Three of the Latest Reports Show Housing Market Is Strong

Three of the Latest Reports Show Housing Market Is Strong | MyKCM

The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate reports recently revealed how the housing market is still showing growth. Here’s a look at each one.

1. Ivy Zelman’s Real Estate Broker Survey

The survey explains that purchaser demand remains strong:

“This month’s overall homebuyer demand rating…was easily the strongest sequential gain in our survey history…Strength continues to be led by the entry-level…While high-end demand is less robust in an absolute sense, there has also been relative improvement, with contacts attributing incremental improvement to the stock market’s rebound, record low mortgage rates and luxury customers trading out of high-priced cities.”

2. The National Association of Home Builders Housing Market Index

The index reveals that builder confidence has returned to levels last seen prior to the pandemic:

“In a strong signal that the housing market is ready to lead a post-COVID economic recovery, builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI now stands at the solid pre-pandemic reading in March before the outbreak affected much of the nation.”

3. The realtor.com Housing Market Recovery Index

This index leverages a weighted average of four key components of the housing industry, tracking each of the following:

  1. Housing Demand – Growth in online search activity
  2. Home Price – Growth in asking prices
  3. Housing Supply – Growth of new listings
  4. Pace of Sales – Difference in time-on-market

It then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”

The latest results came in at 101, with realtor.com explaining:

“The U.S. Housing Market has recovered from the immediate disruption caused by the COVID pandemic and returned to January 2020 growth levels.”

Bottom Line

Real estate brokers, home builders, and industry data all agree that the housing market has surged back to pre-COVID levels, showing growth, strength, and incredible resilience.

If you are thinking of buying or selling, please remember to reach out to The Belt Team. Let our 50+ years of real estate experience help you navigate the process and make all your real estate dreams come true. 703-242-3975 | Info@TheBeltTeam.com | www.TheBeltTeam.com

Tip Tuesday!! How to care for your lawn when it’s HOT outside!

So…how’s your lawn looking in this summer heat?! If your grass is suffering this year, don’t worry. You are NOT alone!

Our friends at Prestige Lawn & Landscape share some tips on how you can help your lawn look it’s best in the heat of the summer. Check out the video above from our YouTube channel!

Thinking of selling and need some other tips on how to get the most our of your home’s curb appeal…give us a call! We would love to take a look and help you get your house looking it’s best. 703-242-3975 or info@thebeltteam.com

Tip Tuesday!! How to help your HVAC do it’s job in the heat of the summer.

Our friends at John Nugent & Sons share some tips on how to help your HVAC be most efficient and keep the cool air in during the heat of the summer!

Home Sale Statistics in Northern Virginia – June 2020

It’s Ground Hog day in July and the market mirrors the weather- HOT!

The Northern Virginia housing market continues the same trends we have been experiencing.  Extremely low inventory, upward pressure on home prices, hyper competitive for buyers, and low interest rates.  

See the details below…

Northern Virginia June 2020 home sales:

4,393 homes went under contract in the region. This is up (9.1%) from the same time period in 2019.

57% of the homes that went to settlement in June 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $581,783 (up 3% from the same time period in 2019).

4,536 homes came on the market. That’s down 2.6% from June 2019.

• Homes that sold (closed) averaged 19 days on market, the same as in June of 2019.

• There is currently a 1.1 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 3,207 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  Market activity continued to increase in June…number of homes that came on the market and went under contract increased from May.  And the number of contracts is up from the same time last year.  However, the issue of low inventory (down 42% from this time last year) remains creating an aggressive seller’s market and competition for buyers.

If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: June 2020 Home Sales

Oakton: June 2020 Home Sales 

Great Falls: June 2020 Home Sales 

Reston: June 2020 Home Sales 

Falls Church: June 2020 Home Sales 

Arlington: June 2020 Home Sales 

Alexandria: June 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Give us a call or shoot us an email if you want to discuss how we have been successfully navigating the current pandemic environment for our sellers…703-242-3975 | sales@thebeltteam.com.

Wondering what your home is worth? CLICK HERE for a free home valuation today!