Welcome to Dynamic Property Partners

Will Covid-19 Mortgage Forbearance Lead to a Housing Crash?

Aubrielle Madia — Wed, 03 Feb 2021 05:27:05 +0000

The COVID-19 health crisis has created unprecedented circumstances, one of which has the been the financial burden Americans are experiencing. Throughout the crisis, mortgage forbearance plans have played an important role in helping homeowners manage their finances by providing short-term liquidity to mortgage borrowers. Mortgage forbearance temporarily removes the obligation for borrowers to make their monthly mortgage payment. These plans are used by borrowers when they experience a financial hardship such as job loss, or reduction of income; both of which have been a product of the pandemic.

In the beginning of the economic disruptions caused by the health crisis, the government immediately put forbearance plans into place to preserve home ownership. Today, almost three million households are actively in a forbearance plan. Though 29.4% of those in forbearance have continued to stay current on their payments, many have not. According to Yanling Mayer, Principal Economist at Corelogic, roughly one-third of borrowers in forbearance are at least 150 days behind on payments.

During mortgage forbearance, homeowners are given the option to not make their payments, but it raises the question: how many homeowners will be able to catch up on their mortgage payments after their forbearance programs end? There’s currently widespread speculation that a forthcoming wave of foreclosures and short sales could be the result, potentially leading to another crash in home values. Fortunately, today’s situation is different than the housing crash of 2008 since many homeowners have higher amounts of equity in their homes.

What are the experts saying?

Over the past month, several industry experts have weighed in on this subject:

Michael Sklarz, President at Collateral Analytics stated that if there is a flood of borrowers unable to catch up on their payments, he believes more homeowners will take advantage of the competitive real estate market and list their homes for sale rather than undergo foreclosure.

Odeta Kushi, Deputy Chief Economist at First American weighed in on the foreclosure process and expanded on the two major components of foreclosure – both economic shock and delinquency. However, she did state that delinquency is not enough for foreclosure to take place and signaled the importance of equity. She continued further by stating that with equity, sale, or refinance of the property, the homeowner can weather the economic shock.

Don Layton, Senior Industry Fellow at the Joint Center for Housing Studies of Harvard University stated that since we are seeing a greater cushion of equity, homeowners have more options to access the funding they need through refinancing, credit lines, or even a loan modification. He continued by declaring that in a worse-case scenario, they will be able to sell the house and monetize their increased net worth while reducing their monthly payment obligations – suggesting that there will only be a modest increase in foreclosures.

As you can see, even though many homeowners may be facing a financial burden, the increase in homeowner equity is acting as a safety net for them; giving them more creative options to access the funds they need. There is, however, a possibility that not all homeowners will be able to use their equity to their advantage, suggesting there will be some that may face foreclosure, but most homeowners will be able to save themselves from this burden through their equity.

Won’t the additional homes on the market impact prices?

Due to the remaining highly competitive real estate market and low interest rates, distressed homes (abandoned homes, homes in need of significant repairs, tax delinquent homes, foreclosed homes, and short sales) which normally sell at a discount, will result in a minimal impact in the housing market as home values and equity have resisted the economic shock.

In addition to increasing home and equity values, there is also currently an unprecedented lack of inventory on the market. Per realtor.com, economists have found that the number of homes for sale was down 39.6%, amounting to roughly 450,000 fewer homes for sale than last December. As a result, the lack of inventory and increasing buyer demand will force higher home prices. But even if inventory begins to increase, economists also predict that the market has the potential to absorb 500,000 homes this year without it causing home values to depreciate.

Clearly the pandemic has led to both personal and economic hardships for many American households. The overall residential real estate market, however, has weathered the storm and will continue to do so in 2021.

