Why the Housing Market Is a Powerful Economic Driver

Interesting article from our friends at Keeping Current Matters on how real estate can positively impact the economic recovery…

Why the Housing Market Is a Powerful Economic Driver | MyKCM

With businesses starting to slowly open back up again in some parts of the country, it’s important to understand how housing can have a major impact on the recovery of the U.S. economy. As we’ve mentioned before, buying a home is a driving financial force in this process. Today, many analysts believe one of the first things we’ll be able to safely bring back is the home building sector, creating more jobs and impacting local neighborhoods in a big way. According to Robert Dietz in The Eye on Housing:

 “The pace of new home sales will post significant declines during the second quarter due to the impacts of higher unemployment and shutdown effects of much of the U.S. economy, including elements of the real estate sector in certain markets. However, given the momentum housing construction held at the start of 2020, the housing industry will help lead the economy in the eventual recovery.”

The National Association of Home Builders (NAHB) notes the impact new construction can have on the job market:

“Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters and schools, according to NAHB’s National Impact of Home Building and Remodeling report.”

These employment opportunities, along with the home purchase, drive the economy in a major way. The National Association of Realtors (NAR) recently shared a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the sheer number of workers it requires to design, build, equip, and finalize the sale of the home. The NAHB paints a clear picture of these roles:

“The NAHB model shows that job creation through housing is broad-based. Building new homes and apartments generates jobs in industries that produce lumber, concrete, lighting fixtures, heating equipment and other products that go into a home remodeling project. Other jobs are generated in the process of transporting, storing and selling these products.
Additional jobs are generated for professionals such as architects, engineers, real estate agents, lawyers and accountants who provide services to home builders, home buyers and remodelers.”

The same NAR report also breaks down the average economic impact by state:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

On an emotional level, what’s most important for today’s consumers to feel confident about is the safety component that goes into the process. Mitigating the risk of essential personnel at this moment in time is more crucial than ever as we all aim to reduce the spread of the coronavirus. Fortunately, the NAHB has put immense effort into a plan that prioritizes the health and safety of home builders and contractors:

“This is why NAHB and construction industry partners have developed a Coronavirus Preparedness and Response Plan specifically tailored to construction job sites. The plan is customizable and covers areas that include manager and worker responsibilities, job site protective measures, cleaning and disinfecting, responding to exposure incidents, and OSHA record-keeping requirements.”

Bottom Line

Buying a home is a substantial economic driver today, and when new construction picks back up again, it will be an even stronger recovery force throughout the country.

If you’re in a position to buy a home this year, you can have a significant impact on your local neighborhoods and safely make the move you’ve been waiting for. It’s a win-win. And remember to reach out to The Belt Team to help navigate your purchase (703-242-3975 | info@TheBeltTeam.com), and visit our state of the art website to set up your customized property search…www.BeltTeamRealEstate.com!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

69% of Buyers are Wrong About Down Payment Needs

The Belt Team sells lots of homes to first-time homebuyers and invariably when we meet for the first time, there are lots of misconceptions about what it takes to buy a home. How much money you need for a down payment is almost always one of them.

Here’s an article from Keeping Current Matters about some of the mythunderstandings:

69% of Buyers are Wrong About Down Payment Needs | MyKCM

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.

If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.

The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:

69% of Buyers are Wrong About Down Payment Needs | MyKCM

Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,

“While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.

There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they’re ready.”

Bottom Line

Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options! Call The Belt Team at (703) 242-3975.

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Slaying Home Buying Myths

We get questions from first-time homebuyers like this all the time:

  • Do I have to have a perfect credit score?
  • Do I need 20% cash for my down payment?
  • Aren’t interest rates really high?
  • Can I really afford to buy?

Check out what Keeping Current Matters has to say about the myths related to buying a home:

Slaying Home Buying Myths [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Interest rates are still below historic numbers.
  • 88% of property managers raised their rent in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

The Belt Team has a Buyer Specialist whose expertise is First-Time Homebuyers. If you’re looking for someone to walk you through each step of the process, call Beth Dadisman at (703) 577-1144. Or click here to schedule a FREE consultation.

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Here’s how you might feel after you buy your first place! We helped these first time homebuyers find their dream home and go to settlement just last week! The Belt Team is ranked in the Top 20 Real Estate Agents in the State of VA (out of 30,000 agents). Don’t you deserve the BEST?!

The Belt Team Specializes in First Time Homebuyers

The Belt Team Named to “America’s Best Real Estate Agents” List For Virginia

On the heels of last month’s honor of being named to Washingtonian Magazines “Top Real Estate Agent List” – The Belt Team is proud to announce that out of nearly 30,000 Realtors in the State of VA, we have also been named to  “America’s Best Real Estate Agents” list by Real Trends for VA and were listed in the Top 20 Teams By Volume – with over $61 million in sales in 2014!

