Real Estate • March 11, 2021

Will the Housing Market Bloom This Spring?

by Kara Brem

Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.

Danielle Hale, Chief Economist, realtor.com:

“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”

Ali Wolf, Chief Economist, Zonda:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

Freddie Mac:

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

Mark Fleming, Chief Economist, First American:

“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the homebuying process this spring.

« 6 Simple Graphs Proving This Is Nothing Like Last Time

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Real Estate • March 3, 2021

Home Prices: What Happened in 2020? What Will Happen This Year?

by Kara Brem

The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year. Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains:

“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Price Index. Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic.”

Here are the year-end home price appreciation numbers from the FHFA and two other prominent pricing indexes:

Federal Housing Finance Agency House Price Index Report: 10.8%
CoreLogic Home Price Insights: 9.2%
S&P Case-Shiller U.S. National Home Price Index: 10.4%

The past year was truly a remarkable time for homeowners as prices appreciated substantially. Lawrence Yun, Senior Economist at the National Association of Realtors (NAR), reveals:

“A typical homeowner in 2020, just by being a homeowner, would have accumulated around $24,000 in housing wealth.”

What will happen with home prices this year?

Many experts believe buyer demand will soften somewhat as mortgage rates are poised to bump up slightly. Some also believe the inventory challenge will ease as more listings come to market this year.

Based on this, most forecasters anticipate we’ll see strong appreciation in 2021 – but not as strong as last year. Here are seven prominent groups and their projections:

Bottom Line

Home price appreciation will be strong this year, but it won’t reach the historic levels of 2020. Let’s connect if you’d like to find out what your house is currently worth in our local market.

Real Estate • February 2, 2021

Want to Build Wealth? Buy a Home This Year

by Kara Brem

Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will most likely take into consideration monthly housing costs, tax advantages, and other incremental expenses. Using these measurements, recent studies show that it’s still more affordable to own than rent in most of the country.

There is, however, another financial advantage to owning a home that’s often forgotten in the analysis – the wealth built through equity when you own a home.

Odeta Kushi, Deputy Chief Economist for First American, discusses this point in a recent blog post. She explains:

Once you include the equity benefit of price appreciation, owning made more financial sense than renting in 48 out of the 50 top markets, with the only exceptions being San Francisco and San Jose, Calif.

What has this equity piece meant to homeowners in the past?

ATTOM Data Solutions, the curator of one of the nation’s premier property databases, just analyzed the typical home-price gain owners nationwide enjoyed when they sold their homes. Here’s a breakdown of their findings:The typical gain in the sale of the home (equity) has increased significantly over the last five years.

CoreLogic, another property data curator, also weighed in on the subject. According to their latest Homeowner Equity Insights Report, the average homeowner gained $17,000 in equity in just the last year alone.

What does the future look like for homeowners when it comes to equity?

Here are the seven major home price appreciation forecasts for 2021:The National Association of Realtors (NAR) just reported that today, the median-priced home in the country sells for $309,800. If homes appreciate by 5% this year (the average of the forecasts), the homeowner will increase their wealth by $15,490 in 2021 through increased equity.

Bottom Line

As you make your plans for the coming year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership.

Real Estate • February 1, 2021

Q4 2020 Southern California Real Estate Market Update

by Kara Brem

Q4 2020 Southern California Real Estate Market Update
by Matthew Gardner

The following analysis of the Southern California real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

REGIONAL ECONOMIC OVERVIEW

Last summer’s recovery in the regional employment market that followed losses due to COVID-19 has tapered off because of the rapid increase in new infections. Although the region has recovered 1.25 million of the jobs that were lost, total employment is still down 763,000 jobs from the peak last February. With the slowdown in job growth and additional job losses in November, the current unemployment rate is 8.8%. For perspective, this is down from 12.3% at the end of the third quarter, but still significantly higher than the 4% rate last February.

