Summer Market a Little More Friendly to Buyers

Frustrated by the market in the first half of 2021? According to Realtor.com’s Weekly Housing Trends report on July 8, there could be some small amount of relief in the coming weeks.   First, new listings had been growing in number year-over-year in twelve of the previous fifteen weeks, which had helped to slow the red hot price growth we had been experiencing. Also, the rapid pace that homes disappeared from the market had been slowing, again in a year-over-year comparison.   All this good news for buyers is hinting that with COVID restrictions easing we may be seeing the return […]

Think Twice Before Going Solar

The Solar Industry Reaps the Profits from Your Good Intentions One of the most popular additions people have been making to their homes in the last few years is a green energy source, like solar panels. The sales pitch for these systems is very enticing, usually involving saving money and reducing your carbon footprint. While solar is a fast growing energy segment, it does not make sense for most homeowners. First, estimates are that only about 25% of American homes have the roofline, geographic orientation, and amount of sunlight per year needed to take full advantage of a solar energy […]

Where is Everyone Going?

Has COVID Made You Think About Retirement? You are not alone! Recent research has suggested that the economic disruption of the pandemic and the booming housing market have resulted in record numbers of Americans opting to retire and relocate. According to a Pew Research Center report roughly 28.6 million members of the ‘baby boom’ generation decided to retire in the third quarter of 2020, over three million more than during the same period of 2019. There are a combination of factors that have made this a trend. First, high prices for the homes that these new retirees are selling have increased […]

December market, by the numbers

(all comparisons are for Baltimore Metro compared to December 2019) source: BRIGHT MLS Median sale price up 10.1% to $306,000 Closed sales up 28.7% Median days on market 9 vs 33 Months of supply down 56.4% to .95 months New Listings up 20.1% Active Listings down 51.9% New Pending Listings up 17.3%   December was on fire. Between record low inventory, a new low interest rate for highly qualified buyers, and the general need to love where you live even more than ever before, there’s never been a better time to sell your home. If 2021 is the year that […]

Real Estate Won’t be “Normal” this Winter

Surprised?   Nothing about 2020 has been normal, so why should the real estate market be any different as we head into pandemic winter? Everything you think you know about how the housing market works has been turned upside down.   In most other years, winter has been a good time to be a buyer. Listings that come on the market are usually greeted with lower buyer demand, while homes that remain on the market have the stigma of not having been snapped up during the busy fall season. Inventory customarily rises a bit because of this decreased demand. Interest […]

The Elections

If you’re worried about how the upcoming elections could impact the markets, you’re not alone. This year’s election is likely to be more contentious than the 2000 election between George W. Bush and Al Gore (a process that took over five weeks to resolve and saw the S&P 500 drop more than 8%). Numerous lawsuits have already been filed in state courts by both parties and we’re weeks from election night. With an expected increase in mail-in ballots, we won’t likely know the winner until days after the election. Even after that, we could see legal challenges that could take […]

Who is Buying?

This is the question I am asked most often when talking about the current boom in the housing market. I usually cite two key demographics that are behind this current head-scratching rise, and the primary one is first-time homeowners: Millennials. Much of the data on this group comes from YPulse, a marketing and research firm that specializes in Gen Z and Millennial consumers. YPulse recently published a report called “No Place Like Home” that offered some understanding on how the pandemic has affected the attitudes and intentions of this huge, young demographic. While 3 million Millennials have moved back into […]

Housing Market Continues to Soar, But Not Everywhere

According to recent statistics released by the National Association of Realtors (NAR), sales of existing homes in July rocketed up 24.7% from June, the strongest monthly gain in the history of their survey going back to 1968, and the highest sales pace since the housing boom in 2006. Gains year over year in July 2020 were 8.7% higher than in July 2019. NAR’s economic staff reports that median home prices in the week ending August 15 were up nationally 10.1% year over year, and when adjusted for inflation that is “higher than the bubble high set in 2006.” Regionally, the […]

Is the Housing Market Going Mad?

We are in the middle of the first truly worldwide pandemic in a century. The economy is returning the worst unemployment numbers since the Great Depression of the 1930s. Businesses are closing, reducing their workforce, and economists have their hair on fire. So… why is the housing market going like gangbusters? Like so much of what we’re experiencing in 2020, it doesn’t appear to make a lot of sense. From actual experience in the Baltimore metro market, and discussions with real estate agents in other places, there simply are not enough homes on the market to meet current demand. Prices […]

The Stats Are Improving

According to the National Association of Realtors (NAR), homebuyers are increasingly emerging from their hiding places to buy houses, which reports pending home sales spiked a stunning 44.3% in May compared with April. This constitutes the largest one-month jump in the history of the nearly 20-year-old survey and beats expectations of a 15% gain. While it still represents a lower number than a year ago, pending sales measures signed contracts on existing homes, demonstrating how buyers were shopping through May. “Sales had fallen 22% for the month in April, as the economy shut down to slow the spread of the […]