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Top Realtors Northern VA

The Belt Team serves all of Northern Virginia and has sold more homes in the Vienna Oakton area than any other Realtor or team since 1973. We also sell more homes outside of Vienna/Oakton than in! The Belt Team team is ranked in the Top 100 Teams for the largest real estate company by agent count in the world – Keller Williams Realty, with over 120,000 agents. And we are most proud of the Five Star reviews given to us by our past clients on independent real estate site Zillow.com because the reviews reflect that we are achieving our mission of “Changing Lives For The Better”!

If it’s time to change YOUR life, call Terry Belt & The Belt Team at (703) 242-3975!

Top 100 Teams Keller Williams

The Belt Team includes Terry Belt (CEO), Gail Belt (Founding Partner), Kevin Kleifges (Listing Specialist), Tom Reilly (Lead Buyer Specialist), Beth Dadisman (Showing Partner), Martin Bristow (Realtor), Christy Grossman (Chief Operating Officer), Jerry Belt (Special Services) & Patty Schuebel (Client Care Manager).

The Belt Team Named to Top 100 Teams, While Keller Williams Realty Secures #1 Spot In Agent Count Worldwide!

Top 100 Teams Keller Williams

The Belt Team, of Keller Williams Realty’s McLean office, was just named by Keller Williams Realty Inc (KWRI) as #93 on their Top Real Estate Teams list for 2014!

This is a significant achievement, especially in light of the fact that this week, KWRI announced it has become the largest real estate franchise by agent count in the entire world, with more than 112,000 associates! The news was announced in front of more than 10,000 KWRI associates & guests during our annual convention in Orlando, Florida.

Seven of the nine members of The Belt Team traveled to Orlando where we were honored to be presented with the coveted Triple Platinum Award in recognition of our 2014 production (almost $63 million in home sales). In addition, our Chief Operating Officer, Christy Belt Grossman, served as an expert panelist/facilitator for the “Mastermind with Mega Agent Assistants” breakout session. Christy is well-known for her expertise in both social media and executive administration.

Chief Operating Officer The Belt Team“I am thrilled The Belt Team ranks among the elite teams in the country,” said Christy, “Our ranking affords us access not only to tools, technologies, and resources that uniquely benefit our clients, but also to some of the top minds in the industry. That’s a win-win for us and for our clients. Our mission is to change families’ lives for the better – one family at a time. We are grateful to have had the opportunity to do that almost 100 times last year and look forward to helping even more families this year.”

Tom Reilly Buyer Specialist Northern VA Real EstateTom Reilly, Lead Buyer Agent of The Belt Team echoed that thought, “We are very excited to be recognized among the top producers in the world. But more important than numbers are people. Each family we work with becomes part of our family. We take our mission to heart, making sure our clients’ needs always come first.”

CEO The Belt TeamTerry Belt, CEO of The Belt Team added, “As our market rebounds, it’s more important than ever that buyers and sellers work with uber experienced Realtors. Market conditions are good, but still volatile. Come areas are still seeing competing contracts, low inventory, appraisal issues and financing challenges. The good news is, well priced homes in good condition are selling and selling quickly. And agents with long term relationships with lenders & others can leverage those relationships on your behalf. The better your agent is, the better you can protect your investment, whether you’re a buyer or seller.”

Also at the convention, Keller Williams’ New CEO, Chris Heller, welcomed the newest expansion regions outside the United States: Costa Rica and Spain. This year’s gathering included hundreds of guests from more than 20 countries. This means The Belt Team is now prepared to connect you with real estate resources around the globe.

Call Terry Belt & The Belt Team at (703) 242-3975. It would be a pleasure for OUR family to help YOUR family make the RIGHT move!

About The Belt Team:

The Belt Team includes Terry Belt (CEO), Gail Belt (Founding Partner), Kevin Kleifges (Listing Specialist), Tom Reilly (Lead Buyer Specialist), Beth Dadisman (Showing Partner), Martin Bristow (Realtor), Christy Grossman (Chief Operating Officer), Jerry Belt (Special Services) & Patty Schuebel (Client Care Manager). The Belt Team serves all of Northern Virginia and specializes in Vienna and Oakton where it has sold more homes than any other Realtor or team since 1973. The team is ranked in the Top 100 Teams for Keller Williams Realty Inc. (out of 112,000+ agents). For more information, please visit http://www.TheBeltTeam.com Phone: 703-242-3975

To Stage or Not To Stage – THAT Is The Question!

  • Should you “stage” your home before you put your home on the market?
  • Does it really make a difference?
  • Is it worth the money & time spent?

