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Have You Ever Seen a Housing Market Like This?

Have You Ever Seen a Housing Market Like This?

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery
The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):Have You Ever Seen a Housing Market Like This? | MyKCM

Record-Breaking Mortgage Rates
Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation
One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:

“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”

Increasing Affordability
Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”

Bottom Line
With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.

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A Real Estate Pro Is More Helpful Now than Ever

A Real Estate Pro Is More Helpful Now than Ever
~A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis.
~Expertise and professionalism are highly valued and can save buyers and sellers time and effort along the way.
~If you’re thinking of buying or selling a home this year, let’s connect to be sure you have a trusted professional on your side.

 

Aspectos destacados:
~Un estudio reciente compartido por NAR señala que tanto los compradores como los vendedores piensan que un agente es mas útil que nunca durante la crisis de la salud actual.
~La experiencia y la profesionalidad son muy valiosas, y pueden ahorrar tiempo y esfuerzo a los compradores y vendedores en el camino.
~Si usted está pensando en comprar o vender una casa este año, vamos a comunicarnos para asegurarnos que tiene un profesional de confianza de su lado.

Click Here for the Spanish Version 

 

 

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Helpful Hints For Buying a Luxury Home in Stamford, CT

 

Buying a home is never a decision to be taken lightly, and the importance of making the right decision becomes magnified when you decide to buy a luxury home. However, as scary as the process might seem, it can certainly one of the most rewarding choices of your life! The home you’ve always pictured in your head is out there–here are some tips to help you find it.

Understand the Process

When it comes to the luxury housing market, sellers tend to be a bit more private. That means that you may need to dig a little bit deeper to find out what homes are available, whether that means going through a few more websites or using the personal connections of a real estate agent.

Know What YOU Want

While you will likely have the help of a few professionals throughout the home buying process, you are ultimately the one who will be living in the house. Make sure that you understand your family’s needs and lifestyle, and what kind of property will meet and fulfill them.

Make Sure the Finances are in Order

The figures involved in a luxury housing deal tend to be substantial, and sellers will often want to verify that you have the necessary funds when it comes time to make an offer. Make sure to have a current bank statement with your personal information redacted handy in case this comes up. Also, if the transaction is taking place across borders, make sure that you understand all of the applicable tax laws.

Team Up with the Right People

By far the most important step of the process is to choose an experienced partner to guide you through. It is absolutely essential that you seek the help of someone who has worked through the home buying process many times over. With luxury home buying, the stakes are simply too high to try to go it on your own or to work with someone who lacks the necessary qualifications. Contact Sunbelt Real Estate to start the process of making your dream home a reality.

 

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Three Tips for Buying a Luxury Home

Buying a luxury home is a big investment, one that you should not go into without the proper preparation. Whether this is your first luxury home or you have lived in a luxury home for years, finding the right home for your family’s need is essential. If you are considering purchasing a luxury home, there are several things you should do.

Do Not Settle

When you are fresh out of college and not making a lot of money, you may need to settle for a home that is not entirely what you had envisioned. When the time comes to purchase a luxury home, though, you are investing a large amount of money. You should not have to sacrifice that third bathroom, give up on the idea of a large yard, or buy a home in a less-than-desirable neighborhood. Your luxury home should be something you love.

Be Willing to See the Potential

On the surface, it may seem contradictory to say that you should not settle but that you should also be willing to see the potential. Even a luxury home, though, may have a few things that you need change. Do not allow the lime green walls or the outdated kitchen cabinets to scare you away from an otherwise wonderful home. See the home’s potential. Small fixes are not going to cost very much to change. Even larger fixes may not be big deal if they are factored into your home budget. Be willing to see how a home that is not quite perfect yet could be perfect, especially if it is in a neighborhood that you like.

Work with the Right Agent

While some people are lucky enough to stumble upon their perfect home on their own, most people need the assistance of an experienced real estate agent to find the right luxury home for their family. For the most effective home buying experience, be sure to partner with Sunbelt Real Estate during your home search.