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Will the Housing Market Bloom This Spring?

Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.

Danielle Hale, Chief Economistrealtor.com:

“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”

Ali Wolf, Chief Economist, Zonda:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

Freddie Mac:

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

Mark Fleming, Chief Economist, First American:

“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, reach out to a local real estate professional to determine how you can re-engage in the homebuying process this spring.

Reposted from KCM.

Why Right Now May Be the Time to Sell Your House

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:

Buyer Traffic Index Map

As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Reposted from KCM.

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Did You Outgrow Your Home in 2020?

Family in living room

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.

These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your current home, reach out to a real estate professional to discuss local market conditions and determine if now is the best time for you to sell.

Reposted from KCM.

How Is Remote Work Changing Homebuyer Needs?

Woman in Home Office

With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Americans as we ride the wave of the current health crisis and consider evolving homeownership needs.

According to George RatiuSenior Economist for realtor.com:

“The ability to work remotely is expanding home shoppers’ geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term…Although it’s too early to tell what long-term impact the COVID-era of remote work will have on housing, it’s clear that the pandemic is shaping how people live and work under the same roof.” 

Working remotely is definitely changing how Americans spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters.

A recent realtor.com-HarrisX survey indicates:

“In a June poll of 2,000 potential home shoppers who indicated plans to make a purchase in the next year, 63% of those currently working from home stated their potential purchase was a result of their ability to work remotely, while nearly 40% [of] that number expected to purchase a home within four to six months and 13% said changes related to pandemic fueled their interest in buying a new home.

Clearly, Americans are thinking differently about homeownership today, and through a new lens. The National Association of Home Builders (NAHB) notes:

“New single-family home sales jumped in June, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs.”

Through these challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. This has quickly shifted what home truly means to many American families. More than ever, having a place to focus on professional productivity while many competing priorities (and distractions!) are knocking on your door is challenging homeowners to get creative, use space wisely, and ultimately find a place where all of these essential needs can realistically be met. In many cases, a new home is the best option.

In today’s real estate market, making a move while mortgage rates are hovering at historic lows may enable you to purchase more home for your money, just when you and your family need it most.

Bottom Line

If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, reach out to a local real estate professional today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success.

(Reposted from KCM.)

New Practices in the Time of Covid-19

Due to the spread of Covid-19, Delap Real Estate has cancelled office hours until further notice. During this time, our agents will be working remotely and will continue to provide a high level of service to our clients while staying committed to everyone’s health and safety. We have provided some basic information below, and encourage you to contact us with any questions. Our agents’ phone numbers and email addresses are available here.

Open Houses

In accordance with state and federal guidelines limiting group gatherings, we are not scheduling open houses at this time.

Social DistancingShowings

We are still showing properties both virtually (through FaceTime/video tours) and in person. For in-person showings, our agents will wash/sanitize their hands before and after entering the property, keep at least 6 feet of distance from others, and will ask prospective buyers do the same. Agents will open bathroom, closet, and other doors in advance, so that prospective buyers not need to touch anything as they move through the space.

Appointments

We will be happy to “meet” with you by video or phone conference, and spend as much time as necessary to develop a plan to find your dream home—or get your property on the market. We are also available to meet in person, using the same safety measures described above for showings.

Everything Else

Whether you are in the middle of a closing, just embarking on a house search, or looking to put your property on the market, we know that many questions are likely to arise. Please feel free to contact us about any aspect of your current or future real estate endeavors. We will do our best to supply the information and resources you need to move forward now or formulate a plan for later.

As of today, everyone at Delap is healthy. We will continue to exercise an abundance of caution to preserve the health of our agents, clients, and the community at large. We are sending good wishes to all of you and your families in this difficult time. Please stay safe—and practice as much social distancing as you possibly can. We will do the same!

Home Projects for Winter Weekends

House projects can be tricky in winter. Other than snow removal, there isn’t a ton you can do to improve your home’s curb appeal this time of year. But that doesn’t mean you need to defer all projects until Spring. There is plenty of work you can do inside to breathe new life into your home. Much of it can be accomplished in a weekend and for under a hundred bucks!

Rearrange

Whatever you want to call it—feng shui, space flow, reconfiguration—getting your furniture into just the right spots can make a huge difference to the impact of a room. If things feel off and you just can’t figure out why, ask a friend (or your realtor!) too look at the space with you. Sometimes all it takes is a set of fresh eyes to see the true potential of a space.

