The Need For More Inventory Has Never Been More Apparent

Based on compiled data from more than six million property showings scheduled across the country, Home Buyer Demand jumps 98.4% in the West as traffic grows again nationwide.

  • March 24, 2021 – Dwindling inventory was again met with an outpouring of buyer demand throughout the country in February as an unprecedented 75 markets reported double-digit growth, according to the ShowingTime Showing Index®
  • Nationwide, buyer traffic jumped 49.5 percent, continuing a trend of national year-over-year growth in buyer demand that began in May 2020.
  • “In March and April, year-over-year comparisons will be less meaningful as the onset of COVID-19 in 2020 drove showing traffic down in those two months, but on a month-to-month basis we’re still likely to see further seasonal increases in demand, taking us further into this unprecedented direction. We expect that this will correlate with continued broad increases in prices.”


Americans have saved $1.6 trillion since the pandemic began.

Where To Spend All That Savings | An Opportunity To Build Wealth

  • Americans have saved $1.6 trillion since the pandemic started, per the Commerce Department.

  • 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%.

It’s why so many economists are predicting that lockdown lifting will see the biggest boomtime in a generation, potentially ushering in a new era in the US economy.

*Read full Insider article


SOLD | Serving the DMV | Inside the Beltway

8101 CONNECTICUT AVE, Chevy Chase MD 20815 | #LaurelsListing

One of the better,  if not the best value, inside the Beltway. 8101 Connecticut Ave Condo real estate sales were relatively slow compared to other years. Owners no doubt, like a lot of other sellers, took a wait-and-see approach. How long could the disruption caused by Covid really be? However, for owners that decided to forge ahead and sell their properties, it proved lucrative. So far in 2021, average days on market is 2, down from 7 in 2020. Grossing 104.14% of the list price, up from 98.32% in 2020. 

Great way to start the new year. 
I am currently having conversations with owners who no longer can or want to wait it out. 
Looks and feels like there will be more inventory at 8101 this year. 
What is for sale right now? Please call, text or email me for more information.


START TO FINISH – 406 DAYS, SO MANY GREAT THINGS HAVE COME WITH TIME AND PATIENCE

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.


We first connected on October 20, 2019. From there, we developed an individual step by step plan of ‘how to’ execute their real estate goals.
Following that plan led them to identifying the location, negotiating with the builder of their new home, and ratifying on Jan 1, 2020.
Coordinating with the builder, designers, lender and title resulted in closing on October 2, 2020, three months behind schedule due to pandemic related delays.

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 step plan 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.


Homeownership Creates Wealth Even If That’s Not the Goal

3611 Perry Ave Kensington, MD 20895

What a beautiful day yesterday was to have a OPEN HOUSE. First in person Open I’ve held in months and buyers are out in droves. In our current market where listings and under contract in less than a week and inventory is under a month, buyers are committed to start building equity through ownership. – 3611 Perry Ave, Kensington MD 20895 *Contact me for local market area data and trends – Laurel

Homeowners who spent a lifetime working, raising families and paying mortgages have a greater net worth later in life. Among U.S. families who own rather than rent, a primary residence accounts for 90% of total wealth – and 99% for the bottom 20% of low-income owners.

WASHINGTON – Homeownership presents a great pathway to build wealth. Among all families, the ownership of a primary residence typically accounts for 90% of total wealth, based on the 2019 Survey of Consumer Finance data. Among those in the bottom 20% of the income percentile, it’s even more: The median value of holdings for a primary residence accounts for 99% of total family assets. For top earners, however – the top 10% income bracket – it’s 42%.

Housing wealth accumulation takes time. It’s built up slowly by paying off mortgage debt and through price appreciation. And while home prices can fall, prices tend to recover and go up over the long term. As of September 2020, the median sales price of existing home sales was $311,800 – a 35% gain since July 2006 when prices peaked at $230,000.

Nationally, a person who purchased a typical home 30 years ago gained about $283,000 as of the second quarter of 2020. Of the total wealth gain, 67% ($192,600) is from the price appreciation of 3.7% annually. Over a 10-year period, the wealth accumulation is $144,490, of which $114,233 (80%) is from price appreciation.

Nine of the top 10 metro areas with the largest housing wealth gains over a 10-year period were on the West Coast: San Jose-Sunnyvale-Sta. Clara; San Francisco-Oakland-Hayward; Anaheim-Sta. Ana-Irvine; San Diego-Carlsbad; Los-Angeles-Long Beach-Glendale; Seattle-Tacoma-Bellevue; Boulder, Colorado; Urban Honolulu, Hawaii; and Denver-Aurora Lakewood, Colorado. Naples-Immokalee-Marco Island rounds out the 10th.

