Signature Real Estate Group https://www.takingcareofrealestate.com Real estate, buying, homes, search for homes, home buying, home selling, properties, properties for sale, MLS Search, Home Valuation, houses, homes for sale Mon, 06 Jul 2020 12:01:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.2 https://www.takingcareofrealestate.com/wp-content/uploads/sites/14/2020/04/fav6-150x150.png Signature Real Estate Group https://www.takingcareofrealestate.com 32 32 Latest Unemployment Report: Great News…for the Most Part https://www.takingcareofrealestate.com/2020/07/06/latest-unemployment-report-great-newsfor-the-most-part/ https://www.takingcareofrealestate.com/2020/07/06/latest-unemployment-report-great-newsfor-the-most-part/#respond Mon, 06 Jul 2020 12:01:51 +0000 https://www.takingcareofrealestate.com/?p=1101 The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the…

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The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the unemployment rate fell for the second consecutive month. However, there’s still a long way to go before the economy fully recovers as 17.8 million Americans remain unemployed.

Here are two interesting insights on the report:

What about a supposed misclassification?

The BLS addressed this at length in a blog post last week, and concluded by saying:

“Regardless of the assumptions we might make about misclassification, the trend in the unemployment rate over the period in question is the same; the rate increased in March & April and eased in May.”

They specifically noted the issue in the latest report by explaining that if they adjusted the rate for the potential miscalculation, it would increase from 11.1% to 12.1% (which is lower than the adjusted rate of 16.4% last month). They went on to say:

“However, this represents the upper bound of our estimate of misclassification and probably overstates the size of the misclassification error.”

Does the shutdown of parts of the economy skew the unemployment numbers?

Because the uniqueness of 2020 impacts the employment situation in so many ways, each jobs report is now examined with a microscope to make sure the headlines generated by the report accurately convey what’s happening in the job market.

One such analysis is done by Jed Kolko, Chief Economist at Indeed. He believes the extraordinary number of people in the “temporary” unemployed category confuses the broader issue of how many people have permanently lost their job. He adjusts for this when calculating his “core unemployment rate” (which subtracts temporary layoffs and adds unemployed who didn’t search for a job recently).

The bad news is that his analysis reveals that the number of permanently unemployed is still rising (from 4.6% in April to 5.9% last month). The good news, however, is when you use his methodology to look back at the Great Recession, today’s “core unemployment rate” is significantly lower (5.9% versus 10.5% in April 2010).

Bottom Line

Last week’s jobs report was much better than most expected. However, we should remain cautious in our optimism. As the Wall Street Journal explained in their analysis of the jobs report:

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America Is Another Name for Opportunity [INFOGRAPHIC] https://www.takingcareofrealestate.com/2020/07/03/america-is-another-name-for-opportunity-infographic/ https://www.takingcareofrealestate.com/2020/07/03/america-is-another-name-for-opportunity-infographic/#respond Fri, 03 Jul 2020 13:12:39 +0000 https://www.takingcareofrealestate.com/?p=1098 The post America Is Another Name for Opportunity [INFOGRAPHIC] appeared first on Signature Real Estate Group.

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Is the Health Crisis Driving Buyers Out of Urban Areas? https://www.takingcareofrealestate.com/2020/07/02/is-the-health-crisis-driving-buyers-out-of-urban-areas/ https://www.takingcareofrealestate.com/2020/07/02/is-the-health-crisis-driving-buyers-out-of-urban-areas/#respond Thu, 02 Jul 2020 13:23:45 +0000 https://www.takingcareofrealestate.com/?p=1088 The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open…

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The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open floor plan seems to be fading as people are finding a need for more privacy while working from home.

Recently, news.com released a report that revealed how buyers’ views of listings are leaning heavily to more suburban and rural properties. Here are the year-over-year percentage increases in views per property type:

  • Urban – 7%
  • Suburban – 13%
  • Rural – 16%

In the report, Javier Vivas, Director of Economic Research for realtor.com, gives these numbers some context:

“This migration to the suburbs is not a new trend, but it has become more pronounced. After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”

Realtor Magazine also just reported that the desire to move is strongest in our city markets:

“Nearly 30% of respondents living in a high-density urban area say that the pandemic is prompting them to want to move by the end of the year…This is more than double the rate of those living in rural parts of the country, where residents are much more likely to stay put rather than to relocate.”

