Kicking off at the end of March, spring signals the start of homebuying season…at least it used to. As you know, the coronavirus pandemic has changed everything about this spring—including the real estate market.
The months of April through July traditionally account for more than 40% of all housing transactions. 2020 has been much different. This year's homebuying season started in January due to record low mortgage rates, low inventory and high demand. In fact, just prior to the pandemic, the housing market was hot—with sales at their best levels in over a decade and multiple offer situations part of the norm.
Considering the changes to business caused by the Coronavirus, the multiple listing service (MLS) has decided to implement new status definitions ahead of schedule, effective 4/1/2020.
Ironically known as the "Clear Cooperative Policy," this is now implemented to comply with National Association of REALTORS standards. Home sellers now have the choices of marketing their home under Active, Coming Soon, Withheld, Hold, Withdrawn, or Cancelled statuses. These listings must be available in the local multiple listing service (MLS) within five (5) business days of the seller signing a listing contract with a real estate broker.
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.
“Title insurance.” Like “escrow,” “earnest money” and “amortization,” title insurance is one of those home buying terms you feel you should understand but probably don’t. But have no fear: we’re here to break down and explain this vital part of the homebuying process, and how it can help you fend off serious financial troubles down the road.
In the market for a vacation home? Whether you’re dreaming of a beachfront paradise or a backcountry lodge, a second home can spice up your life. While it’s fun to think about warm winters and family reunions in the sand, purchasing a vacation residence is a huge financial decision. Here are 7 tips to keep in mind before you buy.