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      Blog :: 2020

      Is it Time to Move into a Single-Story Home?

       

      Is it Time to Move into a Single-Story Home? | MyKCM

      Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

      The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

      “Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

      Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:Is it Time to Move into a Single-Story Home? | MyKCM

      What are the benefits of buying a one-story home?

      Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

      1. Energy Efficient

      “It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

      Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

      2. Easier to Maintain

      “Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

      Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

      3. Accessible for Everyone

      “A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

      If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

      4. Good Resell Potential

      “When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

      Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

      Bottom Line

      There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Let’s connect if you’re ready to purchase the single-story home you need while homes are so affordable today.

       

       

      Buying a Home During a Pandemic

      Buying a home is likely one of the largest investments many of us will make in our lifetime. After
      years of saving, planning, and budgeting, you may feel prepared and even excited to begin your
      first home-buying process. However, with the outbreak of COVID-19 and the overwhelming
      effect that it has had on economies across the world, the real estate market has been inevitably
      impacted as well. That said, you may be wondering how this will affect your home purchase.
      Unexpectedly, while several industries have been declining from the pandemic, the real estate
      industry has managed to stay afloat and in some cases, grow during the pandemic. So the
      question is; as a buyer, what benefits will you gain from purchasing your home now?

       

      Less Competition


      As you may have already found out, house hunting in large cities and popular suburban areas is
      not always a walk in the park because of the intense competition that many homebuyers face.
      Finding your ‘perfect’ home may have been more of a dream than reality after comparing prices
      and battling offers with other prospective buyers. However, the outbreak of COVID-19 has
      actually driven less competition within the market in certain areas.

       

      Consumer Reports recommends thinking outside of the box when it comes to your house search
      locations. In some cases, you are able to find the gem that matches your needs in a location
      where you weren’t expecting to look initially. These areas often drive less competition because
      so many homebuyers are naturally feeling uncertainty from the pandemic, so they are less likely
      to take a risk when buying a home and expand outside of their range of comfort.

      In a general sense, social distancing mandates and limited travel have caused many to
      postpone their house hunt, making it one of the best times to jump in.

       

      Virtual and Online Capabilities


      Many prospective buyers have even postponed their house search because of the assumption
      that they will not be able to tour houses or do walk-through inspections. As we know, this limited
      in-person contact is to ensure the safety of everyone. However, it shouldn’t be a reason to stop
      the search. There are many technology-based options that work to make the buying process as
      comfortable as possible even during a pandemic.

       

      The housing market overall had already begun its transition to technology-based services in
      recent years and tech has become a necessity for the survival of the market this year. Home
      buying transactions like mortgage preapprovals, loan financing, and closing on a home can all
      be conducted through digital lenders and virtual services. Even if you already own a home,
      refinancing with no-closing-cost can be achieved more efficiently through digital lenders.

      Especially with the industry being forced into virtual services, digital lenders are more likely to
      introduce automation into their processes to provide more efficiency. Automation systems like
      robotic process automation (RPA) help to make significant operational improvements in lending
      which in return, produces fast, quality processing for you as a buyer.
      Lower Interest Rates & Housing Prices

       

      One of the most attractive parts of the real estate market currently is the low-interest rates on
      mortgages. In the early part of this year, interest rates actually dropped below 3% for the first
      time in 50 years. While these rates are expected to fluctuate in the coming months, it can still be
      a good idea to take advantage of them while they are here.

       

      However, while the interest rates are decreasing, housing prices are still rising. Instinctively,
      most of us see this as a deterrent from buying a home. However, before making that
      assumption it’s recommended to conduct more research on the trends of the market. Why? With
      less competition, some might argue that the market prices will increase in the coming months as
      quarantine mandates are lifted and a vaccine is publicly distributed. Prospective buyers who
      postponed their house hunt will rejoin the market, causing a greater demand and inevitably
      higher market prices. So before completely shying away from purchasing your home during the
      pandemic, be sure to keep an eye on the market and how prices are changing over time to be
      sure you are making effective financial decisions.

