Read our Newsletter excerpt about how the #LaurieDauTeam turned this year’s challenges into our highest producing year yet!
Back in March, when the Governor shut down real estate from operating, I was extremely concerned with how we could make it financially, as were many small business owners in PA. We continued to pay our salaried employees, despite the lack of income coming in for 3 months. We quickly shifted our entire team’s model to working 100% remotely in a business that is built on our relationships with our clients, and with each other. When the Governor gave Realtors the green light to go back to work safely in May, our team hit the ground running. As it turns out, our team has sold and pending transactions that total close to $40 million dollars for the year. Almost double our 2019 sales!
Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. Compared to last year at this time, the median home price is up 15%, according to the National Association of Realtors (NAR).
Another interesting wrinkle affecting the housing market is the demand for larger homes. Buyers are looking for homes with separate spaces for parents and children to work and learn from home. Many companies have decided not to bring employees back to their offices until sometime in 2021, if at all. Many schools and parents are choosing to err on the side of caution and keep children at home as we head into the winter months when sickness tends to increase. Because of this shift in our day to day lives, we are seeing great demand for larger homes, homes with more acreage, a home office, and especially those with pools (or room to install a pool). Our local pool companies are so booked up that some have a 2-3 year lead-time to have a pool installed!
In addition to these new buyer requirements, Bucks County is seeing waves of buyers coming from the cities of Philadelphia, New York and northern New Jersey. Being cooped up in a small apartment in the city during COVID is encouraging families to migrate over to Bucks County where buyers can find more space, lower taxes, and larger homes for their budget.
The result of this out-of-state interest in Bucks County has brought us multiple offers on homes and offer prices soaring above the asking price on most properties. Appraisals have not kept pace with the elevated offer prices, causing some homes to end up back on the market, only to get quickly snatched up by another eager buyer who is often willing to waive key items like the appraisal or even inspections.
The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time. Best of all, the housing market is making a significant impact as the economy recovers. Economists are predicting a similar housing market to continue well into 2021. If you want to speak to me or a team member to learn more about the current market or think we can help a family member or friend, please feel free to reach out. We are here to help.
Be well, Laurie