Why Home Ownership is the Key to Building Wealth

Aubrielle Madia — Thu, 21 Jan 2021 09:22:26 +0000

Why Home Ownership is the Key to Building Wealth

It is an established financial principle that homeownership is the key to wealth building. In fact, most recent data certifies that home ownership, regardless of income level, is one of the biggest positive drivers of wealth creation. The Federal Home Loan Mortgage Corporation recently quoted home ownership as the cornerstone to the “American Dream,” as it provides families with a place that is their own as well as an avenue for building wealth over time. This wealth is accrued by the creation of equity, the difference between the market value of your home and the amount you owe the lender who holds the mortgage. As you continue to pay down your principal balance and your property appreciates over time, you enhance your financial stability.

Is homeownership truly a better path to wealth than renting?

Many argue that homeownership is not a viable investment, and rather a liability as it’s taking from your income instead of generating income. While others argue that renting is the route to stress-easy living, but when it comes down to it, renting does not build your wealth as you aren’t generating passive income for yourself, and your payments aren’t being invested towards a hard asset. Rather, your rental payments are being invested into your landlords’ wealth via his/her mortgage and their additional expenses (property taxes, insurance, repairs, etc.), along with a profit margin. Homeownership will always be a better path to wealth as it will contribute to your net worth.

In support of this, the latest Home Equity Insights Report from Corelogic reported four major findings that supported in the link between homeownership and wealth:

U.S Homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
The average homeowner gained approximately $17,000 in equity over last year.
The average household with a mortgage now holds at least $194,000 in home equity.
There’s been a 10.8% increase in equity over the last year.

Here’s a breakdown of the year-over-year equity gain by state:

Source: https://www.keepingcurrentmatters.com

When can you cash in on your housing wealth?

Your home equity is part of your wealth as a homeowner. There are many ways homeowners can leverage their wealth, but the two most common ways for homeowners to cash in on their housing wealth are by selling and/or refinancing.

When selling your home, the equity you’ve built up over time will be yours at the end of the sale. To paint the picture lets have an example, if you had a mortgage of $235,000, you paid off $105,000 of the mortgage and sell the house for $275,000; you would receive a gross profit of $145,000, before seller closing and other transactional costs.

When refinancing your home, you can either refinance to reduce your interest rate, cut monthly payments, or tap into your home equity. The most popular refinance is a cash-out refinance, where you can take out some of the equity you have accumulated. When refinancing, you get a new mortgage. The new mortgage pays off the balance of the old home loan, and normally you’re able to cash out 70-80% of your loan to value. But when refinancing, its required that you apply for the loan to then qualify. You’ll have to file an application for refinance, go through the underwriting process and close on the transaction.

How can these options help homeowners?

Throughout these difficult times, many households have been struggling with their housing and living expenses. Fortunately, homeowners have the upper hand here, where many who have experienced a financial hardship can qualify for mortgage forbearance and repayment plans. Additionally, homeowners who have substantial equity in their home have even more alternatives. Deputy Chief Economist at First American, Odeta Kushi, recently stated that homeowners impacted by the pandemic will not necessarily be faced with foreclosure because with equity, homeowners have the option to sell their home or tap into their equity through refinancing to help weather the storm.

What might the future bring?

Budget experts are predicting home prices will continue appreciating as we move forward. The Home Price Expectation Survey, a survey of a national panel of over one hundred economists, real estate professionals, and market strategists, reported that appreciation of home prices will continue for at least the next five years. By using their projection, the graph below shows the equity build-up a potential buyer is projected to earn when purchasing a $300,000 house this January:

Source: https://www.keepingcurrentmatters.com

For many Americans, home equity is the quickest way to build household wealth. Building home equity, however, is a long-term investment but this wealth gives homeowners more options during both good and difficult times, all while continuously contributing to their overall net worth.

