Invesment

What Will Happen to Open Houses

Dear Redfin Customers,

To protect the health of our customers, agents and communities, we’re canceling open houses for all homes listed by Redfin’s brokerage, and limiting private in-person tours of all listings to two customers per tour. We’re still serving thousands of buyers and sellers each day, but with new rules and new technologies.

We’ve Spent a Decade Preparing for This Day 

No brokerage has invested more in preparations for virtual open houses, virtual tours, virtual contracts and closings. The coronavirus has just made the future we’ve been preparing for come sooner.

Three-Dimensional Scans on All Homes Listed by Redfin.com

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Arizona Amasses Californians and the Political Climate is Changing

Since 2016 nearly 300,000 new voters have entered Arizona—the majority are Democrats

Across the country, Americans are migrating away from traditionally blue states and into ones more commonly red. This is most obvious perhaps in Arizona, one of the fastest growing states in the country, where that growth is being driven by an influx of residents from other states, according to the Census Bureau. It ranks third in both the number and share of net new residents coming from other states. Arizona’s most populous county—Maricopa County—has also topped the list of fastest growing counties in the nation for several years.

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How the Coronavirus Is Impacting Work From Home

A quarter of Americans are working from home more frequently due to the coronavirus, according to a survey conducted by Redfin.

The results differed significantly by city. In Seattle, which as of March 12, 2020 had the highest number of reported COVID-19 cases of any state, half of prospective homebuyers and sellers said they’re working remotely more often due to the outbreak—double the national figure. In second place was San Francisco (44.7%), followed by New York City (37.8%) and Philadelphia (33.3%). The cities where respondents were least likely to work remotely were Albuquerque, NM (8.3%), Atlanta (8.3%) and Dallas

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Coronavirus’ Impact on the Housing Market Is Dividing Americans

40% of survey respondents expect the outbreak to have a negative effect on the market, while 50% anticipate no impact.

About 40% of Americans anticipate that the recent spread of the novel coronavirus, also known as COVID-19, will have a negative effect on the housing market, according to a new survey conducted by Redfin.

While that represents 2 in 5 Americans, not all participants are concerned about the virus’ impact on real estate. Half of respondents expect no effect at all on the housing market, while 8.9% predict that it will have a positive impact—likely due to the recent drop

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Mortgage Rates Driven to Historic Lows by the Coronavirus Amp Up Homebuyer Purchasing Power

Homebuyers in Dallas and Portland, Oregon saw an increase in the share of homes affordable, while those in Phoenix and Las Vegas saw a decrease.

A dramatic drop in mortgage interest rates, driven by coronavirus fears, has given homebuyers a big boost in purchasing power in recent weeks. At the current mortgage interest rate of 3.2%, a homebuyer with a $2,500 monthly mortgage budget could afford to purchase a home priced $51,250 higher than in March of 2019 when rates were 4.4%. Put another way, as a result of the drop in mortgage interest rates, the monthly payment on

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