Month: March 2020

Stay-at-Home Orders Slow the Market Down Significantly

Since our last update on March 18, Redfin’s home-buying demand has slowed notably, with 27% fewer customers requesting to see homes over the past seven days than the same time last year. Last week, home-buying demand was still up 1% compared to the prior year.  The slowdown is largely a result of stay-at-home orders having been issued in 18 states at the time of publication.

The impact of the stay-at-home orders can be seen most starkly by comparing California and Washington. Prior to March 23, Washington governor Jay Inslee had asked Washington residents to limit in-person activity but hadn’t yet

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Six Knox sellers find buyers in last-minute auctions before ban

24 Cinerea Ave, Ferntree Gullywas a private on-site auction with only bidders allowed at the property on March 25.

There were six lucky sellers at on-site auctions in Knox as the hammer came down on public auctions.

Another nine hopeful owners were left disappointed as their properties passed in at last-minute auctions squeezed in before the COVID-19 crisis deadline.

The usual weekend auction crowds were missing, but auctioneers tried their hardest to drum up some enthusiasm.

RELATED: Melbourne property industry to turn to other methods

Auctions moved forward, sellers and buyers rush in Knox

How COVID-19 will impact Melbourne

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Economic system, Finance & Market

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With a high … Read More

Virtual Home Tour Requests Increase Nearly 500% Amid Coronavirus

As the coronavirus upends the buying process, house hunters are increasingly relying on Redfin’s virtual technology for viewing and closing on homes. 

Redfin saw a 494% increase in requests for agent-led video home tours last week, following an 80% increase the prior week, as homebuyers began relying heavily on virtual viewings amid the coronavirus outbreak. As of yesterday, 18.9% of tour requests made on were video-chat tour requests, up from 0.2% at the beginning of March—a 94-fold increase.

Along with live video-chat tours, prospective buyers can see the inside of nearly any Redfin-listed home with three-dimensional scans, powered

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Why I Decided To Rent Not Buy Amid The Coronavirus

We started looking at places to buy as soon as the ink on our own home’s contracts were dry. We’d just sold and we were fired up and excited to buy our next home. But everything changed last week when the coronavirus crisis took hold. 

In our mid-30s, my partner and I have lived in more than our fair share of rentals. So when we finally managed to save up a deposit and buy a home, we couldn’t have been happier.

Three years on, and we are ready to buy our next place. But the global health pandemic has thrown

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