A survey conducted by the National Association of Realtors published in Oct. 2020 found that the coronavirus pandemic is influencing younger generations' housing preferences.  

According to the 2020 Communication and Transportation Preference surveys conducted by the National Association of Realtors young Americans are looking for larger homes with more outdoor space, but in walkable areas. The surgery showed that young adults who live in walkable areas tend to report a higher quality of life than those who live in less walkable area. 

The article about the survey published by the National Association of Realtors noted that "Americans under the age of 40--millennials and Generation Z--are the most likely to say their overall quality of life has been negatively affected by the pandemic."

Vince Malta, NAR's president was quoted say that although the pandemic has "dramatically changed people's lives, this study shows that a substantial demand for walkability persists for Americans of all ages."

Along with the aforementioned results, the survey also noted that families with children in school tended to desire detached homes and large yards. Before the pandemic, most Americans preferred smaller yards in a walkable community, according to the survey.

To find out more about what NAR found in its 2020 Communication and Transportation Preference survey, view the full article here.

In a recent presentation the chief economist for the National Association of Realtors, Lawrence Yun, noted that this winter may be one of the best for home sale activity. 

Yun stated that "Pending contracts are higher" and that "Mortgage applications are up roughly 20%," according to a Nov. 24 article on the Pennsylvania Association of Realtor's website. On top of that, Yun was quoted saying that there "are plenty of buyers in the pipeline."

​It was noted that supply is an issue, therefore homeownership rates will be challenged in the future. In the same Nov. 24 article by the Pennsylvania Association of Realtor's, Yun was quoted saying that "we have a six-month supply in normal times. Right now, it's hitting an all-time low of right under three months," and that there are "simply not enough homes."

Along with a low supply of homes, prices are rising rapidly because multiple offers are being made. This limits renters from becoming buyers, according to Yun. He called for a boost in the housing supply. 

Because many people are working from home during the COVID pandemic, they have a desire to move, therefore apartment rental vacancies are rising in cities, but dropping in suburbs. Yun also reported that there's a collapse in office leasing activity.

Yun predicted that 2021 will be a better year because he believes mortgage rates should remain stable and that the housing market will still be strong. His forecast for new-home sales was an increase of 21%, with existing home sales seeing a 9% jump. Yun stated that he thinks the "working-from-home demand for larger sized homes will continue," and that "Prices are in no danger of decline."

To read more about Yin's presentation and what it means for the real estate industry, check out this article on the Pennsylvania Association of Realtor's website. 

Gov. Wolf has signed House Bill 2370, which makes permanent the formerly temporary authorization for remote online notarization that was put into place under the Governor's COVID-19 emergency declaration. Signed into law as Act 97 of 2020 on Oct. 29, the provisions of this act are identical to to those in the COVID-19 emergency declaration. 

Here are a few details about Act 97:

• It amends Title 57 to allow a notary to certify a copy of an electronic record is a true and correct copy of the electronic record.
• A remotely located individual is able to comply by appearing before a notary via communication technology if the notary has personal knowledge of the identity of the individual, satisfactory evidence of the identity of the individual from a witness, or is able to identify the individual by two different forms of identity proofing. 
• The notary must create an audio-visual recording of the performance of the notarial act.
• BA notary must notify the Department of State before performing a notarial act with communication technology.

​
​To learn more about Act 97, you may view the Department of State's notaries webpage.