Has this year felt like a roller coaster to you, too? When COVID-19 hit in March, the real estate industry experienced panic levels that hadn’t been felt since the subprime mortgage crisis. We were shut down for a few weeks — no in-person showings and no open houses. No one knew if these measures would be short- or long-term or how the industry would respond to the developing pandemic.
Luckily, the real estate industry bounced right back as we all scurried to find ways to move on with life despite the new normal. 2020 has taught us that, although not ideal, we can endure a temporary world without traveling to far-off destinations, eating out at our favorite restaurants, listening to live music at the neighborhood bar, or cheering on the Nationals from the stands. We do miss all of these things dearly, and they will be back, but when those doors each closed, many people found themselves shifting their focus to the importance of family and home.
I’ve touched upon this in the last few newsletters, but I’m still being asked regularly about the state of the market and why it’s doing so well despite a global pandemic. To recap, it’s a combination of several elements:
While home has always been important, it has become infinitely more meaningful this year. We are spending a significantly greater amount of time at home now, and even though a vaccine is on the horizon, we will continue to pass our days at our respective dwellings for the foreseeable future.
People with professions that allow them to work remotely are reevaluating their priorities when it comes to home. Some are looking for more space to accommodate multiple members of the household working or schooling online. Others realize commute time is no longer a deciding factor and want more outdoor space, to be closer to nature, and near family members.
Interest rates are historically low. For those of us fortunate enough to still have a steady paycheck, it makes sense to buy or upgrade right now. Teaser alert! Debbie and I just got 2.375%. Hint, hint! Be sure to read through to the bottom!
Entertainment and transportation budgets are being reallocated to the home. Since spending on dining out, beach trips, vacations abroad, and commuting has generally been reduced, some people find themselves with extra cash on hand that can be put aside for a new home.
The Highs and Lows of Agent Life
One of the reasons I love my job is that every time a client buys or sells a house, I get to experience the elation, excitement, relief, or whatever else they may be feeling with them. At the same time, my heart also sinks when an offer gets beat out by the competition. This year we have had our share of both! I’ve been lucky to help 22 clients buy or sell a home so far in 2020, and I cannot be thankful enough for the trust they each placed in me. I am also grateful for the referrals that you all have sent my way. The majority of my new clients come to me as a direct result of a recommendation from you, and this year, I got to assist nine referrals with buying or selling a property. Words cannot express how thankful I am to you!
Debbie and I just happened to finish our own emotional roller coaster. Remember all of those reasons we discussed above on why the housing market is booming? Well, many of those ring true for us, too, so we’ve decided to buy a new house! We will miss our beyond amazing neighbors, but we are excited about what lies ahead. And we are only moving three blocks, so they won’t be getting rid of us that easily!
Since our new home (pictured above on the left with a proposed update on the right) needs some work before we move in, I will be sharing our renovation story with you over the next few months. Stay tuned for the first video in my Renovating Shepherd Park series!
Happy Holidays!
Wishing you all a safe and healthy holiday season. Here’s to hoping we all ride into 2021 on a high note!
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