A Real Estate Market Update Just For You
Welcome to September! We can’t believe it, either. While you’ve all hopefully been staying safe and doing the best you can during these challenging times, we here at Collins & Company have been tirelessly working for our community, and we love seeing your tenacity. While things may have slowed down in some ways, the real estate market never sleeps, and in these past few months, there have actually been quite a few updates and trends that may be helpful and important for you to know. Keep reading for a rundown of what’s new.
Mortgage rates are low → According to a Forbes article published at the close of August, mortgage rates have been dropping -- and are continuing to stay low-- during this pandemic, with the most recent rates staying below 3% for the fifth week in a row. In the same article, it’s described that this has brought on an increased incentive for people to buy homes and refinance.
Cozy spaces are trending → Maybe it’s because people are spending more time at home, but according to the National Association of Realtors, the word “cozy” is trending in the vocabulary list of what people want their homes to feel like. A space that includes lots of natural light, neutral-toned colors, soft and fluffy accents and furniture, and an overall calm, zen feeling is what homeowners are desiring nowadays.
Gender and racial diversity are lacking → In a recent study conducted by investor news site Millionacres and reported in REALTOR Magazine, the following conclusions were drawn:
→ More than one in four women reported that gender diversity was lacking in real estate investing.
→ About one in four non-white responders said racial diversity was lacking in real estate investing.
→ More than one-third of women reported feeling like their gender has poorly affected their careers and opportunities.
If you take the time to look at all the findings, one thing’s for sure: A lot of work needs to be done to diversify the real estate space. The good news? Any efforts you make towards inclusion is a step in the right direction!
Homes are going under contract faster than ever → Homes are going on and off the market in record time, according to reports by the National Association of Realtors, and the southeast region, especially, has seen the highest increase in pending home sales.
Five new design trends have emerged from the pandemic → In a blog post by Melissa Dittmann Tracey, the following 5 design trends have become increasingly popular while people are staying indoors:
→ The desire for home offices is growing and can even be considered vital on many people’s lists.
→ Spacious and cozy outdoor spaces are becoming more important to homeowners.
→ Gardening has become a popular hobby.
→ More storage is desired, especially in kitchen spaces like the pantry.
→ Open floor plans aren’t sought-after as much as they once were.
Want expert predictions on what the rest of 2020 will look like? Check out this Forbes article on where five professionals see the housing market going.