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Record Low Mortgage Rates Show Increase In Online Home Buying

Written by Posted On Tuesday, 16 March 2021 14:44

Increase in Online Home Buying

With record low mortgage rates and a low housing supply due to the COVID-19 Pandemic, there has been substantial competition in the housing market. Buyers, who typically would tour a prospective home in person, have experienced an inability to present an offer on a home as other buyers are increasingly presenting offers on-line.

Millennials, those born between 1981 and 1996, represent the largest number of home buyers in the United States.  Interestingly, this is despite the fact that millennials are also much more likely to have lost work or have entered the gig economy due to the pandemic, both of which make it harder to qualify for a home loan.

Millennials are entering one of the most competitive housing markets as median sales prices of single homes rose more than 10% in 88% of US metro areas according to the National Association of Realtors.  With extremely low mortgage rates below 3 %, mortgage applications and refinances are at record levels. Yet, the number of active listings on the market is 40 % lower than it was last year.

The Role of Technology

According to an October survey from Realtor.com., nearly half of millennial home shoppers were planning to buy a home sooner than expected because of the pandemic.  As a result of the overall demand on the market, many home purchasers are looking to technology to view 3-D walk-throughs of property  Zillow reported the use of 3-D tours on their site rose 750% in the early months of the pandemic. Some are using brokers to film videos of prospective homes.  Home buyers are using google to check crime rates and local schools, and using on-line document signing tools to make offers and seal the deal.

Brokers, who were unable to have open houses during the pandemic, have adopted technology as well, offering virtual tours and embracing Instagram and other social platforms to help market homes.

Yet, as we indicated in an earlier blog, there is a need for caution on home purchasing, especially for first time home buyers who may overlook important inspections and due diligence.

The Role of On-line Notarization

With the increased fervor of finding and purchasing a home on-line, the role of on-line notarization is critical.  Through on-line notarization, closing documents are executed without the need of physically being at the closing table.  Our title company, Weston Title & Escrow, , embraced on-line notarization at the very beginning of the pandemic and continues to offer this service, especially for those home buyers who qualify and may be overseas.

Should you need assistance in purchasing a home, or have a legal question about a potential purchase, feel free to contact our team at Oppenheim Law  at 954-384-6114. Our sister company, Weston Title & Escrow, is able to assist you with your closing, and may be reached at 954-384-6168.

 

5 Convenient Locations

Oppenheim Law & Weston Title
2500 Weston Road, Suite 209
Weston, FL 33331
Tel 954-384-6114 | Toll Free 888-384-6114
https://www.oppenheimlaw.com 

7777 Glades Road, Suite 100
Boca Raton, FL 33434

500 East Broward Boulevard, Suite 1710
Fort Lauderdale, FL 33394

701 Brickell Avenue, Suite 1550
Miami, FL 33131

515 N Flagler Dr, Suite P-300
West Palm Beach, FL 33401

originally posted at: https://www.oppenheimlaw.com/record-low-mortgage-rates-show-increase-in-online-home-buying/ 

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Roy Oppenheim

From Wall Street to Main Street, Roy Oppenheim is a successful serial entrepreneur and attorney focusing on Florida real estate, foreclosure defense, loss mitigation and Internet ventures.

He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida.

Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.

In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind.

In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President. In 1999, Mr. Oppenheim served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange.

Growing up in the Bronx, Mr. Oppenheim learned to be focused on success and driven to always persevere for opportunity.

In 2009, he started the South Florida Law Blog, which was voted the best business and technology blog by the South Florida Sun-Sentinel. He also serves as an expert witness on title industry practices.

Mr. Oppenheim has also co-authored two law review articles, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6.

Today, Mr. Oppenheim is a sought-after legal expert on issues relating to the real estate crisis and beyond. In addition to his own blog, he also has been a contributor to Yahoo! Homes, and featured on HuffPost Live, FOX News, and Lifetime TV. In addition he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim also understands the power of social media, and can be found on a variety of social media platforms.

Mr. Oppenheim also speaks fluent German.

Admissions

  • Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section
  • New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987
  • U.S. District Court, Southern and Middle Districts of Florida, 1993

Education

  • Princeton University, A.B., cum laude, 1982
  • Northwestern University School of Law, J.D., 1986
    • Member of the Northwestern University Law Review
    • Member of the National Moot Court Team

Original source:  https://www.oppenheimlaw.com/who-we-are/meet-our-team/roy-d-oppenheim-esq/ 

https://www.oppenheimlaw.com

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