The latest data available (for November) showed the lowest unemployment rates were in Orange County (6.4%) and San Diego County (6.6%). The highest rate was, unsurprisingly, in Los Angeles County, where it was 10.6%. I suggested in the third quarter Gardner Report that the pace of job growth was going to slow, and that proved accurate. Though I expect to see jobs return this year, most of the improvement will occur in the second half of the year when, hopefully, a vaccine is freely available.

SOUTHERN CALIFORNIA HOME SALES
❱ Regardless of the slow economic recovery, the housing market continues to perform well, with 50,114 homes selling in the final quarter of 2020. This is an increase of 21.9% year-over-year.

❱ Pending home sales (an indicator of future closings) were 21.3% lower than in the third quarter, but I attribute this to seasonality and inventory constraints.

❱ Fourth quarter sales rose significantly in all counties relative to a year ago, with very impressive gains in Orange and Riverside counties. That said, all markets saw the number of home sales increase by double digits.

❱ There was an average of only 19,203 homes for sale in the final quarter of the year. This is 35% lower than a year ago and 17.3% lower than in the third quarter of the year.

A bar graph showing the annual change in home sales for various Southern California counties.

SOUTHERN CALIFORNIA HOME PRICES
A map showing the real estate market price appreciation in various Southern California counties.

A map showing the real estate market price appreciation in various Southern California counties.

❱ Year-over-year, the average home price in the region was $831,880. This was 13.4% higher than a year ago and 2.4% higher than in the third quarter of 2020.

❱ Mortgage rates have remained at historic lows, which has allowed prices to rise at well-above-average rates. Given that home prices have been rising at a far faster pace than incomes, affordability concerns continue to grow.

❱ The region saw double-digit price growth across all counties contained in this report, with further significant increases in the relatively affordable Riverside County.

❱ Mortgage rates appear to have reached a floor and are unlikely to drop much further. Given that I do not expect to see significant income growth this year, it is likely that the pace of home-price appreciation will start to slow.

A bar graph showing the annual change in home sale prices for various counties in Southern California.

DAYS ON MARKET
❱ In the final quarter of the year, the average time it took to sell a home in the region was 27 days, which is 19 fewer days than a year ago, and 6 fewer than in the third quarter of 2020.

❱ All markets contained in this report saw the time it took to sell a home drop compared to the fourth quarter of 2019.

❱ Homes in San Diego County continue to sell at a faster rate than other markets in the region. In the fourth quarter, it took an average of only 19 days to sell a home there. This is 12 fewer days than it took a year ago.

❱ The decline in market time is due to limited inventory levels and significant demand.

A bar graph showing the average days on market for homes in various Southern California counties.

CONCLUSIONS

A speedometer graph indicating a seller’s market in Southern California.

A speedometer graph indicating a seller's market in Southern California.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Home sales and prices are significantly higher, and demand for housing is very much in place. Naturally, this favors home sellers who are still in control of the market. I do expect to see some improvement in listing activity this year, which, in concert with modestly rising interest rates, will likely start to take some of the steam out of the market. However, any moderation in the market has yet to appear.

Even given the possible headwinds mentioned above, I am moving the needle a little more in favor of sellers as solid demand is still in place.

ABOUT MATTHEW GARDNER

Matthew Gardner – Chief Economist Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Uncategorized • February 1, 2021

Dangers of an Overpriced Home

by Kara Brem

Image source: Shutterstock

When it comes time to sell your home, determining its exact value can be a challenge. Naturally, homeowners want to get the most value for their home. However, if it hits the market at too high a price, it could cause serious complications in the selling process.

Attracting the wrong buyers

An overpriced home creates a kind of seller’s limbo that draws the attention of the wrong buyers, which is a surefire way to start your selling process off on the wrong foot.

A vast majority of homebuyers begin their home search online, especially during these days of social distancing amidst the COVID-19 pandemic. If your home is overpriced in comparison to other listings in your area, it won’t appear in their search results. In this way, an overpriced home is blind to its intended buyers and actually drives traffic to nearby listings that are more accurately priced.

