Many Americans turned their attention to their homes during the pandemic. Home improvement big-box retailers reported a swarm of traffic as homeowners looked to spruce up their nests while sheltering in.

What were homeowners working on?

Outdoor spaces were fueling much of the demand, according to Houzz, an online home remodeling platform. For example, new decks or patios, pools, and fences have gotten a lot of attention.

Homeowner Justin Sullivan shared with CNBC his feelings about his pool, home gym, and sauna projects. “When you’re not able to go out, your house is an enjoyable space where you can live bunker-style and still be active, still feel comfortable, and still enjoy,” Sullivan says. “The kids will have spaces to make sure they can work from home, and when it gets really hot in the summertime, they’ll have a place where they can cool off.”

Houzz reports a 58% annual increase in project leads for home professionals in June as homeowners looked to update their spaces. Searches for pool and spa professionals tripled this summer compared to a year ago, Houzz reports. Deck and patio professionals saw more than double the demand.

Also, demand for interest in fence installation and repairs jumped 166%, Houzz notes.

The desire for more space has been common for homeowners during the pandemic. That may explain why Houzz has seen a 52% increase in professionals being called in for home extensions and additions.

Kitchen and bath remodels also have been popular, seeing a 40% jump in demand in June compared to a year ago, Houzz reports.

Homeowners have seen record high amounts of home equity during the pandemic, which may be one motivating factor to tackle more house projects. More than 15 million residential properties—or 27.5% of all mortgaged homes–were considered equity-rich in the second quarter, according to ATTOM Data Solutions. (That means the mortgages on those properties is 50% or less than the value of the home.)

Homeowners don’t appear to be done sprucing up their nests. More than three-quarters of homeowners recently surveyed say they plan to tackle a new house project over the next 12 months, according to Porch.com, a home remodeling website. Their top motivators were “finally having time,” “adding value to the home,” and a desire to make their home “feel more cozy.”

Despite the pandemic, home values continued to climb in the second quarter, with 15.2 million residential properties in the U.S. considered “equity rich,” according to a new report from ATTOM Data Solutions, a real estate data firm. That means the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. About 28% of properties in the second quarter were equity rich, up from 26.5% in the first quarter, according to the report.

“Homeowners saw their equity rise far and wide throughout the United States during the second quarter of this year in yet another sign of the housing market punching back against the coronavirus pandemic,” says Todd Teta, chief product officer with ATTOM Data Solutions. “More property owners rose into equity-rich territory and escaped the seriously underwater lane, putting more money into the average household.”

The housing market still faces “enormous challenges,” given historically high unemployment, the recession, and the pandemic, Teta adds. “If that continues, owner equity will be seriously threatened,” he cautions. “But for now, homeowners are enjoying the gains when it comes to what, for most, is their most significant asset.”

The Midwest and South saw the largest improvements in the share of equity-rich homes during the second quarter, according to the report. In Georgia, the share of equity-rich homes jumped from 17.5% in the first quarter to 20% in the second quarter. Other states that saw some of the largest improvements during the second quarter:

• Idaho (up from 33.6% to 35.4%)
• Mississippi (up from 19.3% to 21%)
• Indiana (up from 23.5% to 25.2%)
• Nebraska (up from 18.2% to 19.9%).

Overall, the Northeast and West continue to have the largest shares of equity-rich homes in the country, the ATTOM Data Solutions report shows. The states with the largest shares are:

• California (43%)
• Vermont (39.1%)
• Hawaii (38.6%)
• Washington (38.1%)

By metro level, the cities with the highest share of equity-rich properties in the second quarter were all in the West:

• San Jose, Calif. (64%)
• San Francisco (56.5%)
• Los Angeles (47.9%)
• Santa Rosa, Calif. (45.3%)
• Seattle (40.9%)

In the Northeast, Boston was the leader, with 35.9% of its properties considered equity rich. In the South, Dallas led with 38.3%, and in the Midwest, Grand Rapids, Mich., had the highest share at 28.8%.

Meanwhile, as home prices rise, fewer homes are falling underwater. The ATTOM Data Solutions report showed that just 3.4 million homes with a mortgage nationwide—or 6.2%—were considered seriously underwater in the second quarter. That means the combined estimated balance of the loans on the properties is at least 25% or more than the estimated value.

For the eighth time this year, the 30-year mortgage rate hit an historic low. Home buyers and refinancing homeowners could now potentially lock in the lowest rates Freddie Mac has recorded since it began tracking such data in 1971.