3 Reasons To Be Optimistic about Selling Your House in 2021

Aubrielle Madia — Tue, 12 Jan 2021 01:39:09 +0000

There’s no doubt that this past year has been a challenging one. We experienced a global health crisis, economic downturn, social unrest, and natural disasters, just to name a few. As a result of state-imposed gathering and worker restrictions, and extreme concerns for the continued spread of the virus; many homeowners have reevaluated their living space and what would be best for their family entering 2021. Fortunately, experts are forecasting that the upcoming year is one in which you can be optimistic about selling your house for the following three key reasons.

1. The Economy Is Expected to Continue Improving

The U.S. economy is steadily improving after the economic downturn due to the COVID-19 health pandemic. This outlook is supported by expert reviews of key economic factors, including the gross domestic product (GDP), unemployment, job outlook and inflation. The most critical economic indicator is the GDP, which is a monetary measure of the market value of all goods and services produced in a certain period. The most recent GDP rate was approximately +33.4% for the third quarter of 2020, a large jump from the second quarter rate of -31.4%.

When it comes to unemployment, the Federal Open Market Committee (FOMC) estimates the unemployment rate will remain at 6.7% for the remainder of 2020, and it will gradually decline to 5% in 2021. The job outlook, according to the Bureau of Labor Statistics (BLS) expects total employment to increase by 6 million jobs now through 2029. By 2029, positions in health care and social assistance are projected to grow by 3.1 million. Similarly, computer, math, energy production, e-commerce, transportation, and warehouse occupations are predicted to grow rapidly as well. When it comes to inflation, the core inflation rate is predicted to be 1.4% in 2020, and between 2021-2023 the rate will gradually increase to 2%, which is the target inflation rate in a steadfast economy.

2. Interest Rates Are Projected to Stay Low

In March 2020, the FOMC held an emergency meeting to discuss the economic impact of the global health crisis, which lowered the federal funds rate to between 0-0.25%. The federal funds rate is what controls short-term interest rates. These include banks’ prime rate, the LIBOR (London Interbank Offer Rate, which is the global reference rate for unsecured short-term borrowing in the interbank market), adjustable-rate loans, and credit card rates. The Fed is also working on keeping long-term rates low to make borrowing money cheaper, and as a result, encourage consumer and business spending.

In the latest predictions from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain where they currently are, at or near 3% for the next year. These low rates will continue to drive demand for those looking to sell your house in the years to come.

3. Future Home Sales Are Forecasted to Grow

As the economy continues to improve, and interest rates remain low, homes are expected to continue appreciating as more people will buy in the coming year, as indicated in the two (2) previous factors. Danielle Hale, Chief Economist at realtor.com says: “We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”

Economic experts are in align with Danielle Hale, forecasting that both buyers and sellers will remain active in 2021. If you have thought about buying or selling your house this year but have held off, now is the time to take advantage of the market as it will continue to thrive!

What Is An Asset?

Aubrielle Madia — Thu, 17 Dec 2020 05:09:32 +0000

It has contributed to extensive impacts in healthcare, financial losses in national and international business, and a worldwide economic downturn. The current widespread and unprecedented economic distress has many Americans seeking ways to further increase their financial stability and future security. Aside from exploring new business ventures, many Americans have begun investing in more assets to contribute to their overall long-term wealth. In this article, we will discuss what an asset is, different types of assets, and how investing in assets can help prepare you for financial freedom.

An asset is anything that can be owned or controlled by a person or entity to produce positive economic value. There are two main types of assets: personal and business. For this article we will focus on personal assets. Personal assets are items of value that belong to a specific individual. Some of the prominent categories of personal assets are cash or cash equivalents, real estate, personal property, and investment accounts. Within these categories personal assets can include but are not limited to physical cash, checking and savings accounts, money market accounts, certificates of deposit (CD), real property, land, boats, jewelry, vehicles, annuities, bonds, cash value of life insurance, retirement plans, mutual funds, and stocks.

