – Real estate broker in Beverly Hills, California
  • “I really appreciate your newsletter and hopefully from a professional perspective you will keep the profanity out.” – Loan originator in Foothill Ranch, California (Pardon any French, dear readers.)

We’ve heard rumors of other iBuyers reneging on purchase agreements like Zillow. If you and/or your client have been on the raw end of Zillow, OpenDoor, Offerpad, or any other iBuyer canceling a contract due to coronavirus, please let me (dsanchez@housingwire.com) or Julia Falcon (jfalcon@housingwire.com) know.

In other news, several real estate companies are reporting a spike in demand for virtual home showings, which begs the question: Do real estate agents provide an essential service?

Finally, Associate Magazine Editor Kelsey Ramirez explores how one sector of the housing economy is mostly carrying on with business as usual. This article is premium content, and can be accessed by subscribing to HW+. Readers of OpenHouse can get 50% off by using coupon code “diegointrodiscount”.

You can sign up for HousingWire’s OpenHouse newsletter at https://www.housingwire.com/newsletter/.

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