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Everything You Need to Know About Buying a Home During COVID-19

It’s safe to say that most people have no experience buying a home during a pandemic. Social distancing orders have forced real estate agents to close up shop, cancel open houses, and postpone closing day. While COVID-19 has certainly had an impact on the housing market, sellers and buyers are still out there! After all, spring is usually a very busy time for real estate since everyone wants to move as the weather gets warmer. If the virus has thrown a wrench in your home-buying plans, check out the following resources to continue your search online!

How the Coronavirus has Impacted Home Buyers

The Impact of Coronavirus on the US Housing Market

Housing Demand May Have Started to Bounce Back from Coronavirus Impact

Where Home Prices Are Heading in the Age of Coronavirus

How Agents Are Using Coronavirus Clauses to Protect Clients and Plan for the Unknown

Benchmark 30-Year Mortgage Rate Moves Lower Again

Is It Safe to Go House-Hunting?

COVID-19 May Spread Through Breathing and Talking — But We Don't Know How Much

What Does 6 Feet Apart Really Look Like? 4 Tips to Keep Enough Distance

Coronavirus Tips: 16 Practical Ways to Help Stay Safe When Going Out in Public

When Will Social Distancing Due to the Coronavirus End?

House-Hunting Alternatives

Search for Local Homes for Sale Online

People Are Buying Homes Solely Through Virtual Tours These Days

Making Use of Technology in Home Inspections During Coronavirus

The demand for homes has dropped during the coronavirus, but it hasn’t disappeared completely. It could still be a good time to buy a home as long as you do your due diligence before jumping into a purchase agreement. Take some time to learn about your local real estate market and how COVID-19 has affected buyers and sellers. If you’re keen on continuing your home search, consider skipping the in-person showings and take advantage of online tools!

The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the "Questions of the Month," feature results of a timely aspect of the housing market.

Note: the REALTOR® Confidence Index is provided by NAR solely for use as a reference. Resale of any part of this data is prohibited without NAR's prior written consent.

Highlights

• Properties were typically on the market for 49 days (42 days in January 2018).

• Seventy-eight percent of respondents reported that home prices remained constant or rose in January 2019 compared to levels one year ago (89 percent in January 2018).

• Cash sales made up 23 percent of sales (22 percent in January 2018).

• Twenty-one percent of sellers offered incentives such as paying for closing costs (10 percent), providing warranty (8 percent), and undertaking remodeling (3 percent).

• REALTORS® report “interest rate” and “low inventory” as the major issues affecting transactions in January 2019.

link to full report:https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index

Homes priced $100k - $250k by loan type, and by # of bedrooms

Coos Bay North Bend Coquille Myrtle Point Bandon

Data Source RMLS

data source: RMLS

Everyone wants a great kitchen. One of the most enjoyed spaces in the home, the kitchen is used for cooking, gathering, and entertaining. However, a great kitchen doesn't necessarily have to mean a large one. Below are a handful of tips to help you make use of every nook in your kitchen.

Make use of walls. Instead of hanging pictures on your kitchen walls, hang your pots and pans. You can even find great fixtures to hang your plates and wine glasses from the ceilings or walls.

Add a mirrored backsplash. While you may not want to take up precious wall space with mirrors, a mirrored backsplash can add depth and girth to your room, making use of an area that would otherwise have no purpose.

Build up. Need more cabinet space? Look up! If your existing cabinets don't extend to the ceiling, you're wasting precious footage. Consider having additional cabinets built where you can store things you rarely use, like that crock pot that comes out once a year, or your holiday china.

Abolish clutter. Nothing cramps an already small space more than clutter, and a clean countertop can do wonders for a small space. Streamline your gadgets, sell or donate what you don't need, and store away what you don't use every day.

Light it right. A well-lit space can really open up your kitchen. Consider adding a skylight if possible, or add a bay window. For night-time, choose ambient lighting to create an airy, open feel after dark.

Inventory crept up a smidgen to 6.9 months vs. 6.3 months the prior month, yet exactly the same (6.9 months) from a year ago.  455 active residential listings in Coos County, 141 new listings for April 2016, 96 pending sales.

