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Weekly Update: July 13, 2020

We’re halfway through the year and many are curious to know how the real estate market is measuring up to past years – especially with this year’s added challenges from the COVID-19 pandemic. While we expect some bumps in the road in the coming months, as of today, the market looks good.

Mortgage rates continue to decline. Last week mortgage rates dropped to an average of 3.03% for the 30-year-fixed rate. This new low has helped spur both home sales and refinances.

Consumer sentiment is moving in the right direction. Consumer sentiment is one of the most important metrics in determining the health of the real estate market. For June, consumer sentiment came in at 78.1, up from May’s low of 72.3.

Inventory remains low and people are still looking to buy. Active inventory was down 10% in the first week of July compared to the same week in 2019, while new listing volume was up by 22%. Showing activity of homes on the market was up 27.6%.

Median sale prices rose while homes sold faster. In most areas, median sale prices of homes were up slightly in June. The average number of days homes spent on the market fell by about 2 days.

The stock market is up. Rising numbers in the stock market can likely be attributed to good employment numbers from June as well as hopes for a vaccine for COVID-19. Last month brought another 4.8 million jobs, which was higher than predicted, and unemployment fell to 11.1%.

The bottom line is if you’re planning to sell, I recommend putting your house on the market before fall. There are many buyers out there who are ready and waiting for more inventory to come on the market, and presidential election years typically come with a slowdown in home sales in the weeks surrounding the election. Similarly, if you’re looking to buy, let me know. We can start your virtual house hunt today.

Let me know if you have additional questions. I’m happy to assist you with your real estate needs.

Weekly Update: June 26, 2020

As we approach the end of June, most states are gradually reopening businesses and pent-up demand for housing is driving a busier than usual summer. Buyers and sellers are cautiously re-entering the real estate market, and with their return, here are some trends we tracked this past week.

Mortgage rates. Compared to the previous week, mortgage rates were flat but remain at all-time lows, allowing buyers to purchase more home for their money.

Stock market. The Dow remained volatile, but it was down by week’s end, due to the rise in the number of reported coronavirus cases.

Unemployment claims. Although 1.48 million people applied for unemployment, there’s been a steady decline of claims for 12 consecutive weeks.

On the real estate side, year-over-year listings were flat, but new contracts increased by double-digits. Home showings were over 30% greater compared to the same week in 2019, demonstrating high consumer demand for housing.

Window of opportunity. Historically, national elections bring uncertainty that can lead to a slight lull in real estate the fall before that election. If you’re thinking about buying or selling a home, the time to do so is now.

As usual, the health and safety of our clients is our priority. Our virtual buying and selling programs continue to lead our customers on their journeys home. If you’d like to know more about how I can help you, virtually or in person, with your home-buying or selling needs, I’m ready to assist you.

Weekly Update: June 12, 2020

It’s been an interesting and historic week for our economy and the real estate industry. As states and businesses open, a few trends have emerged.

Mortgage rates. This week, rates dipped below 3% for the first time ever, allowing buyers to get more home for their money.

Unemployment claims. About 1.5 million people applied for unemployment, which was the lowest number we’ve seen since the coronavirus (COVID-19) pandemic began.

Stock market. The Dow was volatile this week, and we are expecting continued market fluctuations as we move through the health crisis.

“Spring” market. In real estate, the busy spring market traditionally occurs in April and May, and it has shifted to June and July. Upward positive trends continue, fueled by pent-up demand and the dip in mortgage rates. Although inventory dropped this week, 80% of the homes that were previously taken off the market have now been actively listed for sale. Property showings were up by double-digits compared to the same time last year and at the highest levels we’ve seen since February.

To stay updated on what’s happening in your market, or for professional guidance through the process of buying or selling a home, don’t hesitate to contact me via phone or email.

Wishing good health to you, your friends and family.

Weekly Update: June 5

It was a busy week in the real estate market, with trends continuing to move in the right direction. Mortgage interest rates decreased to 3.15%, which helped spur a 18% jump in mortgage applications compared to the year prior. In contrast, when the coronavirus (COVID-19) pandemic was starting about six weeks ago, mortgage applications were down 35% annually.

The stock market also moved upward, fueled by an extremely positive jobs report. While economists were estimating unemployment would hit 20%, reports instead showed that 2.5 million jobs were added in May. That’s the biggest increase the country has experienced in the history of tracking those numbers.

On the real estate side, the volume of home showings last month was higher than it was in both May 2019 and 2018. Just last week, Long & Foster, as a company, had over 1,000 new listings and wrote contracts for over $760 million in homes. We believe real estate’s strong performance in May will set the tone for June and July.

As we focus on positive economic indicators, we also wanted to acknowledge this was an emotional week for our country. I’m proud to be affiliated with Long & Foster, a company that supports diversity, equality and opportunity, and that condemns intolerance, racism, bigotry and any other forms of hatred and injustice.

Please reach out to me with any questions you have about the real estate market and let me know how I can help you. As always, stay safe and healthy.

Weekly Update: May 29, 2020

With coronavirus-related restrictions easing and the economy reopening, real estate activity has been trending in a positive direction. At Long & Foster Real Estate, we are cautiously optimistic about the future.

While transactions have declined since March, they did not drop as much as many industry experts predicted. May has been more favorable, with increasing numbers of properties under contract and new listings across the Mid-Atlantic, according to MLS data.

Here are a few other promising economic metrics.

A balanced market. Inventory shortages have prevailed for the last 48 months. While the number of homes for sale remains low, demand for properties has leveled out. This allows qualified buyers to get the home they want with low interest rates.

