Aug. 24, 2020

Top Reasons People Are Moving This Year

The Top Reasons People Are Moving This Year

The Top Reasons People Are Moving This Year | MyKCM

Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

According to Zillow:

“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

1. Working from Home

Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

2. Virtual Schooling

With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

“For many in quarantine, a significant decrease in activity is more than a vanity issue – it's a mental health issue.”

Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space

Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

You may, however, not have the extra square footage today to have these designated areas – indoor or out.

Moving May Be Your Best Option

If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

It’s a great time to get more home for your money, just when you need the extra space.

Bottom Line

People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, let’s connect to discuss your needs.

Posted in Blog
July 31, 2020

Where's the Housing Market Headed for the Rest of 2020?

Where Is the Housing Market Headed for the Rest of 2020? 

Where Is the Housing Market Headed in 2020? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The housing market is forecasted to finish the year with growing strength.
  • Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.
  • If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today.
Posted in Blog
July 10, 2020

Best Time to Sell? When Competition is at an ALL-TIME Low

Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Posted in Blog
June 25, 2020

New Index Reveals Impact of Covid-19

New Index Reveals Impact of COVID-19 on Real Estate

New Index Reveals Impact of COVID-19 on Real Estate | MyKCM

Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry, tracking each of the following:

  1. Housing Demand – Growth in online search activity
  2. Home Price – Growth in asking prices
  3. Housing Supply – Growth of new listings
  4. Pace of Sales – Difference in time-on-market

The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa.”

The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.New Index Reveals Impact of COVID-19 on Real Estate | MyKCMIt’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):

“As the nation reopens, housing is well-positioned to lead the economy forward.”

The data today indicates the housing market is already on the way up.

Bottom Line

Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.

Posted in Blog
April 18, 2020

The Real Estate Adaptation - Episode 3

Check Out Episode 3 of The Real Estate Industry Adaptation!

This we he had a great call with another local lender in the Tampa Bay area. His bank is still lending and they haven't seen too much of a slow down in loans. Although Chase is now requiring a 700 credit score and 20%, his bank is still closing loans down to a 640 credit score. He's also still working with buyers that qualify for downpayment assistance. One thing that I think makes Denny stand out is his willingness to help give advice buyers who aren't quite ready to buy. This is sometimes overlooked by busy lenders but I think it's so important to help people right now, especially during this tough time in the world.

 

If you have any questions for Denny, here's his contact info:

Denny Umphreys II, Vandyk Mortgage

Loan Originator NMLS # 1319463

3801 W. Bay to Bay Blvd.

Tampa, FL 33629

O: | C: (813) 810-9108 | F: (727) 214-6337

dumphreys@vandykmortgage.com

 

If you have any real estate questions, feel free to contact us anytime.

Jason Canaan 813-802-7646 

Amanda Canaan 813-446-1571

Canaan@TampasBestRealty.com

25344 Wesley Chapel Blvd, Ste 104

Lutz, FL 33559

www.TampasBestRealty.com

 

Posted in
April 16, 2020

DOWNLOAD a FREE Home Selling Guide

DOWNLOAD a FREE Home Selling Guide

 

WHAT’S HAPPENING IN THE HOUSING MARKET?

Why This Spring Is a Great Time to Sell Expert

Insights on the Housing Market

Equity Gain Growing in Nearly Every State

Moving? Equity and Low Mortgage Rates Are on Your Side

This Year Have You Outgrown Your Starter Home?

Thinking of Selling?

Now May Be the Time

WHAT YOU NEED TO KNOW BEFORE SELLING YOUR HOME

Having a Professional on Your Side Makes All the Difference

Why You Shouldn’t “For Sale By Owner”

Tips to Sell Your House Faster

How to Prepare Your House for a Winning Sale

WHAT TO EXPECT WHEN SELLING YOUR HOUSE

Is Your House Priced to Sell Immediately?

The Role Access Plays in Selling Your House

5 Reasons to Hire a Real Estate Professional

 

Posted in Blog
April 8, 2020

The Real Estate Adaptation - Episode 2

Check Out Episode 2 of The Real Estate Adaptation! We'll go over the March Data for the Tampa Bay area!

Posted in
March 31, 2020

The Real Estate Adaptation - Episode 1

Hey Everyone it’s Amanda Canaan, I’m a real estate Broker at Tampa’s Best Realty located in the Tampa Bay and Jacksonville Markets.  I created a new real estate show called 

The Real Estate Industry Adaptation to give people reliable updates on the Real Estate Industry Post Coronavirus. 

 

I’ll be interviewing professionals from multiple industries to find out the inside scoop of what’s Actually going on in their day to day business. 

 

I’m hoping that by providing the facts, I can help eliminate the fear, and show how it’s important that all businesses adapt, innovate, and meet the needs of their clients even when faced with difficulties. 

 

In our first interview, I talked to Ken Ynes. He is a successful local lender in the Tampa Bay Area. He offers some great insight into the mortgage industry and how his business has adapted to serve his clients.

 

Let me know what Real Estate Questions You have or Who you would like me to interview next? Text Me at 813-446-1571. I’d be happy to get you answers! 

 

Check Out the Interview now. Please Subscribe to our Page!

 

 

Posted in
March 17, 2020

Find Out Where to find FREE LUNCH for Kids Under 18 in FLORIDA

Click the Link Below to find a location near you!

https://summerbreakspot.freshfromflorida.com/

 

Help us Spread the Word! If we each do our part to be our best, we can change the world!

 

Posted in Blog
March 1, 2020

13203 Sanctuary Cove Dr #301

Check our New Listing!

2/2 CONDO NEAR USF ONLY $99,995!

 

13203 Sanctuary Cove, Unit 301

Temple Terrace, FL 33637

 

http://Tours.febreframeworks.com/13203sanctuarycovedr301

 

Call Jason Canaan at 813-802-7646 to schedule a showing!

Tampa's Best Realty, LLC

Posted in Blog