Here at Dynamic Property Partners, we believe the most standout tool is investing in real property. It’s one of the easiest and safest ways to increase your wealth and contribute to your own financial freedom. By investing in real estate, you are investing in a tangible asset, which will provide excellent leverage, high cash yield, equity buildup, and tax advantages. There are also various ways to invest in real estate which include but are not limited to house hacking, fix and flipping, wholesaling, long-term rentals, short-term rentals, and private money lending.

The benefits to owning personal assets are endless. In addition to contributing to your overall net worth, assets can also generate passive income in the form of interest or dividend payments, provide a hedge against inflation, and can be liquidated for the cash equivalent. Additionally, if you are in the market to a apply for a loan of any sort, your assets and their value can give you leverage by helping you appear less risky to your lenders. If you are interested in applying for a home loan, specifically for a renovation project, you can also use your assets as collateral to better qualify for a secured loan. By proving to the lender that you have liquid assets or cash reserves, you are given the upper hand as lenders see you more as a healthier investment.

As you can see, there are many ways to invest in assets to protect your financial future. By attaining assets, you can grow your wealth, while protecting yourself from economic downturns. It is most important, however, to ensure you have a diversified portfolio as the markets are always changing. One of the best ways to ensure your portfolio diversity is by adding assets that provide passive income. Stay tuned for our next investing blog where we will discuss a program in which we offer investors an excellent way to increase their passive income!

What Happens When My COVID-19 Mortgage Forbearance Is Over?

Dynamic Property Partners — Thu, 15 Oct 2020 04:06:00 +0000

If you are a homeowner that took advantage of the COVID-19 mortgage forbearance provided by the 2020 Cares Act, you may be wondering what next steps to take as we are nearing the end of the year. First and foremost, you should begin by planning to discuss available options with your mortgage lender. As everybody is undergoing a different financial situation, it would be to your advantage to reach out to them to assess your situation and define the next steps sooner rather than later. Some lenders are placing the unpaid mortgage balance onto the end of a borrower’s loan, while others are requiring homeowners to make one large lump sum payment once their forbearance expires. Which, depending upon your situation, could be the worst-case scenario. Fortunately, there are other options available to you. Some other options can include:

1. Repayment Plan

2. Loan Modification

3. Refinancing

4. Reaching out to Dynamic Property Partners

Repayment Plan

One plausible option you could consider with your mortgage lender is setting up a repayment plan. On average, a repayment plan term length can vary from 3-6 months, depending upon your lender, and would not alter your current mortgage terms in any way. All the repayment plan would do is structure the delinquent amount from the mortgage forbearance to be added onto your regular monthly bill, temporarily increasing your monthly payment for your agreed upon term length.

Loan Modification

A loan modification could be something worth exploring if you have experienced a permanent hardship due to the COVID-19 health pandemic. A loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three. Fortunately, due to the current circumstances brought on by the COVID-19 health pandemic, many banks are offering broader loan modification criteria to help owners, so this is the time to take advantage, if need be.

Refinancing

You may be able to refinance your home loan and take advantage of low interest rates if you have not missed any mortgage payments other than those included in your mortgage forbearance. Refinancing your home loan is defined as the replacement of an existing debt obligation with another debt obligation under different terms. Fortunately, due to COVID-19 circumstances, you’re able to negotiate some refinance expenses with your mortgage lender, including but not limited to, the application fee and the commitment fee you’re charged that guarantees the loan can be negotiated. If this is something you qualify for, it would be a great opportunity to take advantage of record low interest rates while having the common miscellaneous fees waived.

Reaching Out to Dynamic Property Partners

Here at Dynamic Property Partners, we want to help homeowners find a plausible solution to their real estate situation. When we work directly with a home seller, what we provide can not only make for a smooth transaction, but it can also add up to thousands upon thousands of dollars in savings as compared to selling a home through traditional means. With the ability to directly purchase homes and make cash offers, we can create extremely fast and hassle-free transactions. There are many creative ways to help you out of any situation. We pride ourselves on our reputation for working one-on-one with each customer to handle each individual situation; and it is our goal to make each client feel like we achieved a WIN-WIN scenario.

