That’s roughly half of overall global savings during the pandemic, and the same as South Korea’s GDP.
It’s also greater than the output gap, or economic hole created by Covid-19, signaling a coming economic boom.
Experts are currently projecting 4.6% growth for US GDP this year, per Bloomberg. If Americans spend all the money they saved in the past year, that could jump to 9%; whereas if they don’t, the GDP forecast could drop to 2.2%.
Congratulations Kevin and Danielle! Happy Anniversary to my clients who closed on this day March 4th, 2016 in Springfield, VA.
Located in the Glenwood Manor development, the couple purchased a 1700 sqft., 3 bedroom, 2.5 bath townhome for $379,000. 5 years later, for similar properties (any three bedrooms sold in the last 365 days), the median Close Price was $478,500 and the median Days On Market was 5.
The decision to purchase instead of renting positioned them nicely to build equity that they now can utilize for their next move.
If you have been debating owning versus renting, understanding the market and how either decision could effect you in 3-5 years is worth discussing.
This information is not meant to be used as an appraisal. This is a snapshot of the Glenwood Manor development listings sold in the last 365 days as of March 4, 2021.
No it’s not the pandemic; there we can only follow safety precautions and hope.
Rather it’s one of my clients’ timeline to Sell and Buy during 2020. How did they go from a home of 9 yrs, with three school-aged children and two full time working parents into a new build that will suit their family for the next 20+ years during an unimaginable world wide pandemic? One step at a time.
Then it was time to list their home of 9 years.
Despite being three months behind our original timeline, we referred back to the step by stepplan we had created. Without skipping a beat, my clients stuck to the plan and completed everything we had discussed to get the house ready for market. We listed on a Thursday, ratified 5 days later on that Monday and closed in 21 days on November 30, 2020.
One referral turned into two resulting in two happy clients. Now we are all connected.
It started with a reciprocal referral from a California agent whose son’s best friend wanted a bigger home for his expanding family. As a recent grad from the United States Naval Academy, becoming a parent to a son and adopted dog Lucky, with mom planning to go back to work and what looked like, job wise a longer stint in Maryland it was time to move, Covid-19 and all. We are currently operating in a highly competitive market with historically low interest rates. After 27+ house tours, interviewing 2 lenders, investing in a pre-home inspection, 3 written and submitted yet rejected offers, they closed on the house that was meant to be. 10,000 lower than list price, plus a seller credit. Well worth the effort. Congratulations! #BestClientsEver
Congratulations Dave and Gulmira! After 14 years in Cleveland Park, DC it was time for more space and a sprawling yard. Despite the challenges of Covid-19, three rejected offers, a rent back and a short time rental they ended up with the perfect house and location for them. Thank you for trusting me to facilitate listing one home and buying the next.
There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.
In a recent Realtor Magazinearticle, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):
“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”
NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:
39% rural area
25% small town
14% urban area/central city
13% resort community/recreational area
According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.
Real Estate Brokers and Owners Agree
Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:
No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.
It’s our goal as agents but we don’t always get too many opportunities to work with people more than once. I am so glad that Sam and Ben were some of those clients. It’s been so rewarding watching their progress and their success come to fruition.
One of the best benefits of working with first time home buyers is that I get to watch how their lives unfold. I first met Sam and Ben in 2016. What a great starter home!
Four years later, plus one little one, a masters degree and a whole lot of hard work and success, they bought their forever home.
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
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.
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