1st Quarter Red Report - How is the Real Estate Market Looking as we begin 2021?
See the full report here: RedReport-1Q-2021.pdf
6 Simple Graphs Proving This Is Not Like 2008
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever, especially in Middle TN! Home sales and prices were both up substantially over the year before across the nation. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, concerned that we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
Should We Buy a New Home Now or Wait?
Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, but only you can judge what impact those factors should have on your desire to move.
The Reason Mortgage Rates Are Projected to Increase and What It Means for You
The Reason Mortgage Rates Are Projected to Increase and What It Means for You
HOW WILL THE 2020 ELECTION AFFECT REAL ESTATE?
Whether we’re ready for it or not, the 2020 presidential election is right around the corner.
As if this year hasn’t brought enough uncertainty, an election could be causing you to question your buying and selling plans…again.
Rocky political environments can create instability in the stock market...causing consumer confidence to drop. But the real estate market isn’t rocky…it’s rock solid. And delaying plans could mean you could be missing out on once-in-a-lifetime affordability.
To get to the heart of this, it’s important to understand how the history of past presidential elections combined with today’s market factors might play out in real estate this time around.
Here’s what we know.
The Latest Unemployment Rate Fell to 8.4%
Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are still without work, the number of unemployed is currently much lower than most experts had projected it would be just a few months ago.
Red Report - How is the Real Estate market doing with Covid?
There is a trend here... Higher, Higher, Higher! š„
August 2020 vs August 2019
Closing Volume = +3% higher
Average Closed Prices = + 10% higher
Pending Volume = + 33% higher
Closings by County for August 2020 vs August 2019:
Davidson is -4.3% lower
Rutherford is +3.6% higher
Williamson is +9.9% higher
Wilson is +19.2% higher
Pendings by County for August 2020 vs August 2019:
Davidson is +34% higher
Rutherford is +37% higher
Williamson is +29% higher
Wilson is +31% higher
Buying a House This Year? This Should Be Your VERY 1st Step!
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Selecting a local lender has several benefits. We understand that hopping online seems easier for you––you can fill out the application, never have to see the person lending, etc. However, when you find the home of your dreams, you don't want a face-less person in charge. Three reasons to select a local lender:
- A local lender cares about his/her reputation in the community and therefore is more likely to keep his/her word and do a good job in meeting the deadlines necessary for closing your home on time.
- A local lender understands that he/she will need to work with a local real estate agent again in order to keep his/her career in tact. An online lender will not care about communication, meeting deadlines, etc because the likelihood of seeing either the agent or Buyer again is very uncommon.
- A local lender comes under the TRID guidelines and are limited on how much they can charge, what they are required to communicate to the Buyer so the Buyer understands the process, how much money will be required out of pocket and how much they will be charged for the loan.