Monday Market Update: The Covid-19 Effect

Covid-19 has definitely had it's effect on the real estate market. Compare last years "new Listings" with "Sales" and it is clear that March 2020 was very different than March 2019. When the Shelter in Place order went in, listings came off the market and sales slowed.

The real estate community quickly implemented new ways to show houses. Our own office bought special cameras to generate a virtual walk through a home to "show" the home to a prospective buyer without having to actually go to the home. Our equipment creates a picture of the floor plan and combines that with interior photos. Then there are drone videos, and lots of professional photos which make is much easier to see a property on line.

The protocols now in place also help to ensure the safety of all clients involved. There are guidelines to follow if and when there is an in-person showing. Hand sanitizer, cleanings between showings, masks and non-touch methods to minimize risk. I can have all documentation sent electronically and can be signed digitally. I spend a lot more time on the phone and in Zoom meetings with clients, but questions are answered, reports are processed and results are achieved.

Inventory is growing as can be seen by comparing new listings in May 2020 with May 2019. Sales numbers will take a couple months to catch up, but I believe we are through the initial change and should start to see an uptick in new listings and sales over the few months.

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Trends for 2023

So how about the new housing trends in store of 2023? I love reading about the “color of the year”, the latest trend in homes and yards, and how to update your style without breaking the bank. Pantone has declared “Viva Magenta” as the color of 2023. It’s a cross between cranberry and pink although Pantone describes it as a “crimson red tone with a balance between warm and cool” – whatever! It’s a fun color and could be brought in with a throw or pillows or if you are adventurous a couch! In the past few years, we’ve seen the “biophilia” trend explode, and there are no signs that it will be any less popular in 2023. This trend is all about bringing the outside in by adding natural touches throughout your home. Wooden kitchen cabinets and islands will become more common in 2023, with white oak and walnut among the most popular choices. Wood will also appear in bathroom vanities and shelving and furniture throughout the home. Spending more time at home has s...

2023 Real Estate Market Outlook (And What It Means for You)

Last year, one factor drove the real estate market more than any other: rising mortgage rates. In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation. 1 And while some market sectors have been slow to respond, the housing market has reacted accordingly. Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market. So, what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here’s what several industry experts predict will happen to the U.S. housing market in the coming year. MORTGAGE RATES WILL FLUCTUATE LESS In 2022...

The New Normal: A Strong Housing Market Expected to Continue into 2021

"2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said. 1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country and locally. Experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.” 2 Market conditions like fewer available listings, changing criteria for desired ...

Keeping It REAL - by Bettsy Tyler

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