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Spring Market Update March 2, 2021

It’s hard to believe it’s been a year since the Covid-19 pandemic entered our world. Or, to some, this past year may seem like it was several years long. Either way, March is here and with the rising temperatures and longer days, we’ll soon start to see the first signs of spring.

Before the arrival of April showers, it’s a good time to get started on some spring maintenance tasks to shed the winter layers and give your home a fresh new start.

Groom your lawn. Get ready to mow by picking up debris that accumulated on your lawn over the winter. Fill bare spots with grass seed and fertilizer.

Clear gutters and downspouts. Prevent damage from spring rains by clearing out debris. Make sure water is diverted away from the home to protect its foundation.

Reseal exterior woodwork. Stain or reseal outdoor structures such as wood decks, fences, railings, and pergolas, to keep them in good condition.

Schedule air-conditioning service. Make sure your HVAC unit is working before summer arrives. Schedule service, if needed, and don’t forget to regularly change filters.

Clean carpets and soft furnishings. Have carpets cleaned and send out area rugs for professional cleaning. Launder furniture slipcovers, pillow covers and shower curtains.

Test smoke and carbon monoxide detectors. Change batteries at least once a year and replace each unit every 7 to 10 years.

Despite the pandemic of the past year, the real estate market has remained strong, with home values growing at a fast pace. After this year of hefty appreciation, if you’d like to find out what your home is worth, contact me for a complimentary comparative market analysis.

Likewise, if you’re in the market to buy a new property, just let me know how I can help.

SELLING YOUR HOUSE IS THE RIGHT MOVE, RIGHT NOW

by Keeping Current Matters

Some Highlights

Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though.

With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd.

Reach out to The Butch Cazin Team today to discuss why now may be the right time to make a move on your terms.

3 Must Do’s when Selling Your House This Year

For Sellers, Pricing, Selling Myths
3 Must-Do’s When Selling Your House This Year

It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.

1. Price Your Home Right
When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s bank will send an appraiser to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the price after the appraisal. A real estate professional will help you set the true value of your home.

2. Keep Your Emotions in Check
Today, homeowners are living in their houses for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):
3 Must-Do’s When Selling Your House This Year | Keeping Current Matters
This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly
We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line
Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, reach out to a local real estate professional to help you navigate through the process while prioritizing these must-do’s.

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MARKET UPDATE – DECEMBER 2020

While 2020 has been an incredibly challenging year, housing turned out as a bright spot. Despite the impact of the coronavirus pandemic, homeownership rates rose to 67.4% in the third quarter, up from 64.8% the same period in 2019.
The fundamentals are in place for a continued strong housing market in 2021, particularly with expectations that mortgage rates will remain around 3%. Here are a few more of our predictions for the year ahead.
Home prices will rise. The law of supply and demand will drive prices higher, with 5% to 6% increases predicted on average.
Affordability will remain mostly positive. Low mortgage rates will offset rising prices, increasing the number of households who can afford to buy a home.
Inventory challenges will continue. While builders are expected to construct homes at a faster pace in 2021, there’s still a gap between demand and supply for new and existing homes.
Increased teleworking will influence housing. People will continue to work from home, affecting where they’re shopping for homes and what they’re looking for in those properties.
Vacation home markets will stay hot. In 2020, homeowners with rising equity and investors with high stock market profits drove a spike in demand for homes in coastal markets, which will continue next year.
Technology remains critical. Virtual tours, remote closings and video conferencing kept real estate moving in 2020, and virtual buying and selling will continue to lead the way in 2021.
Whether you’re looking to buy, sell or invest in real estate in 2021, we can help. With our partners in mortgage, title, insurance and moving, our Long & Foster family has you covered for all your real estate needs. Happy Holidays!

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 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.