This week Matthew Gardner, Chief Economist with Windermere Real Estate, explains the Case Shiller Home Price Index which has accumulated data over the last 130 years of home prices in 20 major cities in the United States.
This is a question I hear a lot. Real estate was dormant this spring due to the coronavirus pandemic. Since mid-May the housing market has made a robust and positive rebound.
The number of buyers currently in the market far exceeds the available inventory of homes for sale. Why are so many buyers searching for homes? Record low interest rates give buyers more purchasing power. They’re taking advantage of those low interest rates to purchase a first home, move up to a larger home or, since we’ll be working from home/learning from home for many months to come, find a home that is a better fit for changing live/work/learn lifestyles. We are fortunate to live in an area with a strong economy. Local and national companies continue to grow and recruit employees, but that growth is bringing more home buyers to the area who want to purchase a home.
Lifestyle needs change . . . job and workspace needs change . . . housing needs change. Right now housing inventory is the biggest challenge for buyers looking to purchase a home. It’s a competitive market. The shortage of homes is definitely tipping the scale in favor of sellers, and that trend is expected to continue through the end of the year.
If there’s a change or a move in your future . . . how can I help?
This week Matthew Gardner, Windermere Real Estate’s Chief Economist, provides an update to his 2020 housing forecast. Interesting economic information relating to the local and nationwide real estate market.
Over the past week I’ve suddenly received several phone and email “phishing” solicitations. I’d like to blame it on a full moon, but that was nearly three weeks ago.
I’ve been contacted twice and advised my Amazon account had been locked due to suspicious activity. Two different people have called to tell me a credit card was being used in another state, that the police had been contacted, and they would need additional personal information to verify they were really talking to the cardholder so that they could assist me. I reached out to both credit card companies – no suspicious activity or security breach reported on my accounts. I also had a call trying to sell me new windows for my home. Told that caller my home has no windows. (You have to have some fun with these calls.) The best calls have been the three from people representing “investors” who are ready to purchase my house immediately – for cash. I had to play along with these calls too. Turns out the caller didn’t know anything about my home including where it was located, when it was built, the number of bedrooms, baths or square footage. After no doubt frustrating the caller for a few minutes, I let them know I was a Realtor® and that when it came to sell my home I had that covered.
Maybe with everything going on in the world scammers think this is an easy time to take advantage of people who might be feeling stressed or vulnerable. In my business escrow and title companies, banks and lenders continually deal with wire fraud. Bad people have figured out how to hack into emails, secure bank and corporate websites and anywhere else they think there might be a quick and dirty way to make money and defraud innocent people.
Be very careful. Be suspicious of phone calls and emails you don’t recognize or can’t verify. Caution and educate your children, parents and friends. If you question something, whether it’s from a friend, relative, business associate, bank real estate broker, escrow or title, and especially if you’re involved in a real estate transaction . . . verify the sender. It only takes a few minutes to protect yourself. It also only takes a few minutes for a wire transfer sent to a criminal recipient to empty a bank account, and those funds can be impossible to retrieve.
We have enough to worry about these days. Be safe. Verify. Verify. Verify. And while you’re at it, wear a mask. Take care of yourself, your family and friends.
Started in 2010, the information in the National Housing Survey contains information about consumer attitude, intentions and financial confidence as it relates specifically to housing.
With summer weather finally here we’re all spending more time outdoors, but with the confines created by the COVID-19 pandemic, we’re spending a lot more time outdoors at home. Whether you live in an urban high rise or townhouse, creating privacy on your deck, patio or courtyard can be challenging.
HGTV has provided some interesting and affordable options available for adding a privacy screen to your deck. If you’re creative, there’s a lot of inspiration here for designing a customized screen to fit your space and decor.
This week Matthew Gardner, Chief Economist for Windermere Real Estate, discusses housing affordability and what we can expect moving forward. On average median housing prices nationwide are have increased by 23.5% above the 2008/2009 recession. While there has been some impact on values due to COVID-19, high demand from buyers in a market with limited inventory will continue to increase prices. What’s the solution? There’s high demand for entry level housing, but there’s no easy answer as to how to create affordability.
This week Matthew Gardner, Windermere’s Chief Economist, looks at high frequency data sets, data that is issued more frequently than the typical monthly or quarterly reports we’re used to reading. Using data from real estate, hospitality and travel sources Matthew provides interesting information on how close our economic growth is to getting back to normal.