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, last week had 135 homes go under contract verses 239 homes go under contact one year ago today.
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
Crunch The Numbers:
Key Takeaways From The Poduslo Group’s First Year & Sotheby’s Annual Report
1. 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.
2. 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.
3. 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).
Poduslo Group 3.0 Has Arrived!
Our new state-of-the-art website has arrived! It offers updated navigation, a fresh, modern aesthetic, and the forward-thinking content (including Market News and Amazon HQ2) that is redefining D.C. real estate. And the response has been overwhelming with traffic increases of over 200%! Check out the site and add it to your favorites right now!
Selling What Others Can’t:
A ‘White Glove’ Success Story
Previously listed with another agent and languishing on the market, owners of Unit 705 turned to the Poduslo Group to sell their home. Our clients were able to renovate and sell for more money, and then pay all renovation and staging costs at settlement. Check out the before and after photos. Congratulations Ioana and Chris!
Congratulations Ioana and Chris on the sale of your condo! If you know anyone thinking of buying or selling, we would love to get in touch. We are grateful for your referrals and your continued trust in our team.
Renovate First. Sell For More.
Pay At Settlement.
“White Glove” by The Poduslo Group is the hassle-free way to sell your home faster and for a higher price with services like staging, flooring, painting, and more. Get fronted the cost of home improvement services with no interest ever.
White Glove is a hassle-free way to sell your home faster and for a higher price.