“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” says Sam Khater, Freddie Mac’s chief economist. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”

The National Association of REALTORS® predicts that rates could fall further over the next few weeks, since 10-year Treasury yields, which mortgage rates tend to follow, also have retreated slightly.

Jumbo mortgages, on the other hand, cannot be sold to Fannie Mae and Freddie Mac and do not carry a government guarantee. Therefore, they are more difficult to obtain, with lenders requiring higher down payments and stellar credit. “The housing market is hot because of the lower mortgage rates, but the luxury market may remain soft due to jumbo loan issues,” NAR economists say.

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 6:

• 30-year fixed-rate mortgages: averaged 2.88%, with an average 0.8 point, falling from last week’s 2.99% average. The lowest average for the 30-year fixed-rate mortgage had previously been set in July at 2.98%. A year ago, 30-year rates averaged 3.60%.
• 15-year fixed-rate mortgages: averaged 2.44%, with an average 0.8 point, falling from last week’s 2.51% average. A year ago, 15-year rates averaged 3.05%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.90%, with an average 0.4 point, falling from last week’s 2.94% average. A year ago, 5-year ARMs averaged 3.36%.

Freddie Mac reports average commitment rates, along with average fees and points, to reflect the total upfront cost of obtaining a mortgage.

Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday.

The lack of supply and rising home prices also may be pressing on home buyers. The weekly headlines of mortgage rates hitting new lows also may be causing some buyers to lose some of their urgency, particularly since rates are largely expected to stay low for the remainder of the year.

The average contract on a 30-year fixed-rate mortgage last week dropped to 3.14%, according to the MBA. Freddie Mac reported mortgage rate averages under 3% last week.

“The MBA’s forecast calls for rates to remain at these low levels, which will continue to spur strong refinance activity and offer homeowners relief in the form of lower monthly mortgage payments during these uncertain economic times,” says Joel Kan, the MBA’s forecaster.

Overall, mortgage application volume decreased 5.1% last week compared with the previous week, according to the MBA’s seasonally adjusted index. Refinance applications dropped 7% last week, but are still 84% higher annually.

At today’s low mortgage rates, nearly 18 million borrowers with good credit scores could benefit from refinancing and lower their monthly mortgage payments, according to Black Knight, a mortgage data and analytics firm.

Still, while mortgage rates remain low, the very best rates are mostly being reserved to top-tier borrowers with stellar credit. Lenders are reportedly being stricter with low down payment loans, such as FHA mortgages, which are usually popular among first-time buyers.

“Purchase loan balances continued to climb, which is perhaps a sign that the still weak job market and tighter credit for government loans are constraining some first-time homebuyers,” Kan says.

As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.

Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly 27 days later. Some appraisers in hot markets like Colorado are saying they can’t make it out to a property in four weeks or more, HousingWire reports.

“What’s happening is because it’s difficult to become an appraiser,” Phil Treadwell, vice president of development and regional manager for Mason-McDuffie Mortgage, told HousingWire. “And because you have to go through third parties whenever you have a spike in production, those agencies and appraisers get backed up. There’s not a whole lot that can be done—at the end of the day we have a finite number of appraisers.”

Brian Covey, vice president of regional production for LoanDepot, also says the industry is seeing a limited number of underwriters to keep up with the demand. As lockdown restrictions eased in May, mortgage volume began to surge. Low mortgage rates are creating a need for more underwriters and appraisers, lenders say.

One silver lining: The industry says appraisal waivers are increasing in some markets. “Property inspection waivers through automated underwriting systems and consumer-friendly online document exchanges have helped to speed up the process and keep employees and families safe along the way,” HousingWire’s Alex Roha reports.

But companies that do not have technology to help speed up the process say transparency will be necessary.

“What I’ve been encouraging people to do is just be really honest with the customers,” Lori Noble, an appraiser, told HousingWire. “My clients who are honest like that are definitely being successful and it’s not causing any discomfort, just success. People in the industry forget we are selling a home—this is more than a bottom line and, if you are realistic, people will understand that.”

Zero-Cost Social Media Marketing Ideas

Social media can be a treasure trove for real estate pros looking to expand their business, connect with clients, and build strong brand recognition.

“We don’t believe social media is the silver bullet, but it can be a great help in your business,” says Katie Lance, CEO and co-founder of Katie Lance Consulting. She spoke recently to hundreds of virtual viewers during the REvive! From Crisis Coast 2 Coast conference last week.

The first step, she says, is getting organized. “It’s about getting systemized and being intentional with what you are doing,” she adds. “Stop random acts on social media.”

One of her biggest tips throughout the talk is in front of your friends and follows through video, even if you don’t like being on camera or hearing your voice.

