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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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Real Estate Investing: Things to Consider with an Airbnb Investment

When it comes to real estate investing, it’s no longer just about fix-and-flip homes or rental properties. A growing number of real estate investors buy homes to turn into profitable Airbnb investments. According to a recent Forbes.com article, many investors realize they can often make more money with short-term rentals compared to 1-year or traditional leases. With most Airbnb arrangements, it’s a guest and host relationship vs. a tenant and landlord scenario. For investors who don’t want to worry about hiring a property manager or collecting rent themselves, the Airbnb model provides some advantages. But before house hunting for an investment property, consider whether it’s the right decision for you.

Checking out the obstacles

Before buying a rental home or an Airbnb property, check the subdivision’s HOA (homeowner association) rules as well as any county regulations. Many counties throughout the U.S. actually collect local taxes on behalf of the host. Some HOA policies require a one-year lease rather than shorter leases but could make exceptions considering guests do not sign traditional leases.

Figuring out the added expenses

When you invest in a rental property, you typically provide the basics such as washer and dryer, a running A/C unit and clean carpet. With an Airbnb, guests expect a furnished place with towels, bedding, pillows, rugs, books, décor and dishes. When figuring out your expenses, also consider tax implications such as whether to file a Schedule C or E.

Knowing your strengths and weaknesses

If you don’t have time to clean in between guests and don’t want to coordinate a cleaning service and don’t like interacting with the public, Airbnb is not likely to suit your personality. Hiring a property manager to oversee a rental property could work. On the other hand, if you have a gift for staging and entertaining, Airbnb could bring out your strong points.

To get started with real estate investing, talk to an experienced real estate agent about homes for sale that would appeal to renters or guests. If you decide to use your investment as an Airbnb, think of a decorating theme or draw. Homes with great views, access to hiking trails or with easy access to grocery stores and entertainment often generate more income. At Sunbelt Real Estate, we help new real estate investors and experienced ones find the right properties for their real estate investing goals. Talk to us about how to profit from the booming sharing economy. For more tips, contact us today.

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The Mendez Family First Time Buyer in Norwalk, CT

We are a first time buyer and Juan Carlos was the perfect match for us. We were very limited in our mortgage qualifications and had to go through three different purchase processes in order to finalized the purchase of a two family house in Norwalk, CT. He was very…

Ana Oliver Condo Purchase in Norwalk, CT

My wife and I have known Juan Carlos for around 5 years, he has helped us with multiple real estate transactions. He has been so patient and professional, we value his opinion and would recommend him to anyone looking in the area at a house.

C. Silla-Stamler Sold a Single Family home in Pound Ridge, NY

Juan Carlos Garcia and his associate, Susy Szalai helped me to find my new home in Pound Ridge, NY. Their knowledge, experience made the whole process very smooth. They both are very professional with great negation skills, good manner. I would definitely work with them again. I can…

Sofia Garcia Bought a Multi Family home in Norwalk, CT

We have work with Juan Carlos before and we have always been very happy with his service . He is knowledgeable and efficient. Knows the area well and has common sense. His negotiating skills are non plus ultra. We will continue working with him on any of our…

Vanessa Moore Bought a Condo in Glenbrook, CT

Juan, is very helpful and extremely patient. Juan helped us purchase our first home. I remember, when our mortgage didn’t go through with our first lender, Juan guided and supported us well.He negotiated well with the the seller to give us more time.  Juan worked within our tight…

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