An overpriced home can’t compete with listings in a more expensive bracket. Buyers know what they want, and they know what to expect in their price range. When they notice a home is missing the square footage, features, and amenities typically found in others at the same price, they will quickly lose interest.

Fewer showings / virtual tours

Showings—both physical and virtual—play a significant role in the sale of your home. They give buyers a first-hand look and provide them the opportunity to ask questions and gather more information. Selling your home is a numbers game. The more showings scheduled at your listing, the more potential buyers you have. The more potential buyers, the greater chance of an offer.

Your agent knows that showings are critical to capturing buyer interest. But if the home is overpriced, they will have difficulty attracting attention to your home. This can slow the entire home selling process, leaving both the seller and agent feeling frustrated.

Expired shelf life

Think of the home you’re selling as a fresh tomato. Off the vine (newly listed), it is fresh and attractive, appealing to everyone in the market and standing out amongst the other tomatoes. As time goes on, no one buys the tomato and it begins to overripen and wither, losing its appeal. This is what happens to an overpriced home in the minds of buyers.

New listings attract the most attention—that’s when buyer interest is highest. The longer your home is on the market, the less appealing it becomes. At a certain point, sellers are forced to lower the price. However, this lowered price won’t have the same impact as hitting the market correctly priced the first time. Once price drops begin, they can continue, which creates the risk of selling the home for less than what it is worth.

Lastly, the longer your home is on the market, the more expenses you incur. Mortgage payments, utilities costs and seller’s fees will continue to pile up, making it harder to recover from these costs when your home does eventually sell.

Post-sale complications

Let’s say you do find a buyer at the overpriced cost. During closing, the lender will order an appraisal of your home, and if the appraiser finds that the market value of the home is less than the selling price, they could potentially deny financing.
Talk to your Windermere agent about how to price your home correctly to avoid these pitfalls of overpricing. Knowing your home’s worth will set you up for success when it comes time to hit the market.

Posted September 9 2020, 11:00 AM PDT by Sandy Dodge

Real Estate • February 1, 2021

Ways to Save Money by Going Green

by Kara Brem

Contrary to popular belief, going green does not have to be hard or cost money, in fact it can even save you money. There are many small things that you and your family can do within your home to save money while reducing landfill waste and the use of natural resources. Discover a few ways to go green and save some money by choosing a green home.

Compost Bin

Composting is free and can provide you with rich soil to garden with. You will never have to buy soil and can easily grow plants and vegetables. To create your own bin, get a large trashcan with a locking lid, then drill about 25 holes all around the bin and attach the bin to small platform (allows it to drain). Once you start putting approved items in the bin go outside and roll it around in the grass every few days.

Energy Efficient Light Bulbs

You can save approximately $75 dollars a year by replacing your traditional incandescent with energy efficient light bulbs. On average energy efficient light bulbs typically use way less energy and can last much longer, not needing to be replaced as much.

Laundry

There are quite a few options to save money and energy when it comes to laundry. Here are a few: wait till you have a full load of laundry to wash, line dry your clothes, wash your clothes in cold water and when it comes time to get a new washer and dryer buy an energy efficient one.

Weather-Strip & Caulk

One of the main ways we use a lot of energy, especially in hot and cold climates, is through air-conditioning and heating. One way to reduce the use of heating and air-conditioning is to properly weather strip and caulk all windows and doors keeping your home cool and warm when needed.

Reuse and Reduce

Use items more than once when you can to avoid throwing them out; this might mean buying quantity over quality. Another way is to join The Freecycle Network or Buy Nothing group on Facebook you can swap used goods with neighbors for free and also keeping more waste out of landfills.

DIY Cleaning

Start making your own cleaning products. Not only can you customize, make them eco-friendlier but you will also save money buying products. On average, most DIY cleaners cost less than a $1 to make per bottle compared to $5-$15 per store bought bottle.

