Changes in Home Buying and Selling as States Reopen

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!

Stimulus Plans, Drug Trials, and the New Normal

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.

 

Home Values in the Midst of Recession

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.
Who Knows

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!

2020 April Mortgage Rates

Overall, the US new home construction starts & applications have declined in March from the previous month by the highest number since 1984.

2020 April Housing starts

This, along with an overall fall in new listings coming on the market, leads to the inventory levels remaining low.

2020 April Inventory

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 Housing Market Update – March 2020

The Orlando Housing Market Update for March 2020.

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.

ORRA Market Pulse March 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data March 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data March 2020 3-Year New Listings graph

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!

ORRA Market Data March 2020 3-Year New Listings chart

 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.

ORRA Market Data March 2020 3-Year Inventory graph

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!

ORRA Market Data March 2020 3-Year Inventory chart

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!

ORRA Market Data March 2020 3-Year Mortgage Rates graph

This chart shows more clearly how low the mortgage rates are currently, compared to the last two years!

ORRA Market Data March 2020 3-Year Mortgage Rates chart

The following shows the total number of listings under contract (pending a sale) over the last 3 years.

ORRA Market Data March 2020 3-Year Total Under Contract

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!

ORRA Market Data March 2020 3-Year Total Under Contract chart

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!

The Shape of Recovery: How We Bounce Back From the Virus

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.

Listen to them as they discuss:

The flattening of the curve;

Where they think the “new normal” will be;

Stocks on the rebound;

What kind of recovery we’re going to have;

An update on the stimulus package(s);

The impact on the economy;

And a lot more

Watch the Video here:

COVID-19 and How It’s Impacting Home Buyers and Sellers

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!

Alex van Grondelle,

Broker/Realtor

Cell/Text: 407-529-7253

Orlando Housing Market Update – February 2020

The Orlando Housing Market Update for February 2020.

Orlando’s housing market in February saw its home sales improve by more than 4% compared to February 2019, while the median price increased by 6%. Inventory experienced a year-over-year decline of 17%.

The following data, supplied by the Orlando Regional Realtor Association, does not reflect any changes to the market affected by the Coronavirus situation – the data sourced runs through the end of February, before any cases were reported within the US. ORRA does anticipate an impact from the coronavirus situation on the real estate market, but are unable to predict what that might be.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from January 2018 thru February 2020.

ORRA Market Pulse Feb 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Feb 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data Feb 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory has fallen further since last month.

ORRA Market Data Feb 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for February continued to drop; U.S. long-term mortgage rates hit the all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis.

ORRA Market Data Feb 2020 3-Year Mortgage Rates

The following shows the total number of listings under contract (pending a sale) over the last 3 years. We show this graph to show what, if any, effect the coronavirus situation will have on the real estate market.

ORRA Market Data Feb 2020 3-Year Total Under Contract

This next graph shows the cyclical pattern of Listings taken off the market.

The winter month of December typically showing the highest number of units off the market, with Jan thru March showing the lowest numbers!

A spike shown in August 2017 could be explained by the formation of Hurricane Irma towards the end of that month!

ORRA Market Data Feb 2020 3-Year Units Off the Market

The World Health Organization on Wednesday declared the viral outbreak a pandemic. The number of cases continue increasing in Florida, and the first 2 cases reported in Orlando yesterday!
Financial markets continued to shudder amid a cascade of cancellations and shutdowns across the globe due to the COVID-19 virus. For the second time this week, U.S. stock prices tumbled so sharply at the opening bell that a circuit breaker meant to slow panic trading was triggered on Wall Street, halting all activity for 15 minutes. The Dow Jones Industrial Average closed in a bear market Wednesday for the first time in more than a decade.

The record low mortgage rates have been a boon to potential homebuyers, and they give many homeowners an opening to refinance into lower-rate loans to free up money to spend or save.

But prospective buyers may be reticent to shop for homes amid the coronavirus outbreak, seeking to avoid social contact. That could slow home sales. And ultra-low mortgage rates aren’t likely to produce a significant rise in home sales this year because the supply of homes for sale remains at historic lows, and could stay this way if this health crisis worsens.

We will continue to watch this crisis closely, and post more updates as we receive them!

Orlando Housing Market Update – January 2020

The Orlando Housing Market Update for January 2020.

Orlando’s housing market in January marked a second consecutive month of double-digit year-over-year sales increases. Sales improved by more than 16 percent compared to January 2019, while the overall median price of homes (all types combined) increased to $245,000, which is 7.9% above the January 2019 median price of $227,000. However, the numbers of homes available for purchase in Orlando, although an 0.1% increase compared to last month, dropped by 14.7% when compared to January 2019.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from December 2017 thru January 2020.

ORRA Market Pulse Jan 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Jan 2020 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years!

ORRA Market Data Jan 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory still remains low.

ORRA Market Data Jan 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for January dropped to 3.55%; the lowest since November 2012!

ORRA Market Data Jan 2020 3-Year Mortgage Rates

The market data still points to an active start to the year with pending sales in January up 7.8% compared to January of last year; Pending sales are up 25.9% compared to last month.

Orlando Housing Market Update – November 2019

Here is an update on what happened in the Orlando real estate market for November 2019.

Orlando Housing Market Update – October 2019

Here is an update on what happened in the Orlando real estate market for October 2019.