Nearly 1 in 5 millennials have given up on homeownership
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What Will Real Estate Look Like In 2021? 3 Homebuying Trends You’ll See This Year
Forbes
•Record-Setting Pace
oHomes aren’t just selling, they’re selling at a record-setting pace. The Covid-fueled real estate boost caused an average of 42% of home listings nationwide to sell in two weeks or less. One survey found that more than half of homebuyers say the pandemic accelerated their homebuying process. In the competitive San Diego market, 55% of homes are off the market in less than weeks, with an average of just 20 days on the market.
o2021 won’t be such a steady rush. Due to the pandemic, typical homebuying seasons went out the window in 2020, creating a free for all. But as things return to a new type of normal in 2021, look for homebuying seasons to return, with a surge of buyers in the spring and summer months and things cooling down towards winter.
•Changed Budgets, Higher Prices
oThe move to remote working has pushed people out of cities and led to an increase in homebuying in the suburbs. Suburban areas have seen higher home sales growth than urban areas, and many homebuyers have increased their willingness to commute when they return to work in the office.
oLowered budgets are changing what some homebuyers are looking for, leading to growth in less expensive regions
•Leaving Cities And High-Tax Areas
oThe move to remote working has pushed people out of cities and led to an increase in homebuying in the suburbs. Suburban areas have seen higher home sales growth than urban areas, and many homebuyers have increased their willingness to commute when they return to work in the office.
oLowered budgets are changing what some homebuyers are looking for, leading to growth in less expensive regions.
oThe top 10 most competitive real estate markets during the pandemic are Seattle, Omaha, Lexington, Denver, Indianapolis, Portland, Oklahoma City, Sacramento, Oakland and Tulsa. These areas will continue to thrive in 2021, especially in their suburban areas.
Will this also create opportunity in the cities

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Real Estate Pros Pick 2021's 7 Biggest Housing Issues
The lack of inventory will be the biggest story in housing this year, said real estate professionals recently surveyed by HomeLight, a real estate referral company. HomeLight’s Top Agent Insights report, conducted in the fourth quarter of 2020, reflects responses from more than 1,000 real estate professionals nationwide.
What issues are top-of-mind for real estate professionals for 2021? Survey respondents identified seven key trends expected to affect housing the most in the new year, according to the HomeLight survey:
1.Inventory shortages.
a.Eighty-four percent of the real estate professionals surveyed said that inventory was lower than they expected at the end of 2020.
2.Widely distributed vaccines to boost consumer confidence.
a.Fifty percent of agents said that a widely distributed vaccine could encourage more sellers to list their homes and help offset inventory challenges.
3.Some homes will be lost to foreclosure.
a.Forty percent of real estate agents believe that the end of forbearance and stimulus plans this year could cause an increase in foreclosures in their markets.
4.Low mortgage rates will continue to drive demand.
a.Ninety-seven percent of agents said that low mortgage interest rates increasing buyer demand in their markets, the HomeLight report notes.
5.A permanent shift to remote work could encourage more moves.
a.Nearly 15% of agents said the shift to working from home could have the biggest impact on the real estate market in 2021.
6.Virus surges won’t lead to further market panic.
a.“The U.S. may not yet have a handle on COVID-19, but the surprise element has passed,” the report says.
7.Affordability challenges persist and tax credits may help.
a.Thirty-seven percent of non-homeowners cite down payment as one of the biggest obstacles to homeownership.
b.Eleven percent of agents surveyed believe that finding an affordable home will be a major challenge facing buyers in 2021.
c.Fifty-five percent of the real estate professionals surveyed by HomeLight said they were in support of President Biden’s proposed $15,000 down payment tax credit for first-time buyers

FHFA extends foreclosure, eviction moratorium to February
•The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will once again extend moratoriums on single-family foreclosures and real estate owned evictions, this time until Feb. 28, 2021.

•What about the rest of Biden’s housing policy?
oAffirmatively Furthering Fair Housing.
During his campaign, Biden promised to reinstate AFFH, allocate $640B over the next 10 years to dramatically increase the nation’s housing supply, provide more robust funding for affordable housing projects through the Housing Trust Fund, establish “eviction diversion programs” for at-risk tenants, and create emergency funding for housing vouchers and homeless shelters.
o$15,000 first-time homebuyer tax credit
oHUD Marcia Fudge
Congresswoman Fudge consistently fights for voter protection, equitable access to a quality education from preschool through post-secondary programs, child nutrition, food stamp (Supplemental Nutrition Assistance Program) recipients, access to locally grown, healthy foods, fair labor practices, and civil and human rights, among other issues. Additionally, she remains a steadfast advocate to strengthen and preserve Social Security, Medicare and Medicaid.
•“Control of the Senate would give Biden his best shot at signing major new legislation on key issues such as the climate emergency, immigration, voting rights, poverty and racial justice,” a Guardian article read. “But even two Democratic victories in Georgia would not mean that Biden could easily implement a progressive legislative agenda, because centrist Democrats in the Senate might break with the party in close votes.”

(Realtor Edition) Elections, Civil War and What that means to Real Estate | David Bartels | Lee Honish | Everhome.io

What Georgia's election results could mean for US housing policy
Inman
What Georgia's election results could mean for US housing policy
•In addition to breaking a 56-year run by Republican representatives and electing the state’s first Black senator, the election of Warnock and Ossoff would tip the scales back in the Democrats favor
oAgenda and policy without republicans
oThey would still need some form of republican backing for approvals
•The most urgent piece of legislation on the line is the Ways and Means Committee Chairman Richard E. Neal’s (D-MA) Caring for Americans with Supplemental Help (CASH) Act of 2020. The CASH Act proposes $2,000 stimulus checks for individuals, $4,000 for married couples who filed joint tax returns, and $2,000 per dependent.
•President Donald Trump signed a $900B COVID-19 relief bill on Dec. 29, which extended the Centers for Disease Control’s national eviction moratorium, expanded unemployment benefits, released another round of Paycheck Protection Program loans for business owners, provided partial debt forgiveness for Small Business Administration loans and $25B in rental assistance.
•$25B in rental assistance will help prevent millions of Americans from falling into the fray, housing advocates and Democratic legislators say it’s not enough to stave off the immense personal and economic harm a wave of evictions and foreclosures could create.
oStill no word on evictions and moratorium

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Home prices are rising faster in the middle of the U.S. as Covid drives people away from coasts
Points:
1.Smaller metropolitan markets like Indianapolis, Kansas City, Boise, Austin, Cleveland, Cincinnati, Memphis and Pittsburgh are seeing some of the strongest price gains in the nation.
a.Is there an exodus from higher price markets
b.Can this effect Prices in those cities
2.Prices in those cities are now at least 10% higher compared with a year ago.
a.Where is the cap on affordability now in outlying communities and cities
b.What effect will the new president have
3.Nationally, home prices rose a remarkable 8.4% in October from a year earlier on the S&P Case Shiller Index. That’s up from a 7% gain in September and is the largest one-month move in over a decade.
a.General Affordability