Tuesday, March 17, 2020 / by Jason Gasbarra
Spring is right around the corner, and the housing market is on the incline. As more buyers and sellers enter the market, it’s important to stay informed so that you can make the best decisions for your goals and portfolio.
Enjoy this 5-minute trend report designed to help you navigate prepping for the busy spring season.
GET READY FOR THE SPRING MARKET
There are three things to prioritize if you plan to take advantage of the spring market and sell your home.
1. Find an agent.
2. Get preapproved.
3. Develop a realistic timeline.
5 Tips for Finding the Perfect Home
The Importance of a Buyer’s Consultation
See more blog articles.
2020 PROMISES TO GROW THE MARKET
Predictions for the 2020 market are still strong. Forbes predicts there will be an increase in Millennial buyers as they seek to escape rises in rent. This will be despite the shortage of homes under $300k. Boomers will continue to sell as they downsize their lives and enter retirement. New construction is expected to reach the highest levels since 2007, as a result of the Millennial and Boomer trends, and home prices across the board will climb. To read the full article, including all five predictions for 2020, visit Forbes.com.
HOW TO KNOW IF A VACATION HOME IS RIGHT FOR YOU
If you’ve ever considered a vacation home (or second home), now is the time to get serious. From Vail, Colorado, to Pebble Beach, Florida, “prices are near or below their five-year lows,” according to Money Magazine. MoneyCrashers.com offers an extensive list of pros, cons, and things to consider. From tax deductions to unexpected costs to out-of-the-box solutions, it provide a great starting point for anyone looking to make the leap to a second home.
iStock | Pugent Sound Business Journal
CORONAVIRUS NOT SLOWING DOWN SEATTLE REGION'S SUPERCHARGED HOUSING MARKET
Coronavirus has shifted many businesses, often putting them at a halt. Except for the housing market. Brokers are saying they're receiving offers left and right, especially for homes $800,000 or less. With record-low mortgage rates, multiple offers are common, sometimes pending as quickly as 12 hours. Some brokers are avoiding open houses but instead, hosting virtual tours or private showings for screened buyers or sellers. "' Just like every other industry, things are changing so quickly, but right now our market is more on fire than I've ever seen it,' said Maddox, who has worked 15 years in real estate." If you have a subscription, you can read more about Seattle's housing market.
Travis Ness | The Seattle Times
THE GOOD AND THE BAD IN TACOMA
Tacoma is booming. A Seattle Times article reads, “While Seattle was the nation’s fastest-rising housing market between 2016 and 2018, Tacoma now holds that dubious honor.” Bidding wars are the norm, and homes are remodeled and flipped at a rapid pace. But longtime residents are suffering. Black-owned businesses are being squeezed out and replaced, and families whose roots run deep in Tacoma are being forced to move due to rising costs. Read about what’s happening in Tacoma here.
Michael Hession | The New York Times
GADGETS THAT GUARD AGAINST MAYHEM
If you’re looking to invest your tax return into your home, smart-home sensors are worth a serious consideration. From detecting water leaks to alerting you when an exterior window or door is being used, there are a number of gadgets on the market designed to protect your property and peace of mind. Read The New York Times review here.