According to Redfin, that’s how often buyers make offers on houses they’ve never set foot in, up from 19% in 2016. This practice is much more common among millennials (45%) than boomers (6%). It happens most often in LA (57%?!), but is still surprisingly uncommon in Seattle (19%).
-7.8% versus 14%
The Census Department reports that sale of new homes during January plunged 7.8% versus a year ago. John Burns Consulting points out the insanely wide error margin (+/- 19%!) and says that their survey of 300+ home builders showed that January new home sales jumped 14% year over year. John Burns Consulting also touted publicly-traded home builders’ strong financial performance, but Seeking Alpha reports on falling stock prices due to earnings misses.
National Association of Realtors (NAR) says that pending home sales have fallen to their lowest level since 2014. NAR’s interpretation is that shoppers are looking but not buying. Redfin, on the other and, says that the number of buyers making offers is up by 1.2%.
28 to 9
The New Jersey State Senate overwhelmingly supported the creation of municipal charitable funds to which homeowners can pay their property taxes. These payments would then qualify for federal tax write-offs, reversing the new tax law’s $10,000 state and local tax deduction limit.
Windermere’s own Rob Graham does the math to show what happens when sellers try to reduce commissions paid to buyers’ agents. In MLS Area 390 (Central District/Capitol Hill), a 3% to 2.5% reduction causes the average house to stay on the market for 24 additional days.