Have You Ever Seen a Housing Market Like This?

By Keeping Current Matters

Have You Ever Seen a Housing Market Like This? | MyKCM

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):Have You Ever Seen a Housing Market Like This? | MyKCM

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loansnotes:

“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.” 

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.

Bottom Line

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.

Posted on September 21, 2020 at 1:29 pm
Erin E. Wright | Category: Real Estate Market | Tagged , , , , , , , , , , , ,

Real Estate and Covid–19 Part 3

How the Current Selling Season Compares to Last Year’s Selling Season

By Erin Wright and Christina Waterhouse

We have been closely watching our local real estate market since the start of the pandemic. There is a lot of conflicting information about how the market is currently doing. Transactions are happening, but is it business as usual?

For this week’s blog topic, we are further looking into how the real estate market is currently performing and how it compares to last year. The quick answer is that we are still in a seller’s market, seeing homes go pending quickly for close to or over asking price. The more accurate picture is a bit more complicated. Last year Clark County saw a robust selling season, with the months of March through November having over 1,400 active listings per month up to over 1,800 active listings per month.[1] Additionally, the months of March through August in 2019 had over 800 pending listings per month.[2] Our current market is performing at about 80% of last years market. Last month we had 1,279 active listings and 608 pending listings. [3]

 

This is important to note because although we are seeing a seller’s market with quick activity, similar to last year, we are not seeing a normal amount of inventory or buyers. Currently we are seeing multiple offers and houses in certain price points selling for over asking. However, with fewer active buyers and fewer active sellers, there are some variables in our market to consider for how it will proceed moving forward. This current ratio of supply and demand may continue, more buyers may enter the market without more listings to buy, or more sellers may enter the market without more buyers to buy. If the ratios stay the same, we will continue to experience a relatively quick market favoring sellers. If more buyers enter the market without increasing the supply, we will experience an even more favorable seller’s market, encouraging multiple offers and driving prices up. If more sellers enter the market without an increase in buyers, we will begin to see a softening and a more neutral market where buyers and sellers both share equal bargaining power. Though no one knows for sure what will happen, there seems to be a consensus among real estate economists that home sales will be down 10-15% this year compared to last year.[4] Additionally, homes may experience a slight drop in value during the 3rd and 4th quarter of this year, but still appreciate marginally year over year by about 2.5%.[5]  For more information on the specific economics of the housing market this year, please feel free to watch the video below from economist Matthew Gardner.

As always, we welcome any questions you may have and are happy to offer advice.

[1] History of Monthly Active Listings According to Trendgraphix

[2] Last Months Active and Pending Listings According to Trendgraphix

[3] Last Months Active and Pending Listings According to Trendgraphix

[4] Market Forecast According to Matthew Gardner

[5] Market Forecast According to Matthew Gardner

Posted on May 22, 2020 at 10:09 am
Erin E. Wright | Category: Real Estate Market | Tagged , , , , , , , , , , , , , , ,

Come Play Bingo for a Cause!

habitat bingo

 

Looking for a fun event to do in March with the whole family? This month to give back, Erin Wright Homes is partnering with Habitat for Humanity for a fun night playing Bingo for a cause. Join us Friday, March 18, 2016 for a fun night of Bingo while helping support the Evergreen Habitat for Humanity. Games are $2 a piece and all prizes are valued at $25 or more! Complimentary snacks provided and beer and wine available for purchase. This event is family friendly, so bring your kids! Want to get even more involved? Join Erin Wright Homes for our Habitat Build April 2, 2016! We would love to see everyone there!

What: Bingo for Habitat for Humanity

When: Friday, March 18, 2016 from 6pm-8pm

Where: Clark County Habitat Store
10811 SE 2nd Ave.
Vancouver, WA

Please RSVP to Erin Wright by Wednesday, March 16, 2016 by e-mail at ErinWright@Windermere.com
or by phone by calling 360-356-1445

Hope to see you all there!

 

For more information on the Evergreen Habitat for Humanity, please visit their website at:

http://www.ehfh.org/

 

***Want to plan ahead for April’s Community Event? We will be doing a Habitat for Humanity Build with the Evergreen Habitat for Humanity on Saturday, April 2, 2016. We would love to see everyone there. This event is for people 18 years and older.***

Posted on March 9, 2016 at 1:49 pm
Erin E. Wright | Category: Archived | Tagged , , , , , , , , , , , , , , , , , , , , ,

* * * * * * Ending 2015 with a Celebration & Looking Forward to 2016!* * * * * *

LSP_8936

Thank you for a Successful Share the Warmth Drive 

and a Great Night at the Miracle of a Million Lights!

With 2016 already starting off with excitement and positive change, I want to take a moment to thank everyone for making 2015 a great year for me both personally and professionally. I celebrated many milestones in 2015; Winslow and I got married and started our life together, I was able to hire an amazing assitant, Jenny Vrtiska, and Erin Wright Homes was branded by the talented Megan Armand. December 11, 2015 marked a great celebration for a great year! I am so grateful for everyone who was able to come out and support Erin Wright Homes that evening and celebrate a wonderful year. I want to thank everyone for joining and for all the generous donations for the Share the Warmth Drive. I also want to thank all of my clients for trusting me with your real estate needs and for all your referrals. A special thanks to Jenny Vrtiska, Megan Armand, Simply Sweets, the Victorian Belle, and Leah Smith Photography for making the event increadibly special for everyone. Please see below for a collection of photos from the event that night. If you would like a copy of any one photo, please contact me and I can get you the full resolution version. 