For the best results, it is imperative to contact your servicer before your forbearance ends so you can secure the best possible transition. Beginning to have these discussions with your mortgage lender, where you talk about available repayment options, varying loan terms, or even different loan options will be highly advantageous to you in the long run.

5 Home Features That Appeal To Millennial Homebuyers

Dynamic Property Partners — Wed, 26 Aug 2020 05:50:30 +0000

According to experts, 2020 was designated to be one of the biggest millennial home buying years. The National Association of Realtors states, millennials are currently the largest generational group of buyers at 26% and represent 42% of all new home loan recipients. So, if you’re in the market to sell your home competitively, you’d be at an advantage by making sure you market to this generation of young homebuyers. Because millennials are keenly aware of their own needs and preferences, consider these five highly desired home features when marketing to these potential buyers.

1. Updated Home Interior

Many millennial homebuyers are buying a home on a budget so if your home has not been updated in several years, it will likely limit millennial homebuyer interest. Millennials also put the style of a home at the top of their list, so make sure you’re up-to-date with the current interior design trends that often include a comfortable yet trendy bathroom, a kitchen that flows with the rest of the home, and an open living space with a neutral palette. It’s important to note, a kitchen with personality is crucial for many homebuyers, however for the millennial homebuyer, a stylish kitchen with integrated appliances and a gorgeous design ranks high on their list.

2. Dedicated Workspace

As we continue to work remotely in many occupations and industries, we all need a dedicated workspace that allows us to focus on our daily work-related tasks, meetings, conference and zoom calls. This is popular amongst all age groups and is an easy fix if you don’t have a room specifically allocated for this. Do you have a spare bedroom, or perhaps an empty corner in the hallway? Any open area with access to outlets and good lighting will accommodate this need. Whether you have an allocated home office, or space dedicated for in-home work, it’s important that you market this feature to potential buyers so they can envision the space working with their lifestyle.

3. USB Outlets

Another way to capture the attention of millennial homebuyers is by switching some of your traditional outlets to USB outlets, especially in the bedrooms and living room. Millennials always have their smartphones, tablets, Bluetooth headsets and laptops within reach, so having your home outfitted with multiple accessible charging stations will surely capture their attention and position you above the competition. This unique home feature is highly advantageous as the new homeowner will have the convenience of being able to charge all their devices using specialty outlets where only USB cords are needed.

4. Smart technology

The millennial generation is very tech-savvy and follows the most innovative technology trends with smart technology being a part of their day to day life. This technology includes keyless locks, smart thermostats, smart boards and smart refrigerators. Because this generation is widely immersed in the technology world, these systems appeal to them because of lifestyle convenience and security purposes. To market your home to more millennial buyers, make sure to highlight the smart technology features of your home in addition to the available wireless service providers, carrier signal strength, and cost-effective options for new technology. Your property solutions partner is knowledgeable in these areas and are ready to assist you with identifying and marketing these valuable home selling amenities.

5. Energy Efficiency

There are many millennials who place a strong importance on going “green.” Homes that offer energy efficient features are more appealing to the millennial homebuying generation. To accommodate this, you can consider installing light-emitting diode (LED) or compact fluorescent (CFL) lighting and adding insulation to attic and walls of home to reduce heating and cooling energy. In addition to increasing your home value, these features are becoming more attractive amongst millennial homebuyers as it often results in saving money on utility expenses.

The 4 Crucial Questions Home Sellers & Home Buyers Need Answered Right Now

Dynamic Property Partners — Wed, 05 Aug 2020 08:04:40 +0000

“This year is going to be an exhilarating year for real estate!” according to many real estate professionals, investors, and other real property stakeholders but are potential home sellers and buyers universally aware of this? If you fall into one of these categories, you may be thinking this is impossible with everything going on during these challenging and unchartered times. Most likely, from everything you are seeing in the news – you are receiving a different message. The upcoming presidential election, possible recession, and political tensions are all factors leading to confusion and hesitancy. Here are some of the main questions of concern you may have and how to tackle them with the most recent insights.