New Construction Also Seeing a Surge in Views

Since the pandemic has altered how consumers think about floor plans, builders are anticipating how future homes will change. In a recent press release by Zillow, it was explained that:

  • Builders believe as people spend more time at home during the pandemic, buyers are realizing which features of their homes are working and not working.
  • Homebuilders predict open-concept floor plans will be a thing of the past, as people now value more walls, doors, and overall privacy.
  • New construction, which offers the chance to personalize home features, saw its listing page views grow by 73% over last May.

The Virus is Even Impacting the Luxury Second-Home Market

It appears that COVID-19 is impacting the luxury market too. In an article released last week titled, Luxury Buyers Return to Market in Force, Danielle Hale, Chief Economist for realtor.com reported:

“Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second-home that is within driving distance from their primary residence.

Much like the suburbs are gaining favor with home shoppers, second home markets are seeing increased interest from luxury buyers…Views of luxury properties accelerated 56% in The Hamptons, 28% in Palm Springs and 24% in Greenwich compared to January trends.”

Bottom Line

It appears that a percentage of people are preparing to leave many American cities. Some of these moves will be permanent, while others will be temporary (such as a getaway to a second home). In either case, many consumers are on the move. Real estate professionals are ready and willing to help in any way they can.

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ZUCCHINI PIZZA BITES https://www.takingcareofrealestate.com/2020/07/01/zucchini-pizza-bites/ https://www.takingcareofrealestate.com/2020/07/01/zucchini-pizza-bites/#respond Wed, 01 Jul 2020 19:27:39 +0000 https://www.takingcareofrealestate.com/?p=1083 INGREDIENTS 3 large zucchini, sliced into 1/4″ rounds Extra-virgin olive oil, for brushing 1/4 c. marinara or pizza sauce 1/3 c. shredded mozzarella 1/3 c. mini pepperoni Dried oregano, for sprinkling DIRECTIONS Preheat oven to 400°. Place zucchini on a baking sheet and brush with olive oil. Bake until slightly tender, 5 minutes. Spoon a…

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INGREDIENTS

3 large zucchini, sliced into 1/4″ rounds

Extra-virgin olive oil, for brushing

1/4 c. marinara or pizza sauce

1/3 c. shredded mozzarella

1/3 c. mini pepperoni

Dried oregano, for sprinkling

DIRECTIONS

  1. Preheat oven to 400°. Place zucchini on a baking sheet and brush with olive oil. Bake until slightly tender, 5 minutes.
  2. Spoon a thin layer of sauce over each slice, then top with mozzarella and mini pepperoni. Sprinkle with dried oregano and bake until zucchini is tender and cheese is melted, 10 minutes.

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5 SUMMER WEEKEND HOME RENOVATION PROJECTS https://www.takingcareofrealestate.com/2020/07/01/5-summer-weekend-home-renovation-projects/ https://www.takingcareofrealestate.com/2020/07/01/5-summer-weekend-home-renovation-projects/#respond Wed, 01 Jul 2020 19:25:29 +0000 https://www.takingcareofrealestate.com/?p=1080 As we head into the middle of summer, it is a great time to take stock of what summer home renovations can help improve the value of your home. For the common homeowner, the summer season represents the optimal time to complete necessary improvements around the house, including the extensive the list you may have…

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As we head into the middle of summer, it is a great time to take stock of what summer home renovations can help improve the value of your home. For the common homeowner, the summer season represents the optimal time to complete necessary improvements around the house, including the extensive the list you may have been putting off. The great news is that not all summer home renovations demand extensive time or money to complete.

In fact, successful real estate investors recognize the importance of time — and they value it immensely. When it comes to undertaking summer home improvements, home owners and investors alike take into consideration a combination of factors like cost-effectiveness, efficiency, amount of time, but most important, return on value.

It doesn’t matter if you plan to sell your home in the near future or you intend to live in it for years to come, keeping a property up-to-date benefits you in the long run.

Instead of waiting till the projects become expensive, and cost thousands of dollars, it is much better to execute smaller projects and save a ton.  As a homeowner, comprehending these factors will allow you to align your summer home renovations accordingly, including what’s most important on your list, what can be completed the quickest, and what will generate the best return.

While you want to enjoy your summer weekends, it can be fun and beneficial to pick up some DIY projects that won’t cost an entire month’s salary.  The following highlights the top projects that can be completed over a single weekend:

1. Jazz Up the Exterior

It’s surprising what a little paint can do for the appearance of a home — and its value. The average cost to jazz up the exterior of a home by repainting is approximately $2,000, while the average return on resale is 90 percent.

