Invesment

Charting the Trends in the Current Housing Market 

In our weekly market update, Redfin reported home-buying demand continued to recover last week, as states began making plans to begin to reopen businesses. Here are five additional charts that illustrate the latest developments in the housing market as the world continues to grapple with the coronavirus pandemic. Additional charts and local data are available for download in the Redfin Data Center

Sellers Continue to Hold Off on Listing

There were almost 53,000 new-home listings last week, down about 40% from a year ago. That’s an improvement from the 50% decline we reported last week. The improvement may be

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Stricter Mortgage Lending Requirements Impact Both Low-Income and Affluent Homebuyers

We analyzed the top 50 U.S. metros to determine which homebuyers may be most vulnerable to stricter lending standards in the age of COVID-19. Americans in low-income areas are getting squeezed by higher credit-score and down-payment requirements, but more affluent house hunters are also feeling the pain of new lending restrictions.

As the coronavirus pandemic sends shockwaves through the U.S. economy, banks are fighting financial uncertainty with tightened mortgage lending standards, making it harder for house hunters to get their hands on home loans. The Mortgage Credit Availability Index—a gauge of how easy it is to obtain a home loan—

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Buying a House Sight Unseen? Avoid These 8 Mistakes

From grocery shopping to home buying, it seems like almost everything can be done completely online now. The idea of buying a house without seeing it is less daunting these days with all the new technologies and ways to buy a home virtually, and it’s becoming more common. In fact, 20% of homebuyers recently made an offer sight unseen, meaning they made an offer on a home without ever seeing it in person. 

Maybe you’re currently living in a condo in Chicago, but have to relocate to a new home in Austin, TX for work. Or, maybe

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How to Increase Your Credit Score Quickly and Buy Your First House

Being a first-time homebuyer is tougher these days, as banks and mortgage lenders are tightening their lending standards. While credit requirements for a mortgage can vary, depending on the type of loan and lender, a credit score of 620 is typically the minimum credit score needed for a conventional loan. However, lenders are raising the required minimum credit score and are now looking for at least a 700 credit score from new borrowers. 

So, if you’re exploring the housing market and looking to buy soon, you may need to boost your score fast to meet these new requirements. While good

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Video chat home tours surge during the month of April

Plus, 1 in 7 offers are now signed by customers who viewed the home virtually.

Requests for agent-led video-chat tours soared 350% last week from the same period a month ago. Of the offers signed last week, 1 in 7 were signed by customers who had toured the home they made an offer on via video, up from about 1 in 8 the prior week and close to zero at the beginning of March.

Seattle Redfin agent Mikala Murphy is working with one couple who is moving from Phoenix to Lummi Island, WA. Her clients were originally set on seeing

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