       

      Navigating such a challenging yet rewarding stage of life through a pandemic can take an
      immense amount of strategy and patience. Be sure to keep in mind these benefits of continuing
      your search through the pandemic and take advantage of them where you can. By investing
      time and research into these tips, you can leverage the best components of your local housing
      market during such an uncertain time.

      9/11- 19 Years Later

       
       
      Today, 19 years ago, multiple terrorist attacks killed nearly three thousand people in New York, Pennsylvania and Washington DC, and caused billions of dollars worth of damage resulting in an enormously expensive re-building and a $6 trillion war that resulted in thousands more lost lives. This horrific event triggered enormous changes around the globe. Here are some observations.
       

      1.  The Pentagon in Washington DC was fully restored and repaired. In Manhattan it's difficult to believe this horrific event happened almost two decades ago......but it's so invigorating to see what has happened since then. The Lower Manhattan Renaissance is a sight to behold: Multiple towers and a museum and memorial have been built, including a sensational Santiago-Calatrava designed World trade Center transportation hub that has become an instantly recognizable and unique New York attraction. Today Lower Manhattan's population has almost tripled to 62,000. and the number of residential housing units has spiraled past 30,000 units.

      2.  The economy did not stop: US GDP was about $10.5 trillion in 2001: last year it was more than double.

      3.  Air travel was transformed with a whole host of security measures that have become 'expected' and 'normal' today.

      4.  Surveillance increased dramatically. Most large cities have security cameras everywhere and new high tech solutions have made cities much safer.

      5.  The world collectively realized safety and security would always have to be a top priority of governments, cities, towns, villages.

      6.  The unity in the USA felt directly post-9/11 is something we should all remember and try to re-produce. A united front against adversity is always more effective.

      7.  We were reminded how important firefighters are in our world. We are reminded of that again now as they battle wildfires in the West.

      8.  We CAN learn from history if we choose not to forget or ignore realities and data points that provide us clear intelligence and insights.

      9.  With anything catastrophic, we learn how there are always warning signals before they happen. Responding to those may appear paranoid to some, yet we should weigh the cost of paranoia against the cost of recovery. It's usually a fraction.

      If there is one important lesson to be learned from 9/11 it is that we as a human species evolve, learn and adapt. We rebuild and restore. We invent and innovate. At a time like this when so many are unemployed, homeless, sick, grieving and the USA has suffered a truly awful few months, we can look back to 9/11 to be CERTAIN we will recover from this moment and soar well past it. 

      I know someone well who ran down fifty flights of stairs from the south tower of the World Trade Center and exited the building just as it was crumbling.....he walked home for over an hour covered in dust and debris, bloodied from flying glass. When he arrived home, the phone rang. It was his real estate agent: "I have a full price offer on your apartment!" He responded by saying it was not the best time to speak, hung up and the phones went dead for a week. He re-connected with his agent then and she had another offer over the ask..... Life goes on. It always has and it always will.

       

      The Top Reasons People Are Moving This Year

       

       

      The Top Reasons People Are Moving This Year | MyKCM

      Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

      According to Zillow:

      “In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

      With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

      1. Working from Home

      Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

      “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

      If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

      2. Virtual Schooling

      With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

      With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

      3. A Home Gym

      Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

      “For many in quarantine, a significant decrease in activity is more than a vanity issue – it’s a mental health issue.”

      Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

      4. Outdoor Space

      Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

      “People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

      You may, however, not have the extra square footage today to have these designated areas – indoor or out.

      Moving May Be Your Best Option

      If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

      “Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

      It’s a great time to get more home for your money, just when you need the extra space.

      Bottom Line

      People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, let’s connect to discuss your needs.


