April continues to be a roller coaster of weather, with midsummer-like highs and late-winter-like lows. How does your yard or garden look these days? It might be that more is needed than just better maintenance. Trees, shrubs, and flowering plants that were comfortable in our Chesapeake environment 20 years ago are struggling these days because of the effects of climate change … but how can you make choices that will keep your landscaping looking great and an asset to the curb appeal of your property? And if you make changes, how can you make sure they are reducing your carbon […]
Markets Active as Cold Recedes
Official Baltimore stats for this winter show that we have had less than a quarter of an inch of snowfall so far this year. Of course, the stats are compiled at BWI Airport (where no one lives)… so your results may have differed! Maybe the question should have been, “did we ever really have winter?!” The real estate market has remained active and inventory tight during these traditionally cold, slower months. In most neighborhoods, properties that are priced well and in good condition have gotten a lot of buyer activity. In most cases I’ve been involved with, they have had […]
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 […]