Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.
New pending sales up 25.5% ( Zillow June Report)
New listings taken up 19.3% month -over -month ( Zillow June Report)
Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.
#LMRE Most Current Under Contract or Sold Properties
Laurel Murphy Real Estates most recent listing reflects what regional market updates are reporting. With low inventory levels, my owners had no competition within their neighborhood at the time of listing their home located as 13305 Burnt Woods Place Germantown, MD 20874 With the neighborhood average 38 DOM the owners priced the house with in the range of the 90 day sold price history. This listing went on late Friday night and was ratified for full list price by Sunday. Being aware of local real estate trends and knowing how to interpret market data is vital to successfully selling your house in the shortest amount of time for the most amount of money.
Washington D.C. and Baltimore Metro areas felt the effect of COVID-19 with the lowest April volume of new listings in ten years, while also reaching a record monthly median sales price and ten-year low for days on market. – BrightMLS
The DC Metro hit a new median sales price high ($507K) and a decade low for median days on market (7). Homes generally sold at 100.0% of asking price.
This April had the month’s lowest volume of new listings in the past ten years, as many potential new sellers opted to hold back listing their properties until after the “stay at home” orders end.
Month-to-month, new listing declined -26.1%; typically, new listings rise 9.2% in April compared to March.
New pending sales endured their sharpest year-over-year drop in a decade.
This was the weakest April performance and sharpest March to April decline (-24.4%) in the last ten years.
Fantastic, sun drenched 3BR/2BA single family home in Churchill Town Sector. Includes 1 car garage, open floor plan, high vaulted ceiling, hardwood floors through out, large eat-in kitchen and fireplace. Located on a quiet cul-de-sac. Conveniently located to local highways & shopping centers. Brand new heat pump and french drain system. 3D Virtual tour will be posted on Monday 5/18
Looking to the Future: What the Experts Are Saying
As our lives, our businesses, and the world we live in change day by day, we’re all left wondering how long this will last. How long will we feel the effects of the coronavirus? How deep will the impact go? The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over.
Here’s a look at what leading experts and current research indicate about the economic impact we’ll likely see as a result of the coronavirus. It starts with a forecast of U.S. Gross Domestic Product (GDP).
“Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.”
When looking at GDP (the measure of our country’s economic health), a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year:A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries like the ones noted above, and they had minimal impact on housing prices. This certainly gives hope and optimism for what is to come as the crisis passes.
With this historical analysis in mind, many business owners are also optimistic for a bright economic return. A recent PricewaterhouseCoopers survey shows this confidence, noting 66% of surveyed business owners feel their companies will return to normal business rhythms within a month of the pandemic passing, and 90% feel they should be back to normal operation 1 to 3 months after:From expert financial institutions to business leaders across the country, we can clearly see that the anticipation of a quick return to normal once the current crisis subsides is not too far away. In essence, this won’t last forever, and we will get back to growth-mode. We’ve got this.
Lives and businesses are being impacted by the coronavirus, but experts do see a light at the end of the tunnel. As the economy slows down due to the health crisis, we can take guidance and advice from experts that this too will pass.
At its core, real estate is about people and the relationships that are created.
Real estate professionals take on the unique responsibility of guiding clients through a highly personal, and often emotional, multi-step process of selling or buying a home. It is a momentous occasion for everyone who’s gone through it. This can easily be overshadowed by the sheer amount of steps it takes to get to the settlement table and close. The constant support throughout the process is your real estate agent.
In this unique reality of Corona virus aka COVID-19, the importance of keeping the focus on people being served will have a greater, longer, lasting effect.
In our professional tool box, real estate agents have technology. We rely on and utilize it on a normal day to make the transaction part of real estate more efficient and convenient for our clients. This current climate is no different. The way in which we use it may vary but the focus remains on the people, first and foremost your safety.
Current industry standards comply with today’s social distancing necessity.
The Internet – its global reach to market RE for sellers to buyers
Social Media – for marketing and communication ie.GoToMeeting, Zoom, Instant messaging
Your phone – text, email, old school calling
Virtual tours – ie. Matterport, use of a videographer
Electronic signing – ie. DocuSign, Dotloop
Real estate apps – 24/7 home searching ie. Homesnap, Redfin, Zillow,
Online lender applications
Close at home with mobile notary
E-signing closing documents (available for sellers and cash buyers)
Wiring funds and EMD’s ( wiring instructions should be obtained over the phone directly from the title company only)
Online scheduling – options for appointment only at the owners discretion
Title companies, lenders and insurance companies are listed as essential and are open for business. Together with real estate brokerages, each sector is doing everything they can to cooperate and comply with the safety measures while meeting clients needs.
Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%
Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.
Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.
*Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.
Bedrooms: 1 | Full Bath: 2 | Plus: Den/Study or 2nd bdrm | Sq. Feet: 1539
Rarely available, 8101s largest 1bdr, 2ba plus den. @ 1539 sqft. Sun drenched, beautifully updated and meticulously maintained. Comes with 2 garaged parking spaces and 2xtra storage spaces. Laundry in unit. Conveniently located, close to DC border, Bethesda, 495, public transportation and shops. | #LaurelsListing
Market Watch: Currently In 20815 and 20814
There are 12 units, active or coming soon between 1500-2000 sqft
Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The SFRI shows single-family rent prices have climbed between 2010 and 2019. However, overall year-over-year rent price increases have slowed since February 2016, when they peaked at 4.2%, and have stabilized at around 3% since early 2019. – CoreLogic