       

      Compass Contemplations for Monday

      Good morning,

      Wishing all of those in California, particularly in our Compass family,  well,  who are experiencing a heatwave and wildfires. Death Valley near the border of Nevada recorded a temperature of 130 degrees! 

      DID YOU KNOW? More than 25% of U.S. colleges plan to begin fall instruction fully or mostly online, but many are still opening up their dorms. Some are limiting space to those students with housing insecurity or other hardships. Some, like Washington State University in Pullman, Wash., plan to offer housing to students who fit into a number of defined categories, such as veterans or those with on-campus jobs. Other online-only campuses, like the University of California, Berkeley, say they’re still accepting housing applications. Some may change plans at the 11th hour, as the University of Massachusetts, Amherst, did less than 3 weeks before classes were to begin, with an announcement that it would no longer allow students whose classes are held remotely to move into the dorms. (NY TIMES)

      DID YOU KNOW? Fewer Floridians filed for unemployment last week than any other week since mid-March, a hopeful sign. Leisure and hospitality accounts for 40% of the USA’s long term pandemic unemployment. Destinations Florida showed tourism revenue was down more than 80%. Tourism is roughly a little under 3% of US GDP.....but in Florida, it's closer to 10%. Tourism generated roughly $26 billion in tax receipts in 2018 in Florida which helps fund schools, improve healthcare and supports other government services.

      DID YOU KNOW? Commercial real-estate loans make up around 22% of U.S. banks’ total loans. 
      For the 5 years preceding the beginning of the pandemic, global commercial real-estate investment ran to around $1 trillion a year. We might all wish for a return to the office for this reason alone..... (WSJ)

      DID YOU KNOW? In Hong Kong, CBRE expects a fall of more than 15% in top-tier office rents this year. The combination of political unrest and COVID are driving this. (WSJ)

      Where Did All The People Go?

       

      As I walk the streets of Manhattan, a question I hear asked repeatedly is: "Where are all the people?" This same question is being asked around the globe in larger towns and cities, more so in some areas than others. So I did a little research to help explain this highly unusual moment.....and this is what I discovered:


      1.  Big Cities are often NOT mostly locals.  Most bigger cities attract vast numbers of tourists and visitors, domestic and international. New York City attracts around 60 million people annually......that's around 5 million per month or 160,000-400,000 per day.  Cities like Chicago, Atlanta, Los Angeles, San Francisco, etc also attract huge numbers of visitors and tourists. Miami attracts over 23 million per year. That's a lot of people and most of them cannot or don't want to travel right now.

      2.  Big Cities attract tons of daily commuters. Manhattan alone attracts about 1.6 million workers per day. Many come from outside the city. Most larger cities don't house the majority of workers and these days many are working remotely.

      3.  Big Cities have big colleges and schools......most are shut right now for the Summer and COVID-19 precautions.

      4.  Big City dwellers house many residents with second homes or those who escape for a few weeks in the Summer. They are also out of cities right now.


      Add up the above and it's easier to understand why larger cities around the globe are not quite the same right now. But this will change. It's a matter of time. Not if, but when. Some say things will never be the same again, and I agree with that to a certain degree: Chances are we'll never again take for granted those (sometimes annoying) throngs of visitors, tourists, students, etc that are a critically important part of the fabric of the places we call home.....they are the VOLUME that drives commerce, jobs, growth and LIFE!


      Have a Magnificent Monday!

      COMPASS Contemplations for Sunday

       

      A very HAPPY FATHER'S DAY to all the amazing Father's in America and to their extended families. Today is YOUR day and I hope you enjoy it thoroughly. I am always in awe of the fathers that have a full workload AND have the responsibilities of fatherhood too. I simply don't know how you do it! While being a parent is possibly the most rewarding of all human roles in life, it can also be the most challenging, exhausting and consuming one too.

      So here's a big THANK YOU and CONGRATS to all the fathers everywhere - for the critically important role they play in our society and the lives of all those kids who love and admire you beyond words.

