Philadelphia Real Estate Helpful News and Views : What Does the Future Hold in the Real Estate Market

What Does the Future Hold in the Real Estate Market

 I attended a Zoom meeting featuring Lawrence Yun  is a Chief Economist and Senior Vice President of Research at the National Association of Realtors.

 

His predictions were that even if a vaccine for COVID19 were to be discovered most people would continue working at home. He also felt there would be a vaccine by the end of 2020 or early 2021.People have found it much more economic and productive to work from home especially with the ability to do Zoom meeting.  Perhaps just going into offices two maybe three days a week if that.

(see my post )

 

He also says this would be the best winter for Real Estate Sales. Although some people are out of work many people are still working. Many people are and I know I am one of them are not eating out . They are saving money  by eating at home. They are also not shopping as much therefore are saving money. The housing market is booming and will continue. In my area we are still seeing houses increasing in value by almost 10%.

 

home sales

 

Dr Lawrence Yun says pending sales are up 20% and says we will have the best Winter ever

 

 A great Zoom Meeting put together by the Bucks County Board of Realtors

 

We have the ability to do so much with the online tools we are given Zoom is just one of these amazing features we have. This year I was fortunate to be able to take all my continuing education classes online on Zoom in the comfort and safety of my home

 

What does the Future Hold in the Real Estate Market?

No one really knows but for now it does look bright

 

This post is part of the October Challenge -To Think is To Create

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Comment balloon 61 commentsHannah Williams • October 08 2020 05:31PM

Comments

I think the trend for more folks to remain working from home, even after a vaccine will occur.  My daughter, who has worked for a major financial institution since 1994, has just transitioned to a permanent work from home position.  She loves it!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 23 days ago

CONGRATULATIONS Hannah, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 23 days ago

Myrl Jeffcoat  one of the positive things that have occurred from the pandemic. People have saved money commuting to and from the office and eating at home.  Thank you so much for the Feature in the OLD FARTS CLUB group 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 23 days ago

Hello Hannah Williams,  Covid-19 seems to be going into a second wave and still interested how it will effect us.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 23 days ago

Hi Hannah I so agree that many people prefer and will continue to work from their home office in the future. The market here is continuing to move along at a fast pace and expect with lower interest rates that will continue on into 2021. 2021 - that has such a good ring....doesn't it!!  Thank you for your entry into the October Challenge!

Posted by Anna Banana Kruchten CRS, CRS, Broker, Instructor, 602-380-4886 (HomeSmart Real Estate BR030809000) 23 days ago

Hannah I agree with much of what he said.  The rest of this year and possibly at least the beginning of next year business will be very different than any other year before.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 22 days ago

Will Hamm How is the market in your area? It is booming in our area but safety first and most people are still cautious

Anna Banana Kruchten Broker, CRS, Intructor  Many people seemed to be working from home. Glad to hear his take on the housing industry as I was worried about that but he made some very valid points

George Souto  I was glad to hear his optimism for the winter months as long as we do not get to much snow we should be fine I will never forget that one year and the pictures you shared of the snow storms

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 22 days ago

Hi Hannah- I'll bet that was an interesting ZOOM meeting. With technology being what it is today, I'm sure that many people will opt to work from home if they can. We listen to Pflash Phelps on Sirius in the morning and he was able to be on the road and still broadcast from wherever he was. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 22 days ago

I miss the personal contact of today's real estate situation. I am building my virtual tool box however I miss the face to face (mask to mask) contact 😧

Happy Wednesday evening Hannah Williams 

Posted by Paul S. Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC) 22 days ago

 

 

Posted by marti garaughty, a highly caffeinated creative type... (garaughty.com) 22 days ago

Hi Hannah, nice to hear what Dr. Yun has to say. Thanks for sharing.

Posted by Realtyna Inc, Realtyna- MLS RETS Integration software & services (Realtyna) 22 days ago

I think the future will certainly be filled with more work from home jobs, especially since this time that we are going through has proven that it can be done.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Vacasa) 22 days ago

Kathy Streib Big Corporations have alrighty found that it is much more economic  to have their employees work from home 

Paul S. Henderson, REALTOR®, CRS  We still have the ability to go yo the office a few times a week plus we still do have physical contact with clients just not as frequent 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 22 days ago

marti garaughty  Thank you for the Feature in your group I am so honored 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 22 days ago

 Great blog, Hannah! I'm looking forward to this freight train of a market to keep on rollin'!  Make it a great day!