If you decide to hire a professional painter rather than do it yourself, be sure they are a lead-safe certified contractor. While you won’t be fined if you do the job yourself, contractors must follow safety guidelines and therefore are subject to fines. For people planning to paint a home that was built before 1978, visit the EPA website for more information.

Tips: When painting your home, be sure to use warm and inviting colors. For most homeowners, the most popular choice of paint color is Taupe.

2. Enhance Curb Appeal

One of the more popular summer home renovation projects that takes only a weekend to complete is adding curb appeal. There’s no denying that lawn beautification goes a long way for a home’s visual appeal and it’s a central part of a home’s character. Because landscaping is the first impression visitors and potential buyers see, it’s a critical component to get a jump start on this summer.

When getting started, homeowners can either choose to commence the landscape project themselves or hire a professional. Either way, it should only take a weekend to complete. For those considering hiring a professional, it’s important to understand there are two types of landscapes: landscape architects and contractors — and each one serves a specific purpose.

Tips: Consider creating a walkway and adding solar lighting. In addition, planting a mature tree can be worth as much as $1,000 to $10,000, according to the Council of Tree and Landscape Appraisers.

3. Upgrade Windows

One of the surest summer home renovations to earn a return on investment is upgrading the windows. After years of home ownership, you’ll probably have to replace a few windows in your home. Although you may take your windows for granted, they remain an integral part in maintaining a comfortable home. The cost to replace windows will vary upon size, amount of windows needed, style and quality, but despite the many brands and options available, affordable replacements are easy to find if you know what you’re looking for. This approach not only offers energy efficiency but a high return on investment, as homeowners can generally receive a 100 percent ROI with window upgrades.

Before you construct a window-replacement estimate, it’s important to have a general idea as to where you plan on making a purchase. Wood windows are more expensive. The cost of a wood replacement window can range between $800 and $1,000 per installation. To maximize your ROI, install dual-pane windows. This will not only ensure street noise and inefficient air conditioning and heating is eliminated, but it will improve your home’s appearance.

Tips: Although replacing your windows doesn’t require a permit, it will if you are cutting a hole into the wall to perform the job. Give a window professional a call first before commencing this home improvement.

4. Build A Fire Pit

For those looking to keep their weekend projects to a minimum, building a fire pit is a quick way to add flare to your backyard. Gathering around the fire pit is an awesome way to spend time with close friends and family.

Here is a quick YouTube video from Home Depot on How to Build a Fire Pit: https://www.youtube.com/watch?v=1EOUJUyBXRQ

The three options that require the least amount of time to complete include: utilizing an antique or salvaged fire pit; buy a freestanding fire pit; or simply building one. The first step to a DIY fire pit is purchasing the right materials. A stone fire pit, for example, is an attractive option for modern homes.

One common and affordable method is using concrete tree rings. For less than $60, homeowners can construct a personalized fire pit that allows for a very controlled burn and positive air shut-off to extinguish when it’s time to call it quits. Not only is it a cost efficient project to build, but an outdoor fire pit is the ideal way to entertain guest during the summer months.

5. Replace Fences & Gates

“Good fences make good neighbors.” — Mending Wall BY Robert Frost. https://www.poetryfoundation.org/poems/44266/mending-wall

For those looking to get their hands dirty over the weekend, the best option is to replace or repair fences and gates. This summer home renovation is ideal for homes with damaged, old or outdated fences, which can be easily repaired or restored. In fact, many home improvement stores offer ready-made fencing as well as custom materials.

If you plan to build a new fence, make sure you consult a professional and also the local municipal for regulations. Research the property line, inform your neighbors, consider going green, and research how much it costs based on the type of material you may use.

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MAKE YOUR HOME OFFICE LOOK PROFESSIONAL https://www.takingcareofrealestate.com/2020/07/01/make-your-home-office-look-professional/ https://www.takingcareofrealestate.com/2020/07/01/make-your-home-office-look-professional/#respond Wed, 01 Jul 2020 19:10:34 +0000 https://www.takingcareofrealestate.com/?p=1077 Home offices are often an afterthought when initially designing a house. And when designed with great intentions of a space where you would like to sip your morning coffee and think of how you can change the world; they often get filled with odds and ends – and make it a hard place to sit…

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Home offices are often an afterthought when initially designing a house. And when designed with great intentions of a space where you would like to sip your morning coffee and think of how you can change the world; they often get filled with odds and ends – and make it a hard place to sit and work.

Let us look at how you can plan to have a professional home office that will inspire you to do your best work. The first aspect to consider is the overall layout of your office. You will want to maximize the amount of space you are working with, regardless of how big or small the space may be.