       

       

      “A father is neither an anchor to hold us back nor a sail to take us there, but a guiding light whose love shows us the way.” - Unknown


      DID YOU KNOW?  Alain Ducasse hired interior designer and architect Patrick Jouin along with doctors Thomas Similowski (head of pulmonology, intensive medicine, and resuscitation) and Jerome Robert (head of bacteriological medicine and hospital hygiene) from Pitié-Salpêtrière hospital, in Paris, and architect Arnaud Delloye to create an aesthetically pleasing high-performance system that purifies air and limits its movements to reduce the potential risk of aerosol transmission of the coronavirus in his Paris restaurant ALLARD. The $56,000 filtration/ac system with high-tech filters and fans is akin to that used in operating rooms, and the dividers between tables are ultra-chic. 
        
      DID YOU KNOW?  Yesterday I read a story about a lease in the Hampton's that went awry during the pandemic.....the tenant whose behavior was allegedly awful was a real estate agent in the Hampton's and of course his brokerage was mentioned clearly and boldly. Again. another reminder that every COMPASS employee or agent's actions can reflect poorly on ALL of us. The brand name COMPASS is to be nurtured, treasured and respected as it is something we all share as an extension of who we are. 



      “We believe the FDA will likely approve at least one vaccine prior to the November election. Perhaps multiple vaccines could get the go-ahead at some point early in the fourth quarter and quell fears of a second wave of Covid-19.” - Jared Jolz, Jeffries

      Want to Make a Move? Homeowner Equity is Growing Year-Over-Year

      Want to Make a Move? Homeowner Equity is Growing Year-Over-Year | MyKCM

      One of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights Report from CoreLogic, in nearly every state there was a year-over-year first-quarter equity increase, averaging out to a 6.5% overall gain.

      The report notes:

      “CoreLogic analysis shows U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $590 billion since the first quarter of 2019, an increase of 6.5%, year over year.” (See map below):

      Want to Make a Move? Homeowner Equity is Growing Year-Over-Year | MyKCM

      This means that In the first quarter of 2020, the average homeowner gained approximately $9,600 in equity during the past year.”

      That’s a huge win for homeowners, especially for those looking to sell their houses and make a move this summer. Having equity to re-invest in your next home is a major force that can make moving a reality, especially while buyers are expressing such a high demand for homes to purchase.

      Below, Frank Martell, President, and CEO of CoreLogic addresses the potential long-term outlook, and how homeowners will likely fare much more positively through the current recession than many did during the last one:

      “Many homeowners will experience a recession during their lifetime, and it is reasonable to compare the current recession to those in the past. But the comparison is not apples to apples — every recession is different. Primary drivers of the Great Recession were an overbuilt housing stock, risky mortgages and the collapse of home prices, creating a massive increase in negative equity that proved difficult to recover from. Today’s housing environment has low vacancy and delinquency rates and a large home equity cushion.”

      Bottom Line

      Now is a great time to consider leveraging your equity and making a move, especially while buyer interest is high. Let’s connect to explore your equity position and make your next move a reality.

       

      COMPASS Contemplations for Wednesday

      DID YOU KNOW?  In celebration of Pride Month, Robert will be chatting with the Executive Director of GLSEN Eliza Byard TODAY at 4pm ET and their conversation will be live-streamed in the Compass Workplace group. GLSEN is an organization recognized worldwide as a pioneering leader in the fight for educational equity and in making sure that LGBTQ students are able to learn and grow in a school environment free from bullying. Thank you to Elizabeth Ann Stribling-Kivlan, OUT at Compass and Compass Cares for pulling together this event!

       

      DID YOU KNOW? Russian President Vladimir Putin now has a “disinfection tunnel” installed at one of his official residences to protect him from contracting the coronavirus. Could this become the next X-RAY machine we have become so accustomed to at airports?

