As States start to reopen, what changes can you expect to see in the real estate market? James Dwiggins, C.E.O., and Keith Robinson, Chief Strategy Officer of NextHome Inc will cover the options that we will be providing as a company, how to protect you, as clients, and ourselves from health and legal risks, as well as the marketing and advertising we need to implement to be a COVID-19-compliant real estate agent.
They discuss all of this and so much more:
Buyer and seller concerns and providing options
Virtual listing presentations
How to safely show a home
Hold Harmless Waiver and COVID-19 Disclosure,and Why we need them…
Please Contact Us to discuss how we can help you with your Real Estate needs, as Florida begins to re-open they will not go back to the way things were done before – let us guide you!
The House is set to pass a new stimulus plan, and we have the breakdown on what it means for you. NextHome CEO James Dwiggins and Chief Strategy Officer Keith Robinson break down what they know about the new stimulus plan. They also cover some important updates on the pandemic and promising drug trials & treatment plans. They wrap up this session with a dive into what business will look like when the shelter-in-place is lifted.
NextHome’s CEO James Dwiggins and Chief Strategy Officer Keith Robinson break down one of the biggest concerns on Americans’ minds right now – what’s going to happen to home values?
The real answer is “it’s too soon to tell” with real specificity.
But there are some real learnings we can get from taking a closer look at past recessions and how home values were impacted then. The two of them will also share their (many) thoughts on how the pandemic-led economic situation we’re in will compare and contrast, and dive into why this isn’t like 2008.
The biggest thing to take from this is that we are having a ‘Health Crisis’, Not a ‘Housing Crisis’!
A number of factors to take into consideration – the current mortgage rates remain some of the lowest rates in history!
Overall, the US new home construction starts & applications have declined in March from the previous month by the highest number since 1984.
This, along with an overall fall in new listings coming on the market, leads to the inventory levels remaining low.
Although we are seeing a temporary fall in demand, with this low supply of homes, and low mortgage rates, the potential for home values to remain unaffected, or even to see an increase, is high!
Want to find out what is happening to home values in your neighborhood, contact us!
Orlando’s housing market in March saw its home sales improve by nearly 2% compared to March 2019, while the median price increased by 8%.
Inventory experienced a year-over-year decline of 10%, which was to be expected with the Stay at Home order put in place during the month.
However, we will have to wait until the April update before seeing the effects of the COVID-19 pandemic on Orlando’s home sales statistics!
The image below shows the Market Data for the Orlando & surrounding areas
from February 2018 thru March 2020.
The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!
The following shows the cyclical pattern of New Listings over the last 3 years!
This picture shows the chart for New Listings as a better comparison to last year. You will see that the number of New Listings are less than the number last year & for 2018.
However, the number of new listings did increase over last year!
The following shows the total number of homes listed for sale over the last 3 years! Total inventory, although has increased from last month, has fallen further over last year.
The following graph shows the comparison over the past two years better. You will see that total inventory is less than March of the previous two years!
The following shows the Average Monthly Mortgage Rate over the last 3 years!
This past month has seen the rates bounce up & down almost daily, however the average rate has stayed level from last month!
This chart shows more clearly how low the mortgage rates are currently, compared to the last two years!
The following shows the total number of listings under contract (pending a sale) over the last 3 years.
This chart shows the Pending Contracts compared to the previous two years better, and this is the first sign of a potential reduction in sales!
You will see that during both 2018, and 2019 the number of pending contracts continued to increase each month from January through April.
Numbers for March did fall over last month’s!
We are just over 3 weeks into the Stay at Home order in Orange County, and have seen the first signs of a slowdown in transactions.
We will continue to watch the data and present the facts here; please remember that you can find a lot of information (and opinions) online but it is always best to look at the facts!
Obviously with the need to practice social distancing, prospective buyers may not have as many opportunities to view homes in person. This could slow home sales, but with the ultra-low mortgage rates and the supply of homes remaining at historic lows, the signs are that the median price of homes may not be hit as some had been predicting!
Listen to James Dwiggins, C.E.O. and Keith Robinson, Chief Strategy Officer, of NextHome Inc. provide their insights on the current state of the Real Estate market as it relates to the coronavirus and what the research shows and their predictions on what shape our recovery will take over the coming weeks and months.
During this webinar, Imran Poladi, Vice President of NextHome Inc, is joined by one of the most sought-after inspirational speakers in the world – John O’Leary.
John O’Leary spoke at our 2017 NextHome Conference in New Orleans; you might have even read his book, On Fire: The 7 Choices to Ignite a Radically Inspired Life.
During a time of information overload with a lot of negative news, John provides ideas and thoughts about how to share positivity during these uncertain times. John’s story is one of the most incredible that you will ever hear. An accident as a child left him with burns on more than 90% of his body. John had every reason to give up on life. Instead, he did the opposite. Today, he has inspired hundreds of thousands of people around the world through his message of determination and will.
Our Chief Strategy Officer, Keith Robinson, and Chief Executive Officer, James Dwiggins, sit down to talk about the Housing and the Stimulus Bill.
Resources for Florida:
Reemployment Assistance benefits, formerly known as Unemployment Compensation, are available to Floridians who have been negatively impacted as a result of the mitigation efforts to stop the spread of COVID-19. Eligible individuals include those who have lost their job through no fault of their own, are quarantined by a medical professional or a government agency, laid off or sent home without pay for an extended period by their employer, or caring for an immediate family member who is diagnosed with COVID-19.
Click Here to start your application for benefits.
If you are a Florida business owner, in an effort to assist you and your employees amid COVID-19, the Florida Department of Economic Opportunity have made available resources to support you financially. For a comprehensive overview of all federal and state resources available to small businesses impacted by COVID-19, including details on the SBA Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) please click Here!
Click Here to download a pdf summary of the Florida Business Resources available to you.
For those of you considering Mortgage Forbearance, please contact me before you make any decisions – there could be repercussions and we want to help you understand all of your options!
I know these are some pretty interesting & somewhat scary times and information is coming to us all pretty fast and furious. The CEO, James Dwiggins, and Chief Strategy Officer, Keith Robinson, for our company will be doing a weekly webinar to help keep all of our clients up-to-date on what’s going on, what it means for real estate, and a great general overview.
You can catch the latest update here:
And a general disclosure from James, and Keith, they are not attorney’s or CPA’s – just two very smart dudes that know a lot about real estate, the economy as it relates to real estate, and are very good at analyzing situations!
The important thing to remember while watching this is how local all of this is. There are some parts of the country in a “lockdown” and other parts where it’s modified business as usual. As you are probably aware, Orange county issued it’s ‘Stay at Home’ ordinance that took effect the evening of Thursday March 26th, with a confirmed 1467 cases of the virus on Tuesday 23rd. Although the Stay at Home orders are currently governed by individual Counties, I don’t think it will be long before we see a statewide ‘lockdown’.
My primary concern is for everyone’s safety and health, and believe that this is the best thing to do in order to lead to some control of this virus. How long this will take is the question, but I feel that the longer everyone is allowed to be out meeting others, the longer it will take to get control of it!
I have always been available to you (maybe now more by virtual means), and will always be your complete real estate resource; if you want to discuss how this applies to you, or if you simply want to chat. Feel free to call me. Please take care, and stay safe!