“People do business with people they know, like, and trust—and can relate to. That relatability is important,” she says.

What’s more, real estate pros don’t have to spend a lot of money buying Facebook ads. They work, but free methods can often help grow your business faster, Lance says.

Here are a few of her zero-cost ideas:

1. Videos

“Apps and tools can’t replace you. At the end of the day, social media is social. The way to insert yourself into that conversation is through video,” Lance says.

A video can show potential clients what it feels like to work with you and it allows you to show your personality. Real estate pros don’t need fancy equipment. Most people just use their smartphone, she says.

So, where will your videos gain the most traction? Facebook remains the number one social media platform with YouTube being number two. Put your videos on both sites. Instagram TV (IGTV) is also a great place to post longer form videos, 3 to 5 minutes in length. Lance recommends the free apps Videoshop and Videorama to help with simple editing of your videos.

2. Images

Lance creates “Monday wisdom” posts and searches for specific colors in graphics and images offered on these websites. She’ll then overlay a quote on the image.

“That’s great content when you add an inspirational quote. They are evergreen and timeless. These get shared,” she says. “When you can do something in your brand colors, you don’t have to have your logo all the time.”

3. Emails

Sending out emails that people want to read can be a quest. Lance recommends sharing both professional insights and personal thoughts. Think about the content you are creating on all your social media platforms. Your email can bring it all together. Her weekly Saturday newsletter is a simple and easy-to-read roundup linking to posts she created during the week. “People know they get it each and every week, and they look forward to it,” she says.

Lance suggests using the free version of Mailchimp to check what your email looks like on various mobile devices. You can preview your emails, and they offer templates for easy setup.

The Grammarly or Hemingway apps can help make your content even better by correcting grammar problems and eliminating run-on sentences.

4. LinkedIn

When someone Googles your name, one of the first sites to pop up is your LinkedIn profile. If there isn’t enough information or if you have an outdated photo, people might just back away.

You can add a few links to your YouTube videos or publish articles to enhance your profile. Lance suggests repurposing items you wrote for your own blog or website. She suggests real estate topics, such as the biggest lessons you’ve learned, or the top 10 mistakes first-time homebuyers make. Then share your post on Facebook and other platforms.

Add more recommendations to your LinkedIn profile. The best way to get recommendations is to give recommendations to others, she says. Lance knows someone who gives one recommendation every month to someone she has recently worked with, such as other agents, lenders, photographers, or people in the community. Nine out of 10 times, she gets a phone call or email response saying thank you. “And most of the time, they turn around and give her recommendations back,” Lance says.

5. Facebook

Facebook’s not dead yet. In fact, it’s still growing, she says. One way to use the platform more effectively is to create lists in order to connect with segments of your sphere in different ways. For example, create private lists of your family, friends, neighbors, and clients who are your friends. Then create a prospect list of those who may be friends or acquaintances who could potentially buy in the next 12 to 18 months.

“Sixty to 70% of people you’ve worked with are on Facebook. Search for them. Tell them it was great to work with them last year and that you’d love to connect,” Lance says. Then, the next time you are on Facebook, you can go right to your client list and see what they are doing. Engage with them by writing a comment or liking their photos.

“Tiny interactions over time add up. It costs nothing except time to create those lists and build those relationships,” she says.

Lance also has a few recommended Facebook tools and apps:

• Messenger: Opportunity to connect one-on-one, and send videos.
• Belive.TV: A live video streaming tool that can synch with your Facebook account.
• Facebook Pages app: A separate app dedicated to managing your Facebook business page.
• Facebook Groups: “It’s a great way to build a community. We see groups as an extension of your marketing,” she says.

6. Instagram

With more than 1 billion active monthly users, Instagram is another easy, free way to get in front of your sphere, Lance says. Instagram stories are here today and gone in 24 hours, but they’re a powerful way to connect one-on-one with followers. “It’s the story behind the story,” Lance says. “I’ll post an Instagram story and receive comments. Those private conversations are how trust is built and where business is built. It’s not about getting thousands of followers, but it’s about getting the right followers.”

You can’t create custom lists on Instagram, but you can filter posts and stories for your “close friends,” allowing you to engage more closely and frequently with those people.

Lance prefers these Instagram tools and apps:

• Wordswag: For creating posts with inspirational quotes.
• Canva: An easy-to-use graphic design tools with templates and photos (paid and free versions).
• Boomerang: Create a looped video that’s fun and engaging.
• Storeo: Cut 15 second bites out of longer videos and put them into your Instagram stories.