Posted by Rocky Dickerson, Superior Service! (Realty One Group) 22 days ago

Realtyna Inc Dr Lawrence Yun is one of the best in my book.  Also hope you will join us on Tuesdays  on our Zoom meetings at 2 PM EST 

Rocky Dickerson I agree with you I am hoping it does also. Hope to see you at the AR  Zoom meetings at 2 PM EST on Tuesday

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 22 days ago

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 20 days ago

Good morning Hannah Williams - thanks for sharing that good news.  For sure there have been great benefits and opportunites to work at home too.  I do want to see the restaurants come back.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 20 days ago

Hannah, I too am seeing many that have not eaten out yet since COVID entered our market.    I have actually, and think most restaurants have done a good job.  Should be interesting to see how the election will (or won't) affect our sales market.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 20 days ago

Thanks so much for sharing this with us. We are not dining out either. We have done take out to help support the local eateries who are open. 

My son is also one who now gets to work from home, plus his company allowed him to relocate back here from San Francisco. I'm so grateful to be within close distance to him, his wife, and 3 of my grandkids again. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 20 days ago

Good evening Hannah Williams ,

I'm so glad that Kathy Streib featured your post in her "Ah-ha" moments for the week. Austin is still trying to accommodate 150 a day moving here and our inventory is razor thin. Many will continue to work from home and our homes have now turned into an office, a classroom and gym!! Many are needing to re-purpose their space or "smart size" depending on their needs.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker Realty ~ 512.750.6899) 19 days ago

Hannah Williams Such a good entry for October's contest.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 19 days ago

Like you, we're not dining out either and boy, can we tell a big difference in our savings! While we've been spending the difference on home renovations, I can only imagine those who dine out a LOT and are not doing home renovations - they have been saving a good amount! 

What a wonderful meeting you had, Hannah. I always love hearing Mr. Yun's reports - he's almost always spot-on and I think he is this time too!

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 19 days ago

100% agree with all he said. We have never been busier and it has been so nice doing CE classes by zoom. stay safe.

 

Posted by Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector, The Home Inspector With a Heart! (SLS Home Inspections-Bradley Bourbonnais Kankakee Manteno) 19 days ago

Dear Hannah,

Some of the government agencies started to let folks work from home over a decade ago. They found that people indeed are much more productive at home. Some of my clients would do double their usual work volume while making a stew for dinner and doing a load of laundry on their breaks. Talk about a sense of accomplishment at the end of that day! Before the pandemic, there was a hybrid of some work from home with some time spent at the office. I could imagine something like that for the whole country going forward. This might mean more residential real estate and less commercial.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) 19 days ago

Its always a good news. Thank you for sharing. 

I'm curious to know the numbers in Florida.  Do you have any link to share? Be safe all of you❤

Posted by AndreaBFerreira CRS - SRS - CLHMS, Miami Dade, Broward and Palm Beach County in FL (Keyes Co. ) 19 days ago

I agree. I don't think we'll ever completely get rid of the office but WFH is the future for sure.

Posted by Shannon Jones, Long Beach CA Real Estate (The Shannon Jones Team) 19 days ago

Grant Schneider  I do not feel comfortable going out to eat yet as many of my friends do. Last week I went to Bed Bath and Beyond with my dear friend as I was looking for a comforter and wanted to feel it before I purchased they were extremely nice but there was no temperature check or sanitation of carts. They went out of their way to give me extraordinary service and I did get my UGG comforter that is amazing but still do not feel comfortable shopping in stores. I will continue shopping online  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

Joan Cox I will stick to cooking my own food for now 

Debb Janes EcoBroker and Bernie Stea JD I have been cooking something I love to do. I am starting to think it is showing 

Dorie Dillard CRS GRI ABR  I get so much more done from home without distractions and it is saving me wear and tear on my car. You have hit the nail on the head with your comment . 

