The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

What’s drawing so many buyers to the market?

As Yun mentioned, record-low interest rates are key. Today’s rates are strengthening purchasing power for buyers, too. Sam Khater, Chief Economist at Freddie Mac, emphasizes:

“Mortgage rates today are on average more than a full percentage point lower than rates over the last five years.”

If you’re a homebuyer right now, there’s no question that you want to take advantage of this opportunity – and you’re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low.

Who’s planning to buy a home right now?

Today’s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their wealth through homeownership. There’s a distinct increase this year in the percentage of those in younger generations searching for homes. The National Association of Home Builders (NAHB) notes:

“Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).”

Here’s a graph showing the year-over-year increase in homebuying interest by generation:

According to Mark Fleming, Chief Economist for First American, millennials are reaching their prime home-buying years, a likely driver in this increase:

“Record low mortgage rates and millennials continuing to age into their prime home-buying years has boosted demand, but a lack of housing supply remains a challenge.”

What’s the biggest challenge for today’s buyers?

Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”

With so many buyers actively searching for homes this year and so few houses for sale, it’s more important than ever to work with a trusted real estate professional to navigate today’s market. From pre-approval to bidding wars and guidance on down payment assistance resources, having an agent by your side might make the difference in your ability to land your dream home.

Bottom Line

Let’s connect if you’re ready to buy a home. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd.

Is your bedroom missing something? It might be the right shade of paint!

According to marthastewart.com, colors that inspire self-care and calm are the way to go for your bedroom walls these days. As we try to balance the many stressors of life, and decompress from our technology-driven days, a carefully chosen shade of paint in the bedroom can go a long way toward helping us relax. Try one of the following colors to create a more soothing environment in the room where you need it most!

Mossy gray. Tap into nature with this botanical shade of gray that has its roots in nature. The green tones in this hue trigger the mind to relax and unwind so that you can get a good night’s rest.

Pale yellow. This comforting tone provides you with the perfect neutral palette so that you can personalize your bedroom to your liking. Light and warm, pale yellow pairs well with a variety of other colors, such as grays and browns.

Old-world blues. This shade of blue has the right amount of green to keep it from feeling too cool, adding depth and warmth to your bedroom. This regal color is the perfect complement for rich wooden floors and traditional style beds. You can soften things up by painting trim in a cream or off-white shade.

Deep green. This color is a great option for a deep, contemporary look that’s not as harsh as some of the popular charcoal shades. You’ll be able to truly escape and relax at the end of the day surrounded by this soothing color.

Beige. Not the boring color you may remember, beige is often the perfect neutral to add an open feel and warmth to your room at the same time. This shade is perfect for a country or modern farmhouse look, and can be jazzed up with creatively painted trim.

Not sure which color is right for you? Get a few samples and paint a few patches on your wall. This will give you a chance to see the variations in shade throughout the day.

Buyers are actively searching for their next home, and your house may be it. If your own needs have changed and you've been considering a move, let's connect to get your house on the market this fall.

The charming town of Blairsville, Georgia is made up of several quaint and friendly neighborhoods. Blairsville is located in northern Georgia along the South Carolina border surrounded by the Chattahoochee National Forest to the west and Brasstown Bald mountain to the east. This makes for quiet country living to the approximately 650 people who call Blairsville home. 

Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.

Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire? If the sand and sun are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that beach bungalow you’ve always dreamed of or the single-story home in the sprawling countryside that might be a little further out of town. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement.”

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75%) own their homes, and only 23% have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38%) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.

Why These Homeowners Are Making Moves Now

The health crisis this year made us all more aware of the importance of our family and friends, and many of us have not seen our extended families since the pandemic started. It’s no surprise, therefore, to see in the same report that 32% of those surveyed cited the top reason they’re making a move is that they want to be closer to family and friends (See graph below):

The survey also revealed that 73% percent of retirees currently live in single-family homes. With the overall number of homes for sale today hitting a historic low, and with the buyer demand for single-family homes skyrocketing, there’s never been a more ideal time to sell a single-family home and make a move toward retirement. Today’s market has the perfect combination of driving forces to make selling optimal, especially while buyers are looking to take advantage of low interest rates.

If you’re one of the 73% of retirees with a single-family home and want to move closer to your family, now is the time to put your house on the market. With the pace homes are selling today, you could essentially wrap up your move – start to finish – before the holidays.

Bottom Line

Whether you’re looking to fully retire or to buy a second home with the intent to use it as your retirement home in the future, the 2020 fall housing market may very well work in your favor. Let’s connect today to discuss your options in our local market.

Spending so much more time at home, this year has had everyone taking a close look at their homes and the improvements that they wish they had. Many homeowners are making drastic improvements to make more space and others are deciding that they need a new home altogether. I thought I’d share a few features moving up on lists of wants and needs in the age of COVID-19.

Home Office

Many homeowners have now worked from home in some capacity, which makes a quiet place to work remotely a much higher priority on many buyers’ lists. To make your house more attractive to buyers, carve out a little nook for a desk or convert a spare bedroom to office space.

Kitchens

Kitchens are always a highlight for home buyers. That’s even more true right now. While staying at home, many people have donned their chef hats and found that cooking is fun. Large open kitchens where families can cook meals together to remain popular. Try adding small modern upgrades to help your kitchen become more attractive to buyers.

Home Gyms

Since gyms closed for a while this year, homeowners have been creative in finding ways to work out, making space for a home gym high on many lists of wants and needs. You could add floormats and hand weights to a corner of your garage or basement to create a gym space.

Outdoor Space

When it wasn’t safe to go out in public, we all realized how important outdoor space is. Families need space for kids and pets to play when playgrounds aren’t available. Backyards are becoming more and more desirable. Even if your space is small, find ways to spruce it up, like plants and outdoor seating.

More Space

We all love our families, but when it comes to being together 24/7, parents are looking for quiet places or separate rooms for kids to hang out. Finished basements, bonus rooms, and dens are making a move up on the priority list. If a new room isn’t possible, remove clutter and furniture to make your rooms feel more spacious.

Source: RealEstate.USNews.com

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.

1. Buyers Are Actively in the Market

ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.

It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.

2. There Are Not Enough Homes for Sale

In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.

Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.

3. The Process Is Going Quickly

Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.

4. There May Never Be a More Important Time to Move

You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.

Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.

Bottom Line

The housing market is prime for sellers right now, so let’s connect to get the process started this fall. If the timing is right for you and your family, the market is calling your name.