I hope this note finds you and your happy and healthy. While we find ourselves in uncertain and precarious times, thankfully the real estate market is booming. The recent interest rate cut by the Fed –- resulting in the lowest rates since 1971 — coupled with near-record low inventory is driving healthy activity. Thus far, concerns about the Coronavirus have not adversely affected showings or open house attendance.
According to a recent NAR survey, nearly one in four home sellers changed how their home is viewed on the market due to the outbreak, including stopping open houses, requiring that prospective buyers wash or sanitize their hands, asking buyers to remove their shoes or wear footies, and more.
The Economic Flash Survey, which was conducted March 9 and 10, found that 37 percent of respondents said homebuyers were more excited by lower mortgage rates than the stock market correction. Surprisingly, 78 percent said there’s been no change in buyer interest due to the coronavirus, and 87 percent said it had not affected the number of homes on the market. In specific areas like California and Washington State, however, 21 percent and 19 percent, respectively, cited larger decreases in buyer interest.
Our Three Takeaways
1. The Washington regional economy is strong, and government, professional services, and technology sectors which make up the vast majority of jobs will continue to be in increasing demand.
2. Historically low mortgage interest rates provide an unprecedented opportunity for buyers.
3. Emphasis on superior quality, online presentation of our listings is and will continue to be a competitive advantage.
We are available to support you however we can as we move through this period. Thank you for making us part of your trusted real estate advisors.
Joseph & Team
In partnership with TTR Sotheby’s International Realty, The Poduslo Group spent their inaugural year creating tremendous results for buyers and sellers across the metropolitan D.C. area. The team’s future-forward, digital-first approach, coupled with an outpouring of support from the community, helped to redefine Washington D.C.’s luxury real estate market. As a result, The Poduslo Group reported some impressive 2019 numbers with over $40 million sold and over $650 million in total sales volume.
Results like these are only part of a bigger picture. Worldwide, TTR Sotheby’s dominates the global real estate market on several fronts. In fact, they’re breaking their own records in the recently released 2019 report highlighting the firm’s significant growth in global sales volume, website traffic, and media exposure.
We’ve crunched the numbers. Check out 3 key takeaways from the 2019 report.
- Sales volume hits $114 billion.
Sotheby’s global reach helped them beat their own record in sales volume in 2019, in large part due to an unmatched referral network ($2.25 billion in volume) and 23,000 sales associates working out of 1,000 offices in 70 countries worldwide.
- Most visited luxury real estate website in the world.
The state of the art sothebysrealty.com provided a multi-lingual, hi-def, highly immersive digital experience to more than 34 million web visitors (up 14% from 2018). 51% of those visitors we between the ages of 25-44 and 63% were from outside of the U.S.
- Total media saturation.
The Sotheby’s brand drove the real estate conversation in 2019 with a media blitz that led to the highest percentage of voice in the press (27%) – beating out Douglas Elliman and Coldwell Bankers for the top spot – and more than 4.4 million editorial media impressions (a 72% increase over 2018).