Do a Deep Clean

Once you’ve done the routine work of tidying, dusting, and vacuuming, try going a bit deeper. From washing windows and wiping down doorframes, to scrubbing bathroom grout and cleaning light fixtures, there is a lot you can do to make your home feel sparkly and new with just a little elbow grease.

Style Your Bookshelves

Tidy up your reading materials and make some space on the shelf for one or two non-book items (a plant, or a nice piece of pottery, for instance). This will add style and draw the eye to this otherwise utilitarian area of your home.

Do a Sofa Makeover

If your couch is starting to show some wear, dress it up with a new slipcover, some accent pillows, or a cozy throw.

Winter Home Project IdeasOrganize Your Kitchen

Kitchen clutter can be a real drag. If you have stacks of pots and pans living on top of your stove for instance, consider a pot rack. Whether it’s hanging, wall-mounted, or free-standing, an item like this can add visual appeal as well as providing storage space.

Paint

A fresh coat of paint on walls, trim, or doors can go a long way to making your home feel fresh and cared for.

Update Fixtures

From the pulls on your kitchen cabinets to the knobs on your interior doors, updating hardware can make a big difference for not a lot of bucks.

It's the Time of the Season for … Hygge

Cozy reading nook on couch with lamp and bookshelvesEight Tips for Adding Warmth and Coziness to Your Home

With Thanksgiving behind us and a fresh blanket of snow on the ground here in the Pioneer Valley, it feels like time to settle in by the fire, curl up with a good book, pour a cup of tea and luxuriate in the coziness of home. The Danish call this feeling of coziness hygge (pronounced h(y)oo), which the Oxford Dictionary defines as “a quality of coziness and comfortable conviviality that engenders a feeling of contentment or well-being.”

There are parts of our homes that tend to spark feelings of coziness naturally; A breakfast nook with the morning sun slanting in, a comfy couch with a blanket draped over the back, or any spot near a fireplace. If your home contains these things, congratulations—hygge slam dunk! But if not, never fear. There are plenty of other ways to infuse your house with a feeling of warmth and comfort this winter.

Boost your home’s coziness factor by adding any of these elements:

  1. Rugs. Not only are they kind to your feet on chilly winter mornings, rugs can really soften the vibe of a room and create defined and inviting areas within a larger space.
  2. Blankets and throws. They’re great for warmth, of course, but also for adding a touch of softness to more modern, angular furniture.
  3. Pillows. Well…what’s cozier than a pillow?
  4. Plants, flowers, or fruit. Anything organic, really—even a piece of beautiful driftwood—will bring softness and a sense of comfort to a room.
  5. Texture. Whether achieved through fabrics, prints, or objects with different surfaces, texture can make a space feel more inviting.  
  6. Books. Stacks of them. Preferably somewhere near an overstuffed chair and a reading lamp.
  7. Soft, warm light. So break out those candles, fairy lights, or Edison bulbs for an instant feeling of warmth and comfort.
  8. Good smells. Whether its from bread baking in the oven or a woodsy-scented candle, the right smell will trigger a sense of “home” like nothing else.

 

Attracting Fall Home Buyers

Hello All! Delap Real Estate: How to Attract Fall Home Buyers

Are you considering putting your house on the market soon? Buyers are looking. In Autumn, Buyers and Sellers are more motivated to take the real estate process more seriously, before Winter really closes in. 


Here are some tips to attract the Fall home buyer:
 

  1. Clean up your yard. Make sure to cut and pull those persistent summer vines, bittersweet especially. 

  2. Get creative with curbside flowers. Decorate with Autumn decor. Marigolds, mums, pumpkins.

  3. Wash your windows, inside and out. Remove the screens, if you can, and clean those as well.
    They may not look dirty but they are.

  4. Change your furnace filter. Better for you and your family’s health.

  5. Consider cleaning out the fireplace, if you haven’t already. Decorate inside with lit candles for the showing. 

  6. Bring in the light, turn on the lights. Ensure your home is well lit. Lighting improves a home’s atmosphere.

  7. Prepare some autumn snacks to enjoy and share with potential buyers. The smells of apples and cinnamon
    are just an added bonus.

  8. Consider playing soft background music if you can.
     

Remember, in the end, everyone involved wants to say goodbye
to a good home and hello to a good home. Let’s all work together to make that happen.

 

- Delap

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