Unplug & Turn Off

Put all your major electronics on a power strip and shut off when they are not in use. Even if your electronics are shut off, they still will continue to draw electricity thought out the day. Another tip is to make sure you unplug your cellphone when completely charged and always power everything down while not in use to save on battery life.

Toilet

There is an extremely easy way to make your toilet a low flow toilet. Simply add a brick, wrapped in a waterproof bag or take a plastic water bottle and fill it with sand putting it into your tank. This will reduce the amount of water with every flush. Once you are ready for a new toilet purchase a low-flush toilet.

Shower

Change up your shower head with an energy-efficient shower head that will use half the amount of water. These shower heads are low flow but will significantly cut your water bill down. Another option is to install a tap aerator which will also cut down water usage without changing the water pressure.

Uncategorized • September 16, 2020

The Market & Industry: Record-low mortgage rates and inventory

by Kara Brem

Mortgage rates dropped to a record low last week, averaging 2.86 percent for a 30-year fixed-rate loan. This marks the ninth time in 2020 that mortgage rates have hit a new floor. At the same time, mortgage credit availability shrunk to a six-year low in August, meaning lending standards have tightened.

Buyer demand still remains high, with mortgage applications up 40 percent from a year ago. California REALTORS® surveyed by C.A.R. reported encouraging business results last week, though optimism about future slides slipped modestly.

Demand continues to surge in “Zoom towns,” smaller, more affordable markets outside of bigger metropolitan areas that have become more popular as more people have been working remotely. A new study from Zillow found that nearly 2 million American renters could become homebuyers if they were able to work remotely and move to a less expensive area.

Meanwhile, the number of homes for sale nationwide is in record low territory, with some of the more affordable areas seeing the biggest drops in inventories. In Q2 2020, iBuying activity on the part of RedfinNow, Offerpad, Opendoor and Zillow plummeted 88 percent. But now, with activity resumed, Opendoor is reportedly in talks to go public through a merger with Social Capital Hedosophia Holdings Corp. II, a company that acquires other companies in order to take them public.

Sources: MSN Money, REALTOR® Magazine, C.A.R. Research & Economics, NPR, Inman News, Mortgage Professionals of America, HousingWire, Redfin

Uncategorized • September 14, 2020

2020 – A Historical Year in Real Estate

by Kara Brem

Have You Ever Seen a Housing Market Like This? | MyKCM

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:

“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”

Bottom Line

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.

Uncategorized • September 10, 2020

Your Guide to Going Solar

by Kara Brem

Image Source: Canva

For homeowners looking to reduce their home’s carbon footprint, increase its sustainability, and add value to their property, going solar is an obvious choice. Understanding how solar works and how to maximize its benefits are key first steps in your journey to becoming a solar energy-producing household.

How does solar work?

The technology that turns your house into a solar energy-harnessing hub is called photovoltaics, more commonly known as PV. PV works by fielding direct sunlight and absorbing its photons into the solar panels’ cells, which then creates electricity that provides energy for your home. This energy reduces your home’s output of carbon and other pollutants, which translates to cleaner air and water.

With the sun as the power source, the majority of the power generation occurs during the middle of the day, making summer the highest producing season. But don’t worry, it all evens out in the end.

Rooftop panels work best when they are exposed to sunlight, free of shade or shadow from nearby trees or structures. Given the sun’s east-to-west path, south-facing roofs are best-suited for maximizing your solar power. To see if your roof is set up for success, consult a mapping service or solar calculator to establish your roof’s suitability. If your roof isn’t up to standard, there are options such as ground mount solar installations and community solar gardens that you can explore.

Components

Solar panels: Capture the sun’s energy
Inverter: Converts the sun’s energy to a form that powers devices
Racking: The foundation that holds your solar system in place
Batteries: To store the energy generated
Charge controller: To control how quickly the batteries charge

What are the benefits of solar power?