1. Will the Presidential Election Impact Real Estate?

Election years can result in unstable and difficult times for the real estate market, even more so with the COVID-19 health pandemic still prevalent. Normally during this time leading into an election, both sides of the political spectrum would be addressing varying points of view about the economy with goals of addressing uncertainty among potential home buyers and sellers. Because of this, both buyers and sellers have typically taken a “wait and see” approach, waiting until the election is over before making any major real estate decisions. This is not something new and has been a trend for decades. Fortunately, this election year, the real estate market is taking a turn. With large buyer interest, low inventory, strong market strength and mortgage rates at historic lows – there is no better time than now to take advantage of opportunities within the real estate market.

2. Is a Recession Around the Corner?

The economic impact of COVID-19 is continuing to affect all of us. There are still millions of Americans unemployed, and millions of Americans who received a back to work offer at reduced hours – potentially creating economic distress for many families. In comparison to the Great Recession, fortunately our current economic conditions differ greatly. The previous recession created a large increase in negative equity due to an oversaturated housing market, risky mortgages, and the collapse of home prices – whereas our current economic situation is a product of vastly different events. Economists are now predicting that if a recession occurs, it may not be until 2021 or even 2022. On top of that, the real estate market is likely not a driving factor for an economic downturn, and the four recessions before 2008 saw little to no effect on the housing market.

3. Should I Worry About Depreciating Home Values?

No homebuyer wants to buy a home and have to worry about the value depreciating due to external factors out of their control. Even though it may be true there are some buyers holding off on their home search due to the current economic activity, it’s evident that there are still many traditional buyers and cash buyers that are actively pursuing real estate. This alone should be an indicator that future home values will be increasing. But there are heavy hitters in the real estate market like Freddie Mac, Fannie Mae, and the National Association of Realtors that have affirmed that this is a great time to buy and predict home values will continue to appreciate through 2021.

4. Should I Take Advantage of the Low Interest Rates Now?

If you are a potential homebuyer and you’re asking yourself this question, the next question you might be asking yourself is – why take the chance? Answer: Interest rates have been at historic lows since March – so why not take advantage of the opportunity?! According to Freddie Mac, this the first time in over 50 years our current mortgage rates have reached a low of 3.29%. If you are an interested buyer, this gives you great leverage and buying power. Even if mortgage rates slightly increase, as they are projected to increase to approximately 3.8%, you’d still be able to save a large amount of money on interest payments that could go towards your principal balance – ultimately saving you money on the lifetime of your loan.

Home Equity In Today’s Housing Market

Dynamic Property Partners — Thu, 30 Jul 2020 06:51:12 +0000

Are you one of the many homeowners that feared the COVID-19 health pandemic would cause depreciating effects to the housing market? If so, you are not alone. Millions of Americans feared the collapse of our economic market would also reflect within our real estate market. Fortunately, there have been some bright sparks in the housing market during these unchartered and challenging times.

One of the highlights of the 2020 real estate market has been the nationwide increase in home equity. The 2020 stock market crash that began on Monday, March 9^th resulted in an overall 7.79% decline, marking Dow’s worst short-term point drop in U.S. market history. Meanwhile, the real estate market had a different effect. According to the Homeowner Equity Insights Report from CoreLogic, there was a nationwide 6.5% year-over-year first quarter equity increase. According to the report, approximately 63% of homes witnessed an overall equity increase of $590 billion since the first quarter of 2019. This means that, “in the first quarter of 2020, the average homeowner gained roughly $9,600.00 in equity over the past year.”