However, in terms of home price appreciation and the rate of return (price appreciation less mortgage rate), the top metro areas are Cape Coral Fort-Myers, Florida; Grand Rapids, Michigan; Boise-City-Nampa, Idaho; Reno, Nevada; Port-St. Lucie, Florida; Las Vegas-Henderson-Paradise, Nevada; San Jose-Sunnyvale-Sta. Clara; Riverside-San Bernardino, California; Phoenix-Mesa-Scottsdale, Arizona; and Lakeland-Winter-Haven, Florida.

Copyright © 2020 National Association of Realtors® (NAR)


09.28.2020 Maryland Real Estate Trends Echos Much Of The Countries


August Housing Data Reveals a Robust Summer Market Amidst Declines in Inventory

  • Median Sale Price is up 9.7%
  • Average Sale Price up 11.2%
  • Months of Inventory down 60% to 1.4 months
  • Median days on market are down from 22 to 9
  • Seven of Maryland’s rural counties have seen over 20 percent increases in average prices over last year.
ANNAPOLIS, MD – September 28, 2020 Maryland’s August housing market demonstrated substantial recovery from spring’s COVID-related disruptions, according to housing statistics released by Maryland REALTORS®*. Data from June through August show both an increase in average and median home prices, and a decline in months of available inventory, echoing nationwide trends and sparking concern over housing imbalances.

“The average sales price increased year-over-year from $361,823 to $402,452 and the median price increased from $310,000 to $340,000, growth of 11.2 percent and 9.7 percent, respectively” said Maryland REALTORS® President John A. Harrison. “Months of inventory dropped 60 percent to just 1.4 months, compared to 3.5 last year, which is a historic low for the state. Moreover, the median days on market fell from 22 to 9 which aligns with stories we’ve heard of bidding wars and homes selling within hours of hitting the market.”

“The most notable, but unsurprising, feature of the current housing market is the sharp rise in activity in rural areas,” said Harrison. Seven of Maryland’s rural counties have seen over 20 percent increases in average prices over last year. With the rise in working from home, commute times are less of a factor. That and the relative affordability of rural areas make urban and some suburban communities less attractive. “The pandemic has prompted individuals and families to reimagine their housing requirements, often desiring home office space and more expansive outdoor living areas.”

Ready to Sell? Homebuyer Traffic Is on the Rise.

Regardless of having to make offers knowing they are up against multiple competitive buyers, some having to write on several houses before going under contract, buyer activity is continuing to rise.

It’s worth rethinking your timeline on selling. Developing a plan is free.


Urban to Suburban Lean

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.

Cleveland Park, DC to Kensington, MD – view listings

Two New Surveys Indicate Urban to Suburban Lean

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 Magazine article, 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:

  • 47% suburban/subdivision
  • 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

Two New Surveys Indicate Urban to Suburban Lean | MyKCM

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:

Bottom Line

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 All About RE|lationships

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!

“Laurel is not only an amazing realtor but our friend for life. We met her when we were looking to buy our first home and she walked us through each step in the process, she was kind and patient. We felt like we could take our time finding the right fit. We called Laurel again, as our family grew and realized we needed something bigger, our forever home. This was at the beginning of COVID and we were anxious about the challenges that may come with selling and buying at this time. Laurel again, walked us through the process and was there for us when we had questions. She helped ease our fears and frustrations. She helped us sell our home quickly while ensuring we got the best deal possible, and was able to help us find our forever home in which we needed a very short time to close. Laurel was honest each step of the way and spoke honestly about the pros and cons of each home we looked at to ensure we found the right home for our needs. Laurel is not only knowledgeable but also trustworthy and personable. She made a journey that can sometimes be painful, fun and easy. The only downside to finding our forever home is not being able to work with her again!”

– Sam and Ben

Four years later, plus one little one, a masters degree and a whole lot of hard work and success, they bought their forever home.


How To Prepare For A Sellers Market

Getting a house market ready is a step by step process. It takes active participation from agent and owner(s). One of the most valuable insights an agent should bring to a seller is what to expect . Have you debated about selling? Take it one step at a time.

For Sale:
Less than 24 hours on the market, 20+ showings and counting with an owner occupied home.


3938 9th Road S, Arlington VA | #ArlingtonRealEstate
Link To Listing | Virtual Tour
Bedrooms: 3 | Full Bath: 3.5 | Sq. Feet: 1632