66 closed (residential) vs. 77 same month in 2015, however a 13% gain in median sale price over a year ago

A small kitchen can quickly become cluttered and feel cramped. According to Consumer Reports, a few small upgrades can make a big improvement. To maximize the space you have, rethink where you store things, especially if counter space is at a premium. Here are five additional ways to make every available inch count:

1. Place your dishwasher strategically. Choose a location near the sink but where the dishwasher won't stop traffic when the door is open. Remember to think about access to other appliances, too. You don't want the dishwasher door to block the refrigerator door, for example.
2. Incorporate a landing spot for food by the refrigerator and for pots and pans on at least one side of the stove. These small details can easily improve your kitchen's efficiency.
3. Install roll-out cabinets where possible. A roll-out spice rack near the range is a great use of space and eliminates clutter on the countertop or in a cabinet.
4. Drawers and pull-out shelves can make a big difference. They're a perfect way to store pots, pans, kitchen tools and even dishware. Most commercial cabinets can be outfitted with pull-out shelves and other organizers.
5. Before making any updates, take an inventory of everything you need and use in your kitchen and where it's kept. Remember to plan storage for small, easily overlooked items such as pot holders and plastic bags.

Source: Consumer Reports Kitchen Planning & Buying Guide

To weather severe storms, many homeowners rely on portable generators. If you’re one of them, brush up on these generator safety tips before the next storm strikes, courtesy of the experts at Generac.

• NEVER run a generator indoors or in partly enclosed areas such as garages.

• Do not overfill the fuel tank. Always allow room for fuel expansion.

• Do not smoke near fuel or generator.

• Connecting a portable electric generator directly to your household wiring can be deadly to you and others. Home standby generators are a better option if you're looking for something to connect directly to household wiring.

• Only start or stop the generator when no electrical loads are connected.

• Overloading your generator can seriously damage your valuable appliances and electronics.

• The generator must be properly grounded. If the generator is not grounded, you run the risk of electrocution.

• Keep children away from portable generators at all times.

• Allow at least five feet of clearance on all sides of the generator when operating.
 
Source: Generac

Investors have become more focused on central bankers than on economic data. Recent central bank actions and comments have been good for mortgage rates, as rates have fallen to near the best levels of the year.

The head of the International Monetary Fund (IMF) recently described the global economic recovery as “too slow, too fragile” and of questionable durability. Sharing this view, central bankers around the world are doing what they can to promote growth and inflation, including cutting rates and buying bonds. Their actions have been good for mortgage rates.

The European Central Bank’s (ECB) expanded bond purchase program has added demand for bonds, helping to push global bond yields lower, including U.S. mortgage-backed securities (MBS). Extremely low and sometimes negative, overseas rates have also added to the demand for U.S. MBS, as foreign investors look for better yields.

In addition, Fed Chair Janet Yellen’s most recent speech has been favorable for mortgage rates. In it, she laid out the case for the Fed to take a very gradual approach to tightening monetary policy.

The most recent economic data shows that the U.S. is faring better than most of the world. The ISM national services index increased to 54.5. Readings above 50 indicate an expansion in the sector. Job openings in the U.S. climbed to very high levels by historical standards. The rate at which workers voluntarily quit their jobs also rose. Both the level of job openings and the quits rate are consistent with an improving labor market.

Source: MBS Quoteline

A thought;

a common way to measure the current inventory of homes it to compare the total number of homes on the the market vs. the numbers of home sales per month.   If a given area sells typically 20 homes a month, and there are currently 120 homes for sale, not only do you have a bunch of very hungry real estate agents (only 20 home a month!),  your inventory is 120 homes / 20 units sold per month = 6 months of inventory.

BUT, what is not taken into consideration on this equation is the number of households in a given area.  For example, if your community consists of 100 households, you wouldn't expect that 25% of the households would be guying a house every month to support that 20 homes sales per month, right? 

Since 2013 the numbers of sales per household has been fairly flat at 1.7%.  Population growth has slowed a bit off tend in the US, therefore the 1.7% is understated as the population growth which drives the number of households is below trend.  Even during the housing boom, the high was 3.5% (units for sold / # of households). (statistics per Econ70.com)