Tag Archives: real estate market

Your Home, Your New Year’s Resolution

Every new year, many of us commit to better health and wellness, but what if this year we reserve not just be better ourselves but also better our homes. By contacting your local real estate agent, perhaps you can make real estate-based resolutions and maybe even stick to them this year.

Now that we have entered the winter months, your realtor will advise you to get that to-do list out of the drawer, dust it off, and start crossing off some of the items listed. And because it has been in hiding since spring, you should walk back through your home with your list, noting any small things that could turn into big problems. Be sure to check everything, from cracks in the ceiling to regular maintenance items should be attended to. Scan all of the walls, floors, ceilings, appliances, doors, and windows. Not only is aspiring to accomplish all of the items on your to-do list an excellent New Year’s resolution, but it will also remove the monkey that has been hanging on your back since spring.

Another resolution for 2021 that your real estate agent would recommend that you look into is any home renovation you have been longing to execute. If you have coveted an updated kitchen, bathroom, or something else, make it your goal to accomplish the task in the upcoming year.

Regardless of the remodel, focus on energy efficiency. 2021 will be the year of supporting the “Go Green” concept. You can achieve this by merely replacing incandescent light bulbs with more efficient fluorescent or LED’s. Or go big by replacing any home appliances with energy-efficient versions.

Even though a full remodel will not be suitable for everyone, you can perform something more financially manageable, such as tiling your kitchen backsplash or applying a fresh coat of paint to the walls. Any of these renovations will ultimately add value to your home and are resolutions that can easily be accomplished.

Lastly, your realtor may suggest that you resolve to make extra mortgage payments. Maybe you cannot afford to double the payment, but perhaps you could add a small amount of money each month for the next year. Paying extra money towards your mortgage now saves you big money later. Your real estate agent will be able to provide you with the information of how much savings your resolution investment could pay off in the long run.

So, this year, instead of purchasing an expensive diet plan, you are sure to bail on by March, commit to improving, maintaining, and paying more towards your real estate investment. Call your realtor today and make them aware that your New Year’s resolution for 2021 is going to involve your home. He or she will be your best asset in determining where to focus your attention and money.

People so often fail to uphold their New Year’s resolutions. By involving your home in making your resolution decision, you are sure to be more likely to succeed in the expectations you set for yourself. You will also be making your home a safer, more appealing, and energy-efficient environment.

If you are ready to talk about applying a strategy to your long-term real estate goals, contact me today so we can determine how to make the most of the current real estate market for you. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property.

 

Nancy Davidson
Mammoth Village Properties
760 937-2301 mobile
nancy@mammothcountry.com
www.MammothCountry.com
CA Brokers License #01264041

Photo by Jan Antonin Kolar on Unsplash

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Mid-Year Real Estate Review

There are lots of words we can use to describe 2020 and they seem to be changing by the day. We are certainly living in a new time where it has become very challenging to know what to expect today and in the future. Real estate is a constantly changing industry and this year has presented even more variables than normal. What can we expect as we begin the second half of the year?

It’s no secret that home sales took a plunge in March and April. With everyone staying home and some jobs slashed temporarily, some buyers cancelled contracts while others just put their real estate plans on hold. This caused a sharp decline in sales as reported by the National Association of Realtors (NAR) in their most recent statistics released. It’s too early to tell if this is making a turn around but in many markets showing activity picked up dramatically in May, which means sales should as well though it’s just too early to have actual statistics for that time period. While the number of homes sold saw a drop, pricing remained steady and has even seen a little upward pressure recently due to limited inventory and increasing demand.

Recently, Lawrence Yun, Chief Economist for NAR said, “The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.” NAR does a great job analyzing housing statistics and has their finger on the heartbeat of the market, so their positive indications speak well for the market.

Recent predictions on housing prices have differing opinions but significant depreciation isn’t anticipated by anyone. This is not 2008! Supply and demand will play a critical role in where prices go in 2020. It is always important to remember that real estate is local in nature. With everything going on currently, some markets are still fairly inactive while others have seen recent surges as people are forced to make moves and can’t wait any longer.

If you aren’t sure where things stand in our market, call me today. I am always available to discuss your property and your future real estate goals and how I can help.

 

Nancy Davidson
Mammoth Village Properties
760 937-2301 mobile
nancy@mammothcountry.com
www.MammothCountry.com
CA Broker’s License #01264041

Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.

Image by Jens Neumann from Pixabay 

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What Will 2020 Bring in the Real Estate Market?

As we finish 2019 and start 2020, there are always many questions about what the coming year will bring. The real estate market is no different. Will 2020 bring appreciation or deprecation of home prices, fluctuation in mortgage interest rates, increase or decrease in building and what is expected regarding the amount of activity in the housing market? It’s impossible to know for sure but here are some predictions for 2020.

Freddie Mac’s latest forecasts predicts that mortgage rates should remain at ultra-low levels in 2020 and even 2021, hovering around 3.8%. 2019 saw significant mortgage refinancing with rates so low. The number of homes sold in 2019 is expected to reach around 6 million with slight increases each year through 2021. Home pricing won’t drop but the appreciation rate is expected to slow with current annual growth finishing 2019 around 3.2% and dropping slightly to 2.9% in 2020 and 2.1% in 2021.

Redfin’s latest forecast expects the first half of 2020 to see an increase in homes that receive competing offers due to increased demand brought on by low interest rates and rising tenure. This will bring increased prices, which will lure other sellers to the market and help the market inventory levels balance out towards the end of 2020.

Overall expectations trend positive but there are several sources including Zillow that predict 2020 will bring the start of the next recession. Recessions are cyclical and are impacted by many factors in the economy, but housing can play a key role in the determination of a recession. The next recession isn’t likely to see housing at the center like the last one, but an overall weakened economy will impact the housing market as well if employment, spending and interest rates see changes.

Lawrence Yun, Chief Economist with the National Association of REALTORS® predicts prices will appreciate between 3 and 5% in 2020. Builders continue to start more homes but are still unable to keep up with current demand. This will be felt stronger in low to mid-priced homes as millennials are currently approaching 50% of the current market activity.

Predictions are always uncertain and never exactly right due to many variables but overall expectations for 2020 anticipate mostly positive news coming out of the real estate market. If you are ready to talk about applying a strategy to your long-term real estate goals, contact me today so we can determine how to make the most of the current real estate market for you. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property.

 

Nancy Davidson
Mammoth Village Properties
760 937-2301 mobile
nancy@mammothcountry.com
www.MammothCountry.com
CA Brokers License #01264041

Image by Steve Buissinne from Pixabay 

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