 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

Margaret Rome Baltimore 410-530-2400  You are always so kind 

Debe Maxwell, CRS I was never big on eating out but I did enjoy an occasional treat. Now even my good friend on her Birthday -she said maybe next year when asked if she wanted to do our dinner as we usually do. Then there are my friends that are highly insulted that I will not dine out with them.  -

Love these Zoom meetings 

 

RAINMAKER
508,818
Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector
Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

Kathy Streib I cannot thank you enough for the honor of being featured in What You learned  Thank you sweet lady 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

Scott  So glad you agree  and you stay safe also 

Dorie I was not aware of that. I do know that many people I speak with are working from home and do like doing so 

AndreaBFerreira CRS - SRS - CLHMS What numbers are you looking for? Unemployment is on the map 

Shannon Jones Maybe not but will not need to go in every day 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

Hi Hannah Williams - A very nice recap of the Zoom call with Mr. Yun.  I continue to hear that there are certain zip codes in the NE that are the exception to what is happening right now in real estate.  I talked to a client who was selling his highrise condo in Chicago and coming to Sedona. His Chicago agent told him that his condo was about 50% of what it was worth last year.  His plans are on hold.  

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Realty) 19 days ago

I have seen him in person a few times when he comes to our area. He seems knowledgeable & on the mark. Wish I would have known, I would have jumped on to hear it.

I recently seen a few corporations say no one back until March or May.

Posted by Lyn Sims, Schaumburg Real Estate (RE/MAX Suburban) 19 days ago

Sheri Sperry - MCNE® Prices are way up here in my area maybe you should talk to Alan May 

Lyn Sims Dr. Yun is an amazing speaker and as you say is usually right on the mark 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 19 days ago

We are seeing a very strong real estate market here in North Texas. Even our commercial properties are moving.

Posted by Paula McDonald, Ph.D., Granbury, TX 936-203-0279 (Beam & Branch Realty) 19 days ago

Hi Hannah Williams,  I do think the 2020 predictions are a little bit understated and we all are going to have to wait to see what happens in 2021 

Posted by Paul S. Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC) 18 days ago

Good post !! Real Estate in Ky booming
I for one don’t like having everything on zoom
I’m a people person and like the personal touch
It okay for some things but I miss having that persoal contact especially committee meetings and Board meetings
Barbara

Posted by Barbara Flannery, "Homes for Everyone In London Kentucky" (USA Realty,Inc.) 18 days ago

Market, meet 2007 . . . BOOM!!!!

Posted by Richard V. Foster, Esq., Broker (58356) - ABR/M, CREN, CRS, GRI, RRG, SFR (Nevada Perfect Homes) 18 days ago

Hannah I will bite my tongue Lawrence Yun .... look back at his predictions in 2005.2005, 2007 .... now with that said I will have to post my message I sent to my clients two or three days ago:) BTW he gets paid to 'predict' I get paid when I close sales,Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 18 days ago

I have seen properties listing for more than any comparable property, however, many of the renovations to attract buyers are are so inferior in quality of materials and workmanship,  I often wonder about the buyer's motivation to purchase an inferior property. 

I don't have the time to follow up on  the closing and price on these type of properties, so, buyers are paying a premium if the property doesn't appraise and so is that driving up prices? I'm holding my breath until November 4th to determine the future of our business.

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) 18 days ago

Busines is really good in our area of TN.  Homes are extremely high in price here and most are appraising.  

Posted by Rose Mary Justice, Synergy Realty Pros (Synergy Realty Pros) 18 days ago

I do think it’ll bounce back next year sometime in March pretty hard. We shall see what happens, though.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 18 days ago

Rose Mary Justice It’s nice to get some good news like that about the markets another area of the country! Keep up the good work and be well!

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 18 days ago

I agree, working from home is here to stay.  Too many benefits.  I also think we will see struggles in commercial properties, as businesses realize they need less staff for staff.

Posted by Shirley Coomer, Realtor, Keller Williams Realty, Phoenix Az (Keller Williams Realty Sonoran Living) 18 days ago

Thanks for sharing !  Interesting prediction about strong winter sales--living in the midwest, we see a slow down mid Nov-mid Jan as pp celebrate the holidays,  kids on school break, winter vacations--need more inventory though to sell!