       

      DID YOU KNOW? Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than a year ago, the 9th consecutive week of gains and the highest volume in more than 11 years!  The average interest rate for a 30 year fixed-rate mortgage decreased to 3.30% from 3.38%  (CNBC)

       

      DID YOU KNOW? Retail sales, a measure of purchases at stores, at restaurants and online, increased a seasonally adjusted 17.7% in May from a month earlier. Expect more GOOD NEWS headlines like this over the next few weeks and months after weeks/months of bad headlines. While the higher you climb the further you can fall is true.....so too is it true that when you have fallen to a deep low, chances are it's up, up, up from there! (WSJ)

       

      DID YOU KNOW? Builder sentiment jumped a striking 21 points in June to 58, the largest monthly increase ever in the National Association of Home Builders/Wells Fargo Housing Market Index. Any reading above 50 indicates a positive market. In April, it plunged a record 42 points to 30. Of the index’s three components, current sales conditions jumped 21 points to 63. Sales expectations in the next six months rose 22 points to 68. Buyer traffic more than doubled from May to June, from 22 to 43.

       

      “The dollar is going to fall very, very sharply,” - Steven Roach, Yale University, citing growing debt and diminished savings. If this happens, could it spur a new wave of foreign buyers? Again, this is just one of many predictions/opinions.

       

      DID YOU KNOW?  The total of new COVID-19 cases from the top 5 states in the USA is 2.5X that of the next 5 states, to put things into perspective.  The top 5 states have a total population of around 108 million, while the next five have almost 47 million people. So the top 5 have a ratio of 78.7 new cases per million inhabitants. The next 5 have 71.7 new cases per million inhabitants. A cheap and widely-used steroid called dexamethasone has become the first drug shown to be able to save lives among COVID-19 patients in what scientists said is a “major breakthrough” in the coronavirus pandemic.

       

      DID YOU KNOW? Housing starts that measure how many single-family homes builders break ground on probably will fall to 770,000 this year, the lowest level since 2015, according to the NAR. The 1.47 million properties on the market at the end of April was the lowest ever recorded for the month, according to NAR data. Americans created 11.4 million households in the 10 years through 2019, according to Census data. Builders sold 5.2 million single-family homes in the same period. In the prior decade, they sold 10.4 million new houses. Supply disruptions and the COVID-19 lock downs that ensued have made the situation worse. (Housingwire)

      COMPASS Contemplations for Tuesday

       

      Wishing all our LGBTQ colleagues, friends and family at COMPASS a HAPPY PRIDE MONTH! Yesterday The Supreme Court concluded by majority that the language of the Civil Rights Act of 1964, which prohibits sex discrimination, applies to workplace discrimination based on sexual orientation and gender identity. The question for the justices was whether that last prohibition — discrimination “because of sex”— applies to many millions of gay and transgender workers. Could there be a better PRIDE MONTH gift?

       

      DID YOU KNOW?  A long overdue $1 TRILLION infrastructure bill seems to be in the works to help fuel the economy and provide much needed improvements to the USA's infrastructure..... (CNBC)

       

      DID YOU KNOW? With the most economic uncertainty in decades and a head-spinning stretch of volatility in the U.S. stock market, many investors have rushed into money-market funds where cash assets have swelled to about $4.6 trillion, the highest level on record, going back to 1992. Imagine if this capital was deployed in the economy.....(WSJ)

       

      DID YOU KNOW? Nationwide, about 64% of home shoppers looked for suburban homes in April, compared with 66% in April 2019. New York metro area shoppers, those looking to move to a different metro area grew to 40%, from about 35% last year. About 70% of all shoppers in the New York metro area looked for suburban homes, down from 72% last year.(WSJ)

      DID YOU KNOW? A 2017 report by the European Foundation for the Improvement of Living and Working Conditions suggeste
      d that 41% of remote employees report higher levels of stress compared with just 25% of their counterparts who work in the office. According to a 2018 survey that Mental Health America conducted with FlexJobs, about 71% of people would like to work from home to reduce commute-related stress. Approximately 75% of survey respondents also said that working remotely could potentially help them limit stress related to distractions during the workday. (Healthline)