This opens a variety of opportunities for both home sellers and homebuyers. For home sellers, having equity to be able to re-invest in your next home is a huge motivating factor, and there is no better time to leverage your home equity than now – when buyer demand is high. For home buyers, knowing that the year-over-year increase in home values still took place in the midst of the current pandemic and economic downfall further reinforces the fact that real estate is by far one of the safest, worthwhile investment vehicles.

Further touching upon the increases in home equity, CoreLogic President & CEO, Frank Martell, states based on the 2020 real estate market analysis, the long-term outlook will differ greatly from that of the previous recession. This is because the previous recession created a large increase in negative equity due to an oversaturated housing market, risky mortgages, and the collapse of home prices. While it is true that many homeowners will experience a recession within their lifetime, it is important to remember that each one is different. While the last recession highly affected the housing market, this one did not. Today’s housing market currently consists of both low delinquency and vacancy rates, as well as a large home equity cushion.

5 Ways The COVID-19 Health Pandemic Could Alter Buyer Must-Haves

Dynamic Property Partners — Wed, 22 Jul 2020 16:21:04 +0000

The COVID-19 health pandemic has not only altered our global economy, it’s altered our everyday lifestyle as well. The new social distancing guidelines continue to change the way we conduct our daily activities such as work, school, travel, fitness, how we socialize, and more. We are learning how to adapt to spending more time at home and getting to know what home features are the most beneficial for our family.

Potential homebuyers are taking these newly adopted lifestyle situations into account as well. Many buyers will have a whole new set of priorities in their home search. They are thinking far into the future and contemplating the “what if,” in case they experience lengthy stay at home orders. If you’re considering selling your home in the coming months, here are five ways the current health crisis could change what buyers want in their homes.

1. Entryways are Essential

Prior to the pandemic, many homeowners didn’t put much thought into the functionality of their homes’ entranceway. But as more people are working from home, they are examining ways to further reduce the possibility of transmitting the virus into the home. Having a dedicated entryway can be a solution to this concern. An entryway is the perfect place to hang jackets, change out of work clothes, store hand sanitizer, and allocate a safe place for your mask and other belongings that need to be disinfected. You can also transform the area into a decontamination station for groceries, packages and other materials that have been exposed to the public.

If you do not have an entryway, you can allocate some space on your front porch, breezeway, in your garage or other dedicated pre-entry space to complete these tasks. You can even add a bench and/or cubby to increase comfortability and separate belongings of different family members. By dedicating an area to decontaminate and disinfect your hands, clothing, and other objects you will be able to decrease dirt and viruses entering your living quarters – sparking a buyers’ interest for sure.

2. Another Bathroom Can Decrease Cross-Contamination

No matter how prevalent the virus is in your area, future homeowners will always keep the conditions and inevitable spread of COVID-19 in the back of their mind. Having an additional bathroom, or a bathroom per bedroom is ideal but can also be critical for at risk family members to keep germs in one place. Let’s say a family member has caught the virus, sharing a bathroom with other family members, especially if they are high risk may be highly detrimental to their health and safety. If this is not plausible, even having a half bathroom is particularly useful in this situation. A half bath is also useful for when you have company over. Having a place where you can direct guests and visitors to wash their hands and use the bathroom will greatly decrease possible contamination instead of having them use the family bathroom.

3. A Home Gym Contributes to Your Mental & Physical Health

If you are one of the many Americans that has a fitness schedule included as a part of your everyday schedule, you may have been very negatively affected by our new lifestyle conditions. Many people turn to exercise to relieve stress, produce endorphins, take a break from work, or contribute to their mental health/clarity. Having access to your own home gym or dedicated fitness space, would give you the ability to continue with your fitness goals and contribute to your overall wellness. Even if you’re somebody that doesn’t have a rigid workout schedule but still enjoys working out from time to time, having a home gym provides you with an incentive to work out and an alternative space for staying active.