Sustainability: Having a renewable source of energy coursing through your home reduces your household’s carbon footprint and increases your eco-friendliness.
Savings: How much money you save by going solar depends largely on how much energy your household consumes and the energy output of your solar panels. The cost of going solar has continued to decrease every year, so you are more likely to save as time goes on. For information on state incentives and tax breaks, explore what options apply to your home by visiting DSIRE (Database of State Incentives for Renewables & Efficiency).
Utilities: Whether your utility company charges a flat rate for electricity or charges variable rates throughout the day based on electricity production—i.e. higher rates in the afternoon, lower rates at night—solar power offsets the price you are charged for electricity. It becomes even more valuable during those higher-rate periods or during seasonal fluctuations in utilities costs.
Sell it back: Homeowners can sell their solar energy back to utilities through “Net-metering” plans. When your power generation rate is greater than your household’s consumption rate, the end result on your electric bill is a net energy consumption. Refer to DSIRE for region-specific regulations and policies.
Home value: A recent study by The Appraisal Journal found that homes with solar PV systems increased their sale price by an average of 3.74%, equaling a premium of $14,329.

Although the right solar solution looks different for each household, what remains true across the board are the environmental benefits and increased home values that solar power brings. Taking all this information into your research will improve your home’s renewable energy and reduce your carbon footprint.

Posted in Living by Sandy Dodge

Uncategorized • August 8, 2020

Southern California Real Estate Market Update

by Kara Brem

ECONOMIC OVERVIEW

Employment levels across the Southern Californian counties contained in this report have been significantly impacted by the COVID-19-induced recession. Total employment in the region has dropped by a collective 1.99 million jobs between February and May of this year. With this massive contraction, it’s not surprising to see the unemployment rate rise from 4% in February to 17.6% in May. Unfortunately, as I write this, it appears as if infection rates in many California markets have increased significantly. As such, the likelihood of tangible increases in employment will be further delayed.

HOME SALES

In the second quarter of 2020, 33,614 homes sold. This was a drop of 32.6% compared to the same period in 2019. Sales were 2.5% lower than in the first quarter of the year.
If there is some solace in this report, it’s that pending home sales (an indicator of future closings) rose 6.4% over the first quarter of this year, suggesting that sales in the third quarter should pick up modestly from current levels.
Second quarter home sales activity dropped in all counties contained in this report. Of note was a significant decrease in Los Angeles County, where more than 6,600 fewer homes sold than a year ago.
There was an average of 26,957 homes for sale in the second quarter—down 32.4% from a year ago but 5.3% higher than in the first quarter of this year.

HOME PRICES

Year-over-year, the average home sale price in the region was $726,613. This was 0.6% higher than a year ago and 4.5% higher than in the first quarter of 2020.
Affordability concerns persist, which has had a negative effect on home price growth. Though prices did rise significantly between the first and second quarters, I wonder how much of this can be attributed—if even tangentially—to COVID-19.
Sale prices were higher in all counties contained in this report, with a significant increase of 6.5% in the more affordable Riverside County.
Conventional mortgage rates continue to break through historic lows and will remain that way for the foreseeable future. However, jumbo mortgage rates are still higher than we have seen in over a year. With higher rates, and tighter credit requirements, there will likely be ongoing impact on the counties with more expensive homes.

DAYS ON MARKET

It took an average of 35 days to sell a home in the second quarter, 10 fewer days than a year ago and 9 fewer days than in the first quarter of 2020.
All markets contained in this report saw the time it took to sell a house drop compared to the second quarter of 2019.
Homes in San Diego County continue to sell at a faster rate than other markets in the region. In the second quarter, it took an average of 23 days to sell a home there. This is 6 fewer days than a year ago.
Days on market shows that, although home sales are lower—a function of limited inventory levels—there still appears to be demand for homes when they do come on-line.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Although there is demand for homes, the renewed round of shutdowns could dampen that demand until infection rates level out and businesses reopen their doors.

The overall housing market is resilient but will likely not see significant growth until the state gets a handle on COVID-19. For that reason, I am holding the needle in the same position it was in the first quarter. It is still a seller’s market, but uncertainty persists.

ABOUT MATTHEW GARDNER

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