Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market (real estate expert). The index leverages a weighted average of four key components of the housing industry, tracking each of the following:
- Housing Demand – Growth in online search activity
- Home Price – Growth in asking prices
- Housing Supply – Growth of new listings
- Pace of Sales – Difference in time-on-market
The real estate expert index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”
The graph below charts the index by showing how the real estate expert market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.It’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):
“As the nation reopens, housing is well-positioned to lead the economy forward.”
The data today indicates the housing market is already on the way up.
Real Estate Expert Advice: Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.
Home Purchase Timeline
So your offer was accepted – Fantastic! If you’re like many home buyers, you’re probably asking yourself… What comes next? Here’s a real estate expert breakdown of the home purchase timeline, so you know exactly what to expect:
Staging your home for video tours
We recently shared with you what has been happening in the real estate industry during the COVID-19 pandemic. Most parts of the process of buying or selling have gone virtual, from showings to closings.
Real Estate Expert Advice
Since then, we’ve heard from lots of folks, wanting to know how to prepare their homes to sell in this new real estate environment. It’s a good question, because showings online are a bit different than showings in person.
Getting the interior ready for its close-up
The prep work that was required pre-pandemic still holds true: clean and declutter the home. If you have any doubts about whether an item should remain in the home or get boxed up, go with the latter.
The idea is to create a somewhat clean slate, so that potential buyers can see themselves living in the home. Here are some of the real estate expert advice regarding items to consider removing:
- Family photos
- Diplomas and certificates
- Stacks of magazines and newspapers
- Oversized furniture (it makes rooms look smaller)