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COVID-19 Impact on the Housing Market – You Might Be Surprised
July 15th Tax Extension Deadline is Next Week
courtesy CreditDebitPro.com
Due to the COVID-19 pandemic, the IRS postponed the original tax filing deadline from April 15th to July 15th. July 15th is also the deadline for making first and second quarter estimated payments for 2020. You also have until the 15th to contribute to your IRA or health savings accounts for the 2019 tax year.
This is the is the last weekend before the deadline to finish gathering documents and preparing your taxes to meet the deadline. If you’re unable to meet the deadline, you can file for an extension to push your tax date to October 15th. That form, along with any IRS documents and information you may need, can be found at IRS.gov.
An Online Furniture Shopping Newbie
I don’t do a lot of online shopping unless its for a product I’ve purchased before or from a retail store I’m familiar with and trust. Buying groceries online, a t-shirt from Nordstrom or replacing a kitchen item from Amazon is a safe bet. I’ve never made a significant online purchase like furniture.
Replacing the ottoman in front of my sofa with something more contemporary and more sturdy has been on my list for some time. A glass of red wine sitting on a tray on an upholstered ottoman is a disaster waiting to happen, especially when you have a dog. With working and spending more time at home in recent months, and maybe drinking wine more regularly, the physical and visual issues of the ottoman have been more noticeable.
Welcome to Wayfair – there are so many choices. After extensive research (probably to much) I parked several glass coffee tables in my shopping cart to ponder. I finally selected a table that checked all the boxes – not too large, contemporary, glass top and interesting style. When I was finally ready to to push the “purchase” button, I was delighted to find it was on sale for the Memorial Day holiday weekend sale. Awesome!
The table arrived a few weeks ago. It was easy to assemble and it’s perfect! Fits the space exactly as expected, the glass top visually makes the room feel larger, it’s a nice update to the room and its a more stable spot for a glass of wine. Couldn’t be happier. I’ve been thinking about new bedroom nightstand lamps . . . there could be another online shopping success story in my future.
Robin Myers is a condominium specialist with Windermere Real Estate/East, Inc.
Can We Expect to See More Entry Level Affordable Housing In the Future?
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.
Available Homes for Sale Significantly Below Last Year
The number of homes available for sale declined in April and May for obvious reasons – there were health and economic concerns brought on by the COVID-19 pandemic. Since late May local home sales have been ahead of the same period last year. Buyer demand remains high but what is different about this year compared to last year is there are fewer homes for sale. The graph below, provided by the Northwest Multiple Listing Service for the Seattle Times, shows that new pending sales are well above the same period last year but new listings of homes for sale are 20% below the same period last year.
With barely a one month supply of inventory in many areas, homes are selling quickly. Multiple offers are more common, and many homes are selling above the list price. Buyers are finding more competition for the weekly supply of newly listed houses and condominiums coming on the market.
What’s driving this demand? Interest rates are at record lows making mortgages more affordable. Potential buyers can afford a larger home. And, after three months of quarantine, owners and renters whose homes offered adequate space when working off-site are seeking larger homes with more indoor space, a dedicated home office area and more outdoor live/play space. Buyers are ready to buy, but sellers don’t appear to be as motivated right now.
Mortgage Forbearance – Where are We Today?
This week Matthew Gardner, Chief Economist with Windermere Real Estate, provides updated news about the mortgage forbearance program. The program has provided a safety net for homeowners but isn’t likely to have any long term negative economic impact.
What Does King County’s Phase 1.5 Mean for Real Estate?
flickr/Rain Rabbit
King County has progressed to Phase 1.5 of the Governor’s “Safe Start Proclamation”. How does that impact buyers and sellers as they search for homes or list their homes for sale?
- Real estate firms may open their offices again. In compliance with State guidelines, staff, brokers and guests will be required to wear face masks when in the office. Common areas and conference space will have restricted access. The number of staff and brokers permitted to be in the office will need to follow State guidelines.
- The most significant change is that now three people (vs. two) are permitted at a property for real estate activities. This permits a husband and wife or partners to view the property together along with their broker. A buyer may now attend an inspection along with the broker and inspector.
- Sign installation companies are again permitted to install/remove real estate signs.
As we begin to move about more freely, an abundance of caution will continue in an effort to keep everyone healthy. Showing homes will continue to be by appointment only with sufficient time between appointments. Buyers and brokers will be required to wear face masks while inside a home and observe all health protocols required by the State along with any additional guidelines requested by the homeowner. Public open houses are still prohibited. Brokers, in an effort to maintain social distancing guidelines, will not transport clients in their car but continue to meet them at properties.
These guidelines are in place to continue to keep everyone safe and healthy as we begin to resume our normal lives. Brokers have become more comfortable working within these guidelines and assuring buyers and sellers that they can safely search for or sell their homes. This is the new normal and we aren’t likely to see the “old normal” for a while.
Bellevue’s McCormick Park
Did you know . . . the City of Bellevue has over 2,700 acres of open space, 90+ miles of multi-use trails, lakefront parks, a farm, golf courses and dozens of playgrounds, sports courts, ball fields and picnic shelters. While many of the larger parks are well known, there are dozens of small parks downtown and in neighborhoods throughout the city.
I live on the north end of downtown. McCormick Park runs in front of my community providing a colorful pedestrian buffer between along NE 12th Street. Just under three acres, the park stretches from 102nd Avenue NE to 112th Avenue NE. There’s a groomed walking trail, benches, picnic tables and open lawn area for adults, kids and leashed pets. In the spring there is an explosion of color from dozens of mature rhododendrons and gardens. In a busy city this small park provides a quiet place to enjoy a work day lunch break, walk, play, relax or picnic year round. I’m a dog owner, so I’m at McCormick Park daily. I’m lucky to have access to a nearby urban getaway where I can enjoy the skyline view while the pups roll in the grass and lounge in the sun. The park has been my major “go to” spot during the quarantine.
Find a park near your home or workplace. Visit the City of Bellevue Parks & Community Services website bellevuewa.gov to find your neighborhood park.