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 18 days ago

Paula McDonald, Ph.D.  seems like I am hearing everyone is having a great year-good to hear 

Barbara Flannery I do love the Zoom meeting it saves so much time and travel 

Richard V. Foster, Esq.  I disagree

Endre Barath, Jr.  I remember him back then with his red hat and black hats 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 18 days ago

At first, staying at home during the shut down felt like I was being punished for something I didn't do Hannah. Getting out and about is freeing and while some online events are okay but never want to lose touch with meeting with people in person. Our market is being inundated by people leaving bigger cities, wanting to purchase!

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Red Rock Real Estate) 18 days ago

Great to know and encouraging. Thanks for the info!

Posted by Erik Hiss, You can trust me for all your real estate needs! (Keller Williams Capital Partners Realty) 17 days ago

Endre Barath, Jr. I understand what you are saying and I will start saving my money just in case you are right 

Paul S. Henderson, REALTOR®, CRS  We really never do know exactly where the market where go do we 

Kimo Jarrett  I do believe the election will hold a big part of where the market will go. The economy in this administration has had a positive upswing for Real Estate 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 17 days ago

Richard V. Foster, Esq.  You may be right but you may be wrong 

Rose Mary Justice  The same here in most of the areas 

Laura Cerrano  I am seeing double 

Wanda Kubat-Nerdin - Wanda Can! I understand the feeling I was frightened and thought of it as a science fiction movie come to life . Now it is just a part of life and a way to be safe and a little more cautious on how we deal with the public .

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 17 days ago

Shirley Coomer I agree with you as for the first time I went into a store there were not many people inside but more than I thought there would be. All the salespeople were very helpful but I do not think I will shop again 

Mary Hutchison, SRES, ABR  Time will tell - we are usually slow this time of year and we are still busy 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 17 days ago

On a whim, I decided to google Dr Yuns predictions, back in 2007 and 2008.  Funny enough, he seemed to be wrong.......which I did NOT expect.  

Check out this article in CNN https://money.cnn.com/2008/01/23/real_estate/merrill_forecast/?postversion=2008012317

Merill Lynch predicted a 15% drop in home values, and Lawrence said they were pessimistic and unprecedented.

I like reading the stuff (stat, and stuff by lawrence), but I also like to read others too.  I'm glad I checked this.......

Posted by David Alan Baker Laveen & South Phoenix Realtor, Your local Expert (Keller Williams Realty Phoenix) 17 days ago

Congrats on the feature, none of us have a crystal ball, and like weathermen, economists can make predictions and still stay employed when they get it wrong.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 17 days ago

David Alan Baker Laveen & South Phoenix Realtor  One cannot be right all the time he was not wrong all the time or NAR would not have kept him employed 

Nick Vandekar, 610-203-4543 You are right we do not have a crystal ball let us see where the market will go and talk again .- Thank you 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 17 days ago

As long as inventory remains low as it is here in Central Ohio, I expect we'll continue to have strong demand and goodo appreciation.

Posted by Deb McGuire CNE, ABR, SRS (Keller Williams Capital Partners) 17 days ago

Hi Hannah:

Glad to see this featured! There's some important information in your post...wonder if the predictions will be on target?

It will be interesting to see what happens during the last quarter and into the new year when we traditionally see a slowdown - my guess is there will still be some of that.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.) 16 days ago

Hannah, so glad your post was featured, you did a GREAT job on this topic! 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 16 days ago

Q2 2021 is going to be the most interesting time to watch according to several economists.  Not doubting that December will be busy, but all real estate is local so we shall see! 

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) 7 days ago

Deb McGuire CNE, ABR, SRS Only time will tell I am sure we all hope so.

Hello Jeff Dowler, CRS looking good  Our market on the East Coast is still moving it is quickly in most areas -definitely  a seller's market 

Joan Cox Thank you so much I appreciate the comment 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 days ago

Jan Green  You are right all Real Estate is local -Cheers to a great 2012

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 7 days ago

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