To do this:

  • Take measurements of your existing office space using a tape measure
  • Brainstorm ways to maximize your space with various furniture setups
  • Consider built-in shelving and storage options to maximize space, especially for smaller spaces
  • Calming Color Ideas to Boost Productivity

Your choice of paint in the office can make a huge difference on its overall look and feel. Space is an obvious factor that should be taken into consideration when choosing office furniture. However, functionality is another important aspect to focus on when shopping for desks, chairs, storage and more.

Here are some helpful considerations to keep in mind:

Desks: Think about how you will use your desk; if you work primarily on a laptop, you will likely need less space than if you were to use a desktop computer. Be sure to have plenty of space for paperwork, pens, and other office supplies. You’ll be amazed at how quickly it will fill up.

Office chairs: Shop for a chair that will be most comfortable for you. Typically, ergonomically designed office chairs are ideal, especially if you spend a lot of time sitting at your desk each day. Consider arm rests for additional comfort and leather material for durability.

Customize the lighting: Don’t just rely on the room’s existing overhead lights. Instead, add in functional and stylish lamps to create a luxe atmosphere. Consider adding in two different kinds of lighting. First, a task light for close up work, then lamps or a pendant for ambient light. This will provide the ideal balance.

Storage options: Brainstorm ways to make the most of your storage options. If you have a smaller office space, consider opting for a compact yet effective means of storing files and other documents, such as a filing cabinet. If you keep reference books in your office, consider a set of durable hardwood bookshelf.

Comfort: Add something soft underfoot. Being able to kick off your shoes and enjoy the feel of a plush carpet or fuzzy rug makes spending time in the office so much more enjoyable.

Music: Bring in some music. Nothing elevates a space quite like the presence of music, and a home office is no exception. It can help reduce stress and provide a great distraction when you need it.

Ultimately, the goal is to decorate your home office with items that will inspire you and make you feel motivated to get your work done, so shop around and do your research when it comes to office decor, lighting, and other important choices. Most importantly, keep in mind that designing a great home office takes time and effort, but you will reap the benefits if you put in the time.

Tips for decluttering: Clear your desktop and put back only what you use daily. Create a main storage area for office supplies in a drawer, cabinet, or closet near your workspace. Avoid placing folders or papers directly onto your desk unless you are physically working on them.

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7 WAYS TO STAY SPOTLESS WITH PETS https://www.takingcareofrealestate.com/2020/07/01/7-ways-to-stay-spotless-with-pets/ https://www.takingcareofrealestate.com/2020/07/01/7-ways-to-stay-spotless-with-pets/#respond Wed, 01 Jul 2020 18:48:38 +0000 https://www.takingcareofrealestate.com/?p=1074 Pets can be the most special addition to a household. However, it goes without saying that they can do some damage to the home as well. The smell of wet dog, the process of house training a puppy, and teething are just some of the problems you will face. Luckily, there are easy ways to…

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Pets can be the most special addition to a household. However, it goes without saying that they can do some damage to the home as well. The smell of wet dog, the process of house training a puppy, and teething are just some of the problems you will face.

Luckily, there are easy ways to avoid this so you can fully enjoy the happiness that pets bring. Investing in a few pet friendly items will make all the difference. Here are 8 tips on how to keep your house organized and smelling fresh.

  1. Groom Regularly

Do not wait until your home starts smelling to think about bringing your pet to be groomed. Stay on schedule of once a month to keep both your pet and your home clean and fresh. If you are lucky enough to have a small pet or a designated pet cleaning area, you can easily take care of this with baths.

  1. Storage

You are going to have a growing collection of toys and items for your pet. Store these in attractive bins to stay organized without risking your aesthetic. You will feel more inclined to clean up if it is going into bins that look nice in your home.

  1. Seal The Food

You may think that you can just store your pet’s food in the bag it comes in. Just open it up and refill as needed. However, think about how much of that smell is going to work its way into the air. It is suggested to keep the food in a bin that is sealed so that it not only stays fresh but keeps the smell inside.

  1. Pet-Friendly Fabric

If you allow your pets to lounge on your furniture, think about what type of fabric is on there. Certain types of fabric, like cotton or linen, absorb order more than others. Materials like polyester and polypropylene are much better.

  1. Wash Pet Toys

Just as you would wash towels or sheets every few weeks, think about washing your pet’s toys. Some toys can be thrown right in the dishwasher while others need to be in the washing machine. This will keep the odors from building up on the toys.

