Thursday, October 8, 2020 / by Monique 'Moey' Nichols
A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market.
The Institute for Luxury Home Marketing (ILHM) explains:
“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.
For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”
This was not the case at this time last year, as the most recent Luxury Market Report fro ...
Tuesday, September 29, 2020 / by Monique 'Moey' Nichols
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?
Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).
However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:
“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Have prices continued to appreciate so far this year?
Last week, the Federal Housing Finance Agency (FHFA) released ...
Tuesday, September 22, 2020 / by Monique 'Moey' Nichols
Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”
Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.
There are ...
Wednesday, July 29, 2020 / by Monique 'Moey' Nichols
Mid Year Market Update
2020 has most certainly been one for the books!
Covid-19, Protests, Riots, Kobe Bryant, No Olympics, Distance Learning,
Social Distancing, Murder Hornets, Locusts, SpaceX, Australia Burning,
Royals Leaving Royalty, Zoom, and let's not forget, Tiger King.
We've made it past the half-way marker!
Although this year has brought many challenges, these defining moments
have been shaping our economy in a very surprising way.
With many businesses forced to shut down, unemployment rates
sky-rocketed in the initial phase of sheltering at home.
Many were worried they wouldn't be able to pay their mortgages
and would need to rely on a forbearance program.
We have made a surprising rebound, and the Real Estate industry
is leading the pack! For the first time since March of this year,
Home Sales have actually surpassed pre-Covid numbers week over week since May. Here's a look at the past weeks numbers for San Luis Obispo County, informational stats from C ...