4. A Home Office Increases Productivity

If you were either laid off from your primary employer or had to transition into working from home, you had to embrace working remotely to help curb the spread of the virus. Many workers are now realizing it be may be safer and more beneficial to their personal and/or families new lifestyle continue working from home. What better way to do so than working from your own home office? According to realtor.com, listings featuring an office sell 3% higher and 9 days faster than listings without the feature. Having a comfortable and functional space dedicated for work not only promotes high productivity but is also a hot commodity amongst potential buyers.

5. Outdoor Living Space Enhances Your Home

Due to current living conditions imposed by COVID-19, we are becoming more accustomed and appreciative of spending more time at home. For those in smaller living spaces or those who are renting property, they’ve come to realize just how desirable outdoor living spaces can be. In a recent survey done by realtor.com, 9% of homeowners said they wanted additional outdoor space to enhance their home. Whether you have a cozy, decorated patio with comfortable furniture, or a large backyard where the kids and family pet can play; you will be able to enjoy the endless benefits of your own outdoor space. Regardless of the property size, potential buyers want outdoor space where they can take a much-needed mental break, take in nature, or enjoy time with their family.

3 Things Sellers Must Know About The Summer Market!

Dynamic Property Partners — Wed, 15 Jul 2020 04:37:37 +0000

There is no doubt that the current economic conditions imposed on us via the COVID-19 health pandemic have caused hardships for millions of Americans. We have all had to alter our way of life to accommodate living and working conditions throughout this difficult time. Fortunately, things are beginning to turn around within some industries. Slowly but surely, businesses are beginning to adapt to a new normal to ensure the health and safety of everyone.

There is still, however, one large group of people that are still playing catch up: the homeowners that wanted to list their home in March 2020, but held off due to the fear of the unknown when it came to the real estate market. But we have good news! The good news is that the summer market is heating up, buyer traffic is increasing, and mortgage rates are at historic lows. If you want to sell your home fast, here are some points that can help provide you with some assurance and confidence to sell your home this summer.

1. According to the National Association of Realtors, 56% of homes sold in April 2020 were on the market for a month or less.

Even during these difficult times, buyers are still on the hunt for their next purchase. Many buyers have seen this time as a great time to buy as many state and individual companies have been implementing stay at home guidelines and social distancing orders, giving buyers more time than ever to research new homes on the market. This is also an excellent indicator for homeowners interested in selling their home as they’re able to see that even though some businesses remain frozen and in stand-still, the real estate industry is not one of them, and that the pandemic and previous economic downfall has not slowed eager buyers from acting.

With the real estate inventory lower and buyer demand more competitive than before the pandemic took place, houses that come to the market can stand out and sell fast. Sellers can anticipate a higher demand, shorter list time, multiple offers, and offers above the listing price. But most importantly, they will be able to experience a quick and painless home selling experience, especially in the mid-level price point.

2. Zillow recently reported a 5.9% week-over-week rise in homes being listed for sale.

At the peak of the pandemic, many sellers decided to pump the brakes when it came to selling their home. Fear began to rise after seeing the immense downfall of the stock market, mutual funds, and other investment vehicles in March 2020. Many sellers were fearful they would not be able to get offers within their price range, home values were depreciating, or that they would not be able to sell their home at all. Since many homeowners decided to wait until other markets showed a strong increase in value, many real estate markets across the country saw little increase in homes being listed on a week by week basis. But now, with economies beginning to open, many sellers are resuming their home selling plans.

3. The National Association of Realtors reported that the buyer demand is strong and/or stable in all 50 states.

Before the pandemic, the 2020 real estate market was supposed to be one of the biggest millennial homebuying years, including both investment and traditional homebuying. According to the National Association of Realtors, the buyer demand is increasing now faster than ever as more of the newer and recently hesitant homebuyers are seeing a movement toward stabilizing the economy. They are officially ready to take advantage of the homebuying experience, strengthening the demand across the nation. Taking this into consideration, with an even stronger buying demand and wider spectrum of buyers, this allows sellers to be in control.