Property appreciation. In April, the median sale price increased 9.3% and the average sale price was up by 7.2%. Provided housing demand continues to outpace supply, home prices should remain stable, if not increasing.

Quicker home sales. It took 11 fewer days to sell a home in April than it did in March, resulting in a 38.9% decrease in the average number of days that a property remains on the market.

Consumer confidence increase. Although consumer confidence was expected to decline from April to May, it rose month-over-month. We expect to see continued upward movement going forward, as businesses reopen and further progress is made toward a vaccine.

I’ll continue to keep you updated on the real estate market and the effects we’re seeing from the pandemic. As always, feel free to reach out if you have any questions. In the meantime, stay safe and healthy.

Weekly Update: May 22, 2020

Coronavirus (COVID-19)-related restrictions are slowly loosening across our region, and we’re seeing some upward real estate trends as a result. Here’s some of what’s currently occurring, as well as what we expect to see in the coming weeks.

Mortgage rates remain low. We’ve seen rates drop again this week and they’ve been trending under 3.3% for the last four weeks, which allows buyers to get more home for their money.

Stock market sees positive movement. Gaining much territory, the Dow Jones Industrial Average increased about 800 points in the past week.

Consumer sentiment inches up month-over-month. The University of Michigan Consumer Sentiment Index, which measures consumer confidence, was expected to decline, but instead rose from 71.8 to 73.7. The upward tick is likely due to the stimulus bills and the economy starting to re-open.

What’s trending in Long & Foster’s footprint.

Although all real estate is local, we’re seeing favorable trends where Long & Foster conducts business. Weekly inventory, which includes active, coming soon and temporary off-market listings, are about the same as they were this time last year. With more people venturing out to shop for homes, more properties are going under contract. Sales of single-family homes are outperforming condos and townhomes, especially in more densely populated areas, and home values are appreciating.

To stay updated on what’s happening in your market, or for professional guidance through the process of buying or selling a home, please contact me via phone or email.

As always, please stay safe. My best to you, your friends and families.

Weekly Update: May 15, 2020

We’ve lived in an uncertain world for more than two months, as the coronavirus pandemic has affected the economy and real estate industry. As the country works to reopen over the coming weeks, I’ll be watching closely to see where the market’s headed and what that means for you, whether you’re actively buying, selling or just looking.

In the meantime, here are a couple trends my team at Long & Foster expects to see going forward.

Renewed interest in the suburbs. After consumers have spent weeks in their homes social distancing, many may be thinking about getting a place with more space. Instead of moving to a downtown condo, buyers might look toward suburbia, where they can get larger properties with yards. Already, we’ve seen a rise in sales of single-family homes, according to data from Bright MLS.

A balanced market. Supply and demand drive the real estate market, and we’ll see the two better balanced as we move into the recovery. While inventory remains low, demand for these properties has leveled out. For more serious and qualified buyers, this gives you more space to get the product you want, all with continued low interest rates.

If you have any questions about the real estate market, please don’t hesitate to contact me. As always, I hope you and your family are staying safe and healthy.

Market Update: May 1, 2020

April is normally the height of the spring real estate market. Buyers are out shopping for new homes in preparation for summertime moves. Numerous properties are coming on the market daily, and well-priced and well-maintained homes are quickly getting sold.

This past April brought a much different market, as the coronavirus pandemic continued through the month. We saw a much slower start than usual, as a result of stay-at-home orders, social distancing and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April.

As we moved through the month—and more recently in this past week—real estate activity has been trending in more positive direction. Active, coming soon and temporarily off-market listings are slightly above where we were last year. New listings are down from last year, but those properties on the market have been selling quicker and for higher prices.

While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many of you still need to move, and you’re able to do so while minimizing risk when working with professionals like me and my community partners.

Now, more than ever, our integrated network of services makes a difference. We’re here for you and available to meet (virtually) and answer any questions you might have about buying or selling in today’s market, should you need to make a move. Even if you just want a complimentary competitive market analysis for your home, I stand ready to assist you. In the meantime, please stay safe and healthy. All my best.

REAL ESTATE MARKET UPDATE: APRIL 24, 2020

April 24, 2020
By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

Supply and demand drive the real estate market, and we’re seeing more balance to these factors. Some consumers have paused, but people who are serious about buying or selling today are doing so (and leveraging low interest rates at the same time).

Across the Mid-Atlantic, we’ve seen homes selling quickly, with higher prices compared to a year ago. While new listings and showings are down, there’s an improvement from past weeks—showing more stabilization of the market. Pending transactions have dropped, too, but they are leveling out as well, as people become more comfortable with doing business in this environment.

Throughout it all, our team at Long & Foster has been helping our clients buy and sell homes, from the safety and comfort of their own homes. It’s truly credit to the confidence our clients have placed in us, as well as the tremendous support we receive from our partners in mortgage, settlement and insurance.

Now more than ever, Long & Foster’s integrated network of services makes a difference. While others have watched sales fall apart, we are working closely with our partners to get our clients to the (remote) closing table. As always, please feel to reach out to our team with any real estate related questions, and most importantly, stay healthy and stay safe!

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Real Estate Market Update: April 24, 2020

How to Prepare for House Hunting

Know that there’s no “right” time to buy.
If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.

Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.

Accept that no house is ever perfect.
If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass.

Don’t try to be a killer negotiator.
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love.

Remember your home doesn’t exist in a vacuum.
Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life.

Plan ahead.
Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.

Choose a home first because you love it; then think about appreciation.
A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.

– National Association of Realtors