The Impact of Unemployment and Coronavirus on Real Estate

The U.S. is confronting what is likely to be the deadliest week so far in the coronavirus outbreak and with over 10 million new unemployment claims over the past two weeks the backdrop for the housing market is fairly bleak. 

Yet somehow the stability in home-buying demand we saw last week has extended into this week. We measure home-buying demand by the annual growth rate in customers going on their first tour with a Redfin agent. For the seven days ending April 7, home-buying demand was down 26% compared to the prior year. When we reported on this number last

Read More

Coronavirus Housing Update: More Virtual Tours, Demand Decline Slows

Uncertainty reigns in the real estate market right now, just like it does in the rest of American life. It’s clear that the number of home sales is going to decline over the short term, with pending sales down 42% between March 23 and March 29 compared to the prior year. What’s still unclear is what impact the COVID-19 pandemic will have on sale prices, and just how long the slowdown will last.

The first step in getting a perspective on where prices are heading is gauging how home-buying demand is changing. We measure home-buying demand by the annual growth

Read More

A Big Redfin Furlough, With Some Permanent Departures

Forty-one percent of our wonderful agents are leaving Redfin this Friday, together with the wonderful coordinators, recruiters, renovators and others who support those agents. The great majority will go on furlough until September 1, with a transition bonus and health-care benefits through the summer. But we’re also asking some to leave for good, including new hires who hadn’t met a customer or completed their training before our offices closed a month ago.

Lower Pay for Headquarters

The people who build the technology and programs behind our brokerage are staying, albeit with a small number of departures, and a temporary salary

Read More

A Guide for Backyard Bird Watching With Your Kids

Finding a unique hobby to share with your child isn’t always easy. They might have completely different interests than you, and sometimes access to supplies or subjects is limited. But have you ever considered bird watching? Not only is it a great activity sure to engage your child, you can even do it from your very own backyard.

“Birding” often becomes a lifelong passion in addition to a rewarding hobby, and the best part is, anyone can do it, regardless of age or ability. Bird watching is a popular pastime that can be done from anywhere, so whether you’re on

Read More

11 Charts That Illustrate How the Coronavirus Is Impacting the Housing Market

Some Americans are pulling their homes off the market, while others are waiting longer to list or are lowering their expectations for what their houses can sell for. Meanwhile, video-chat tours are soaring in popularity.

The impacts of the coronavirus pandemic are rippling through to nearly every segment of the economy and the housing market is no exception. The outbreak has driven sudden changes in behavior among homebuyers and sellers in the United States, which now has more reported cases of COVID-19 than any other country in the world.

Here are 11 charts that show how the coronavirus pandemic is

Read More