Washington DC, Maryland & Northern Virginia
Real Estate & Community News

July 3, 2020

The Housing Market Is Positioned to Help the Economy Recover

Some Highlights

·        Expert insights are painting a bright future for housing when the economy bounces back – and it will.

·        We may be facing challenging economic times today, but the housing market is poised to help the economy recover, not drag it down.

·        Connect with your trusted real estate advisor today, to make sure you’re informed and ready when it’s time to make your move.

July 1, 2020

Price Your Home To Sell This Season

July 1, 2020

A Historic Rebound for the Housing Market

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph below):

This jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, Chief Economist at NAR mentioned:

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.

Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Reach out to Charles & The Heyward Homes Team to determine your best move forward.

June 22, 2020

Homebuyers Are in the Mood to Buy.....NOW!

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

 

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

 

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

 

 With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what FreddieMac is identifying as the buying mood:

 

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”

 

There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):

 

 

What does this mean for buyers?

Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting pre-approved now will help you gain a competitive advantage and accelerate the homebuying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional will help put you in a position to act fast when you’re ready to make your move.

 

What does this mean for sellers?

If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.

 

Bottom Line

Whether you’re looking to buy or sell, there’s great motivation to be in the housing market, especially with mortgage rates hovering at this historic all-time low. Reach out to The Heyward Homes Team today to make sure you’re ready to make your move.

June 22, 2020

COMING SOON! 4008 Spirea Ct, Hyattsville, MD

COMING SOON! Spacious, well kept townhome ready for a new occupant. Offering 3 bedrooms and 3.5 bathrooms; includes a large master suite with walk-in closet, updated kitchen with rolling island, hardwood floors, separate dining area, granite counters, large deck, big basement, additional storage AND MORE! This one won't last long...so move fast!

Posted in Buyers, Buying a Home
June 11, 2020

Get Your FREE 3D Virtual Home Tour!

Thinking of Selling Your Home?

Maximize Safety, Efficiency Sale Price!

(View Example of 3D Virtual Tour HERE)

 

That's Right! In addition to the Award Winning service you've come to expect, for a limited time, the Heyward Homes Marketing Advantage will also include a Customized 3D Virtual Home Tour ABSOLUTELY FREE!!! 

Stay COVID-19 safe while leveraging technology to maximize your bottom line!

For a No-Obligation Consultation, call Charles directly at 240.203.8991 or begin now by using the Instant Home Value tool below, then submit your contact information.

Posted in Selling Your Home
June 11, 2020

FOR SALE! 6085 Loventree Rd, Columbia, MD

Fully renovated expansive colonial on well manicured lot. Elegant 2 story foyer with bamboo flooring leads to gorgeous recently renovated kitchen including stainless steel appliances, granite counters and custom cabinetry. Large entertaining spaces open up to a newly built deck with built-in seating as well as a stone patio. Perfect combo of indoor/outdoor living. Upper floor offer 4 large bedrooms including an owners suite flooded with natural light featuring a spa like bathroom. Lower level complete with a fully finished basement and tons of storage space. Entire home just painted. WILL NOT LAST! (See Floor Plan Here)


Price$562,500
Floor size2358 sq ft
Beds4
Baths2.5
Year Built1985

 

June 8, 2020

Happy National Homeownership Month!

Some Highlights

  • National Homeownership Month is a great time to reflect on how we can each promote stronger community growth.
  • Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a positive impact on our local communities.
  • Reach out to Charles and the Heyward Homes Team today if homeownership is part of your future plans.

June 4, 2020

We're Re-Opening!!! (COVID Pandemic Lockdown Update)

 

Ready To List Your Home For Sell!? Or Buy Your First Home!?

 

I'm happy to announce that #REMAX Specialists and The #HeywardHomes Team will reopen our main office doors to the public for regular business hours on Monday, June 8, 2020.

 

As we attempt to get back to normal operations we request that you wear a mask when visiting the office.

 

We are located at 10460 Campus Way S, Upper Marlboro, MD 20774 (in the shopping center between Lowe's & PetSmart. We're looking forward to safely seeing all of you again!

 

Come on in and ask Charles Heyward & The Heyward Homes Team..."Where Service & Integrity Meet Your Real Estate Needs"

June 1, 2020

Value is more expensive than price.

To sell at top dollar, with the service you deserve, call Charles and the Heyward Homes Team. Start with an Instant Home Value Report Now!