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2020: New Home Trends In Pandemic Era, Strong Buyer Sentiment

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We certainly are living in new normal std., with all changes that we are adopting, here are few new home trends that buyers are looking for.

As mortgage rates quietly shrank to near record lows during recent stock market turmoil, which means that conditions are perfect for house buyers, except for some nitpicks.  Almost no one is selling. Prices are high.  Open houses don’t pair well with pandemics.  And banks are reluctant to lend but only to people who need money.  Despite these hitches, transactions are getting done.  The Mortgage Bankers Association Purchase Index for the week ending on Jun 5 was up 13% from the same week a year ago.

Yale University economist Robert Shiller predicted that house prices in suburbs would rise faster than those in city centers in coming years, as buyers are now practicing from home, seeking more social-distancing space. It could be months before house-price indexes offer proof.. 

Kelman, CEO of Redfin, says traffic growth for his online listings for houses in suburbs and small towns has outpaced that for in big cities by 164% over the past two months.  That backs up agents’ anecdotal evidence that buyers are moving from cities out to the country, he says.

Meanwhile, April inventory of existing homes for sale was the lowest on record for the month, according to the National Association of Realtors. And bank forbearance has reduced foreclosures, further restricting supply. That means that despite weak economic conditions, small-town homeowners who happen to be interested in selling may be able to name their prices.

New Home Trends
RP Realtor @ 615 348 5278

“We ‘re set up this summer for the mother of all bidding-war seasons, at least in these outlying areas,” Kelman says. “There’s nothing to sell, and there are so many people who want to buy.  They’re emboldened by the stock market and the low rates.” 

New Home Trends

For homeowners looking to sell, Kelman says that tastes have changed during the pandemic.  Whereas buyers wanted open floor plans before, now they want his and her Zoom rooms for video conference meetings are new trends.  Before selling, don’t make any upgrades that don’t add square footage, unless it’s the kitchen.  Other tips have stayed the same. Paint using neutral colors, and make sure the front yard is spiffy for all-important first impressions. 

Tight housing supply and low interest rates should provide support for home builders, so long as the economy continues to recover.  

In recent customer surveys the top two reasons for buying are the desire for better technology and for more rooms.  “What it really means is, ‘ What I have to do working from home has just changed, and I can’t retro my house,’ ” Palmer  CEO of Taylor Morrison Homes.  She says she has seen solid interest from millennials, which might bode well for long-term demand.  “I think the sound bite sounded really good for the past few years, that millennials prefer the urban kind of core, and they’re not home owners,” she says. “Our research doesn’t show that at all. In fact, about a third of our buyers are millennials and nearly 50% of those buyers are buying their second home already.”

Much as I’d like to trade up to a bigger house, I suppose I should wait for better supply. For now, I plan to convert my Zoom room to a chapel and just pray that the kids go back to school in the fall. 

2020 Housing Market Forecasts

comparing the 2020 housing market forecasts : REALTOR.COM

“Parts of this articles are sourced from StreetWise @ Barrons , Jack Hough”

Need assistance in selling your existing house and buying new one, or have a home improvement question, RP and team can help you. We offer portfolio of real estate services, buyer representation, listing, assisting investor in decision making, family focus.

RP The Realtor. Phone: 615 348 5278
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Posted in: News&Information Tagged: bidding-war, kelman, kitchen, low interest rates, palmer, Redfin, summer, taylor morrison home, zoom conference rooms

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Client Review

He is very attentive to client Real Estate needs and belives in quality client care.

RP worked with me through the purchase of a new home and sale of my existing home. He quickly learned what I wanted and found it for me in a few days. He directed me in what I needed to do to sell my existing home and it sold very quickly for very close to my asking price when we listed it. He is very attentive to client Real Estate needs and belives in quality client care.

Roger Smith Middle, TN

I will definitely recommend him to all my friends and family

Home sale is a daunting ordeal and RP made it very seamless. For every small detail that came up RP had an answer or got one at the earliest. I will definitely recommend him to all my friends and family.

Stevenson Middle, TN

I am glad I made right choice by picking RP for my home purchase

" I am first time home buyer, RP is a wonderful person and a wonderful person to work with. RP was just awesome throughout the whole process of buying my home. I've already recommended him my close friends and family members who are first time home buyers.
The home he helped me pick out, me and my family could not be happier!!!!!!!!!!!!!"
RP helped me think as home owner even before buying, what can be expected being home owner for first couple of years, 5 yrs, 10 yrs, what kind of expenses I need to look through etc... I am glad I made right choice by picking RP for my home purchase.

Robin Robinson Middle, TN

My experience with RP was simply outstanding

My experience with RP was simply outstanding. My wife and I were looking to downsize to a smaller home with in middle TN area. RP worked with us on a very personal basis and helped us to understand what we really wanted. At one point, RP even told us that "You might decide to buy this house, but I will not sell it to you. RP is knowledgeable and always available. he would always show up on short notice and take us to see potential homes. I have been watching the listing since our offer was accepted and there has still not been another home like the one RP found!

Ravi Singh Middle, TN

RP, you are a true professional

RP, you are a true professional. This entire experience can be so overwhelming and you walked us through every step of the way from selling our home, believing in us, our vision for a new home and all the business details in between. Your expertise in this field is outstanding and your patience is commendable. Thank you RP. It was our pleasure working with you. You were always there for us.

Pete Klingsick

Regardless of whether you are buying or selling, I would highly recommend RP

The service and personal attention I received from RP was exceptional. He is truly a high-caliber professional and his knowledge of the local market and negotiating skills were key in ensuring that I received the best offer for my home. Regardless of whether you are buying or selling, I would highly recommend RP. I could not have asked for a better Realtor to facilitate the process of selling my home.

Arieal B Middle, TN

We would highly recommend your services to anyone moving.

RP, thank you for your help and suggestions that greatly speeded up the process of selling our home. We can't believe it sold in less than a week! We would highly recommend your services to anyone moving. You acted in a highly professional and informative manner and it was great getting to know you.

Laxman Middle, TN

We were first time home buyers and had no idea of the steps to take in purchasing our first home

We were first time home buyers and had no idea of the steps to take in purchasing our first home. Every step was explained by RP ahead of time. RP was there when we looked at our first property and continues to be there a month after moving into our new home as follow up on how it is going...

Shyam Sundar Middle, TN

RP symbolizes the integrity and commitment that are vital to his profession.

We felt very fortunate to work with RP on our recent Real Estate transaction. From the beginning of our moving process to the end, Michael was a professional, efficient agent. All aspects of selling and purchasing were explained with precise detail. RP used a variety of resources to advertise our home which led to a sale! He was also keenly aware of our needs and subsequently found our new home. The entire closing process went very smoothly. We found ourselves in a new home in less than two months. RP symbolizes the integrity and commitment that are vital to his profession.

Nina & John Middle, TN

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