      DID YOU KNOW? People who work from home are at a greater risk of obesity and diabetes because there is a significant decrease in physical activity. (Dr A.J. Marsden of America’s Beacon College in Leesburg, Florida)

      DID YOU KNOW? The FBI reported a 50% surge in mobile banking since the beginning of 2020, likely due to stay-at-home orders. (Housingwire)

      DID YOU KNOW? Remote workers typically save about $4,000 a year by working from home, according to a study from FlexJobs. That comes from saving on commuting costs as well as paring spending on coffee, lunches and a professional wardrobe. Those cheering the concept of abandoning working in offices should factor the potential loss of $4,000 spending per person in the economy.....

      COMPASS Contemplations for Thursday

      DID YOU KNOW? Manhattan markets are picking up: There were 47 in-contract deals from May 11 to 17th, up from 31 the week prior. That increase follows six consecutive weeks of declines.

       

      DID YOU KNOW?  Besides DOW 25,000, what SIX METRICS could define the real estate recovery?

      1. The flattening of the curve. (This is a health-fueled crisis, not an economic fundamentals-fueled crisis). CHECK, for most areas.

      2. The end of stay-at-home orders. Once society moves around more freely, so too can commerce flow. CHECK for many areas, not all.

      3. The 10-year yield rises above 1%.  IMPROVING. Not there yet.

      4. Credit Stress. IMPROVING notably.

      5. JOBLESS CLAIMS. STILL BAD, yet most jobs lost were in sectors that are now re-opening. Re-hiring could improve dramatically. (eg: Amazon has offered 125,000 of the 175,000 part-time employees it hired for the pandemic a fulltime job)

      6. Hardest hit sectors improve. STARTING NOW.

      DID YOU KNOW? In Miami, April saw a 20.7% year-over-year drop in closed sales of single-family homes and a 36.5% plummet in condo-townhome sales during the same period. New listings in April were down over 27.2% year-over-year in the single-family category and were down 38.5% for the condo-townhouse sector. New pending sales for April took a 35.1% drop in the single-family category from a year earlier and pending sales in the condo-townhouse category sank by 56.6% from April 2019. April should prove to be the 'bottom' of this decline. May, however, is already showing a sharp improvement with pending sales up around 80%! $1m+ pending sales are up over 30% already.

      DID YOU KNOW? Dozens of U.S. cities have inadequate flood insurance coverage. In Boise, Idaho ValuePenguin found that there was only one active flood insurance policy despite there being more than 8,700 homes ....in a 100-year flood plain. Riverside, California, was the second-worst city for flood insurance coverage ratios, with only 344 active policies despite more than 40,000 homes in a 100-year flood plain. Across the 100 largest metropolitan areas in the U.S., there are only 4 active policies for every 100 homes in active flood zones. Maybe a good time to check in with your clientele to see if their home is located in a flood zone and to make sure they have adequate insurance?

      DID YOU KNOW? In the week ending May 10, newly pending sales nationwide were up almost 50% from the same period in April. And in four large metros — Cleveland, Cincinnati, Houston and Dallas-Fort Worth, newly pending sales were up from the same time last year. New for-sale listings are up 12.5% month over month after the seven days ending on May 10, but year over year they were still down 27.6%. Overall, while home listings continue to bounce back, inventory still remains about 20% below last year’s already low levels. (Housingwire)

       

      DID YOU KNOW? Summer is almost here and it may be a good time to message to your clients how to deal with ticks, a common problem with pets and kids....and adults! After safely removing the tick, one of the most important steps is to test the tick. Knowing the species and what disease(s) the tick is carrying will help with your diagnosis. Click here for a list of tick testing labs in the U.S. Click here for complete Be Tick AWARE resources.

       

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