8101 COnnecticut Ave Unit S506 Chevy Chase, MD 20815 | Sunday March 28th 1-3PM
2 bedroom | 2 Bath | Plus Den | 1644 sqft
Listed at $685,000
Click HERE for more information or contact Laurel directly @ 301.500.6281
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.”
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%.
Widespread unemployment has not managed to dampen rent growth in most parts of the country
- Rent prices across the country rose by 3.7 percent in November, a significant spike from 2.8 percent rise recorded during the same time last year.
- Single-Family Rent Index report released by CoreLogic on Tuesday, rent growth has picked up and is accelerating at a rapid speed even as the country grapples to control the pandemic.
- Due to low inventory, unemployment has yet to make as much of an impact on rental prices as many analysts predicted at the start of the pandemic.
These real estate markets reported record-setting activity in 2020, despite enduring a weaker spring market due to social distancing protocols.
The following analysis of the Washington, D.C. Metro housing markets has been prepared by Bright MLS and is based on December 2020 Bright MLS housing data.
- In 2020, the total sales dollar volume for the D.C. metro reached $34.6 billion (+11.7%).
- Total sales volume for the year (57,266) ended up 3.3%. Seven months of the year marked ten-year monthly highs.
- New listing volume was essentially flat with 2019. Combined with strong buyer demand, it created the region’s tightest market on record.
- The year saw buyers snap up homes across the metro area, as days on the market fell into the single digits for the first time (nine days).
- In December, new pending sales showed an unprecedented year-over-year growth, up 30.3% in a traditionally slow month. It was the best gain for any month in the past ten years.
The housing market has been a bright spot this year, though inventory is a challenge. The problem, Berson says, isn’t just homebuilding and permitting but also getting prospective sellers to put their homes on the market. “Hopefully, people will feel good about strangers coming into their home once there’s a vaccine,” he said. – Realtor Magazine
Click the link for more, source: ‘Peculiar’ Economy to Stabilize in Second Half of 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 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.
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.
The Cost of Renting Vs. Buying a Home
- The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
- This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
- Let’s connect if you’d like expert guidance on exploring your home buying options while affordability is high.
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.