  1. Get The Right Vacuum

Pet hair is inevitable. Make sure you have the best vacuum to easily pick up all the shedding around the house. It is reported that the Dyson Ball Animal Upright Vacuum is the best option as it is perfectly designed to handle pet hair.

  1. Washable Flooring

Only certain types of pet mess can be vacuumed up. If you do not have a hardwood floor, think about washable rugs. If a pet were to go to the bathroom on your rug, you want to be able to throw it in the washing machine.

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A Historic Rebound for the Housing Market https://www.takingcareofrealestate.com/2020/07/01/a-historic-rebound-for-the-housing-market/ https://www.takingcareofrealestate.com/2020/07/01/a-historic-rebound-for-the-housing-market/#respond Wed, 01 Jul 2020 12:55:14 +0000 https://www.takingcareofrealestate.com/?p=1071 Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important? According to NAR, the Pending Home Sales Index (PHS) is: “A leading indicator of housing activity,…

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Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph below):A Historic Rebound for the Housing Market | MyKCMThis jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, Chief Economist at NAR mentioned:

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.A Historic Rebound for the Housing Market | MyKCM

Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.

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Are New Homes Going to Be Available to Buy This Year? https://www.takingcareofrealestate.com/2020/06/30/are-new-homes-going-to-be-available-to-buy-this-year/ https://www.takingcareofrealestate.com/2020/06/30/are-new-homes-going-to-be-available-to-buy-this-year/#respond Tue, 30 Jun 2020 12:28:47 +0000 https://www.takingcareofrealestate.com/?p=1068 In today’s economy, everyone seems to be searching for signs that a recovery is coming soon. Many experts agree that it may actually already be in motion or will be starting by the 3rd quarter of this year. With the housing market positioned to lead the way out of this recession, builder confidence might be a bright spark that gets the…

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In today’s economy, everyone seems to be searching for signs that a recovery is coming soon. Many experts agree that it may actually already be in motion or will be starting by the 3rd quarter of this year. With the housing market positioned to lead the way out of this recession, builder confidence might be a bright spark that gets the recovery fire started. The construction of new homes coming right around the corner is a huge part of that effort, and it may drive your opportunity to make a move this year.

According to the National Association of Home Builders (NAHB): 

“New home sales jumped in May, as housing demand was supported by low interest rates, a renewed household focus on housing, and rising demand in lower-density markets. Census and HUD estimated new home sales in May at a 676,000 seasonally adjusted annual pace, a 17% gain over April.” 

In addition, builder confidence is also rising, opening up opportunity for newly constructed homes in the market. The NAHB also notes:

“In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading above 50 indicates a positive market.”

As noted above, this upward trend is supported by builders reporting an increase in demand for single-family homes in suburban neighborhoods with lower-density populations, a result of the COVID-19 health crisis.

Moreover, the most recent Monthly New Residential Construction Report from the U.S. Census indicates that authorized building permits for new residential construction increased by 14.4% month-over-month from April to May, and housing starts were also up 4.3% over the same time period. (See graph below):Are New Homes Going to Be Available to Buy This Year? | MyKCMAlthough housing permits and starts are both considerably lower than they were at this time last year, indicating the new construction market is still working on building its way back up, the trends are moving in the right direction when it comes to having an impact on the U.S. economy. They’re also poised to create the much-needed new homes for Americans to purchase in a time when inventory is so scarce.

Dean Mon, Chairman of the NAHB notes:

“As the nation reopens, housing is well-positioned to lead the economy forward…Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”

The gap between homes to buy and the high demand from purchasers may be narrowed by new construction, and the data shows that these homes are on their way into the housing market.

So, if you’ve debated whether or not to sell your house this year because you’re not sure where to move, a newly-built home – designed to your specific liking – may be your answer.

Bottom Line

With new residential construction right around the corner, you can feel confident about selling your house and having a place to move into. Maybe it’s time to finally design the home you’ve always wanted. Let’s connect today to discuss selling your house while demand from eager buyers is high.

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What Are Experts Saying About the Rest of 2020? https://www.takingcareofrealestate.com/2020/06/29/what-are-experts-saying-about-the-rest-of-2020/ https://www.takingcareofrealestate.com/2020/06/29/what-are-experts-saying-about-the-rest-of-2020/#respond Mon, 29 Jun 2020 13:50:19 +0000 https://www.takingcareofrealestate.com/?p=1065 One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s…

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One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry ForecastingMortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Bottom Line

The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.

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