These are great questions! Here is the research-based answer:

The Belt Team is all about maximizing profits for our Sellers. It’s why we pay for a PROFESSIONAL stager to consult with all of our Sellers before they go on the market. We go the extra mile to ensure you get the most when you sell your home.

If you’re thinking of selling a home in Northern Virginia, call Belt Team CEO, Terry Belt, at (703) 242-3975. We’ll schedule your listing consultation, and schedule a consultation with our professional stager so you are ready when we send a professional photographer to shoot the photos of your home!

Terry Belt & The Belt Team: Ranked in the Top 10 Real Estate Teams in The State of VA by Wall Street Journal

What’s It Like To Work With The Best?

Our clients often tell us “You’re the best!”. But we never take that for granted. We SO appreciate their trust in us at such important times in their lives. And so after every transaction, we ask for feedback on how we can make things even better. We also ask our clients to share their experiences on an independent review site like Zillow or Trulia. We don’t get to see what they have said until AFTER it’s published. And we have no ability to edit what they say. This is where the rubber meets the road!

Success or Failure in real Estate

What we have learned over time is that some things get repeated over and over in those reviews:

  • “Superior negotiating ability”
  • “Constant communication”
  • “Responsiveness”
  • “Incredible market knowledge”
  • “Attention to detail”
  • “Professionalism”
  • “Saved us time”
  • “Saved us money”
  • “Saved us headaches”

We’re proud to say that the large majority of our clients are either repeat or referral. THIS is the testimony of what it’s like to work with the best. It’s why we are ranked in the Top Ten real estate teams in the entire State of VA (out of 30,000 agents.).

Each client is unique and our mission is “Changing Lives For The Better – One Family At A Time“.

Two more reviews from recent clients came in this past week. Here’s what they said about what it’s like to work with Top Realtors in Northern VA:

Working with Gail Belt meant working with a consummate professional. She was tireless, detailed, expert. I was an out-of-town seller, and among her standout qualities were: – Constant & thorough communication. – Knowledge of the market and our direct competition. – Instinct about buyers, their agents, their perceptions, their positions. – Superior negotiating ability. I’d also like to recognize the contributions of Patty who exhibited the attention to detail, focus, and excellent communications which are hallmarks of The Belt Team. ” Chris Duskin

I cannot thank The Belt Team enough for the assistance we received selling our home. Led by Gail, Patty, Christy, Kevin, Jerry, Terry and the other Belt Team members behind the scenes provided us with complete professionalism. The attention to details, the brochure, open houses, regular communication, etc etc truly made the process of selling our home as painless as possible. We can’t thank you enough!” Joanne and Steve Frank

If you’re ready to work with one of the best real estate teams in Northern VA – call (703) 242-3975 today! We’ll help you make the RIGHT move!

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Top Northern VA Real Estate Team

Condo Open Sunday in West Village of Shirlington

4131-C South Four Mile Run Drive in Arlington – Open Sunday, April 13th 1-4PM!

List Price: $459,000

Arlington Condo For Sale

Directions, pictures and more information about 4131C S Four Mile Run Drive

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Call (703) 242-3975 to schedule a showing!

Updated Symphony Hills Home Open in Vienna – April 13

This gorgeous, updated home in Vienna’s sought after Symphony Hills is listed at $824,900.

Symphony Hills Vienna

 

 

  • Spacious & updated!
  • 5 bedroom rambler!
  • English garden!
  • Wolftrap / Kilmer / Madison school pyramid!

Is THIS the one you’ve been waiting for?!

Open Sunday, April 13th from 1-4PM!

More info, photos & directions to 9627 Percussion Way in Vienna

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Contact The Belt Team for more info or to schedule a showing call (703) 242-3975!

Updated

West Village of Shirlington Condo – Open Sunday April 6th

4131-C South Four Mile Run Drive in Arlington – Open Sunday 11:30AM-1:30 PM!

List Price: $459,000

Arlington Condo For Sale

Welcome to this delightful 2 bedroom, 2 full bath, end unit cottage condo in the West Village of Shirlington . . . a great location for commuters and just moments to shops, restaurants, movie theater, and much more!  This spacious home features an open floor plan, gorgeous hardwoods throughout, eat-in kitchen with granite countertops, stainless steel appliances & center island with breakfast bar, spacious master bedroom with loads of closet space, oversized showers in both bathrooms, and in unit washer/dryer.  Also enjoy the many amenities West Village has to offer.  A move-in ready home not to miss!

Directions, pictures and more information about 4131C S Four Mile Run Drive

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Call (703) 242-3975 for more info or to schedule a showing at the West Village of Shirlington!