Invesment

5 Charts That Show How the Coronavirus Is Upending the Housing Market

As Americans grow accustomed to a new reality under quarantine, fewer people are delisting their homes, properties are sitting on the market for longer and growth in home prices has officially hit zero, according to research from Redfin.

Here are five charts that illustrate the latest developments in the housing market as the coronavirus pandemic continues to upend residential real estate and the spring home buying season.

The Rush to Delist Is Slowing

Americans are still removing their homes from the market at a higher rate than they were at this time last year, but at a significantly lower rate

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How far the coronavirus stimulus package will go for homeowners & renters across the US

Two-thirds of homeowners in Indianapolis could cover most or all of their monthly mortgage payment with a stimulus check, compared with just 8% in San Francisco.

The White House recently signed into law a $2 trillion economic relief package to aid businesses and individuals impacted by the coronavirus pandemic. The stimulus bill, known as the CARES Act, will provide checks for as much as $1,200 to millions of Americans, many of whom will use the money to pay their mortgages or rent. It supplements other measures taken by the federal government, including a moratorium on foreclosures and evictions for many

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How to Close on a Home Virtually Without Ever Leaving Yours

Redfin has been investing in digitizing real estate transactions for years, and with social distancing as a requirement in U.S. society right now, the digital revolution is happening faster than ever. We’ve built technology to tour homes via video chat, make online offers, and now buyers and sellers can sign the final paperwork electronically to close the deal.

Close electronically? Tell me more

Electronic signatures have been around for over a decade now, but buyers and sellers still had to show up in person to sign the final documents in front of a notary. Finally, some states are now

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More Homebuyers Are Making Offers After Virtual Home Tours Amid Coronavirus

Plus, video-chat tours now make up 1 in 3 tour requests.

One-third of home-tour requests made by Redfin customers last week were for agent-led video-chat tours, up from less than 1% during the first week of March. Of the offers signed last week, 12% were signed by customers who had toured the home they made an offer on via video—about double the prior week’s share, and up from close to zero at the beginning of March.

Homebuyers and sellers are increasingly seeking out virtual viewings as cities across the country institute and extend stay-at-home orders amid the coronavirus outbreak, and

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6 Ways Coronavirus Is Affecting Both the Housing and Mortgage Industries

As the coronavirus continues to impact the U.S. economy and way of life, homes are spending less time on the market and touring activity is slowing, yet so far, sellers aren’t slashing prices, according to recent research from Redfin.

Here are six charts that illustrate the latest developments in the housing market as COVID-19 continues to upend residential real estate.

Sellers Are Staying Strong on Pricing

We recently reported that sellers putting new homes on the market were listing them for less. However, sellers who already have homes on the market are not yet cutting prices. There were price reductions

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