With referrals already coming in for 2016, I am excited to start this year off running. If you know anyone looking to buy or sell real estate in the future, please feel free to share my information with them. Your referrals will receive the same expertise, time, and care that I have given all past clients. I am fortunate to have the best clients in the world and look forward to serving all of you in 2016.

 

From my family to yours, wishing you all a great 2016!

 

Erin Wright

 

 

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Posted on January 6, 2016 at 12:22 pm
Erin E. Wright | Category: Archived | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Tacos and Taps 2015: A Huge Success

Photo courtesy of Little Fern Photography

Thank you to my clients and friends who helped make Tacos & Taps a Success in 2015! 

May 4, 2015 marked the 2nd Annual Tacos & Taps Event for the Clark County Food Bank. This year Tacos & Taps sold out weeks before the event and the night really delivered a great time with a meaningful message. Guests were able to enjoy creative tacos, great beer, and spectacular treats from local Vancouver venders all while touring the food  bank and enjoying live music. It is a great event to help promote local businesses, support the food bank, and allow our Clark County neighbors a chance to really see how the food bank runs and helps support the community.

The event this year raised $31,100 for the Food Bank, an increase of 39% from the previous year. Additionally, the event featured 5 local brewers, 8 local chefs, and 1 local baker.

I would like to give a special thanks to the people who made this event a huge success.

Breweries:

Alameda Brewing, Mt. Tabor Brewing, Loowit Brewing, Doomsday Brewing, and Beerded Brothers Brewing

Chefs:

Herb N’ Roots, South Pacific Bar & Grill, Farrar’s Bistro, Wholes Foods, Beaches Restaurant & Bar, Main Event, New Seasons, and The Grant House

Bakery:

Simply Sweets

Photography:

Little Fern Photography

Decorations:

Michael Lampson of Lasting Impressions

Entertainment:

Blues Ranch

Spornsors:

Scott Horenstein Law, Riverview Community Bank, Landerholm Law

Large Donors:

Windermere Stellar

Event Committee:

Allison Kirkland, Courtney Catt, Donna Horenstein, Erin Wright, Megan Dixon, Rebecca Bristol, Sam Clarno, and Sherri Falkner

 

To see all photos from this year’s Tacos and Taps event provided by Little Fern Photography, please click the link below.

http://proofs.littlefernphoto.com/tacosandtaps

Click the link below to see a video talking with the Director of the Food Bank and some of the vendors from this past year. 

https://www.youtube.com/watch?v=oIo1HBGbyOE

Posted on May 28, 2015 at 7:37 am
Erin E. Wright | Category: Archived | Tagged , , , , , , , , , , , , , , , ,

The Importance of Staging

By Erin Wright, Real Estate Agent with Windermere Real Estate

Image courtesy of WorldWideStock at FreeDigitalPhotos.net

Sellers often ask me about staging, the benefits of staging, how in depth their staging needs to be, and if there are any small tips or tricks to the staging process. These are all valid questions, and ones Sellers should ask. When I go through my listing presentation, I spend a good deal of time on this very subject, to fully showcase the benefits of staging. I also bring a staging consultant to every one of my listings, so we can all go room by room and talk about the best way to showcase the homes features. Staging helps create the first impression, so it is a vital role in listing a home. When staging, there are a few key rules to follow: keep the style neutral, less is more and focus on light.

Neutral Style: Although some Buyers are able to look past a Seller's style, to create a positive first impression, it is best to make the home a blank canvas. This will allow Buyers to walk through the home and picture their own style and stuff throughout the home. A key piece of advice I give my clients is to go through their home and see what elements are more personal in nature or style. For example, the huge family portrait over your fireplace, not the best way to allow a Buyer to picture themselves in the home. The bright red accent wall in the family room will likely also keep a potential Buyer from picturing themselves in your home. When staging, it is best to depersonalize your home, remove most family pictures, and create a neutral tone and feel in all the rooms throughout the house. It is nice to have a pop of color around the house, so to achieve this consider a fruit bowl filled with colorful fruit in the kitchen, colorful pillows in the family room, and colorful towels in the bathroom. 

Less is More: In our day-to-day lives, I think we tend to like to surround ourselves with our belongings. A beautiful chair, decorative plates, and walls full of artwork. However, when staging a home, less really is more. The goal of staging is to make a space feel welcoming and attractive to as many potential Buyers as possible. Space and the size of rooms are two of the most important things Buyers look for in a house. Therefore, placing furniture and decor in a way that maximizes the space in a room is an essential part of staging. One of the key tricks to doing this is to keep the amount of furniture and decor minimal. Let the space showcase itself. So in a normal sized family room, a Seller may have a sectional, coffee table, two chairs and two side tables. Likely, if the Seller removed the two chairs and two side tables, the space would feel larger and more open. Consider what furniture and decor is essential in each room and place it intentionally. Then I recommend my clients rent a storage unit, use a shed, or use a garage and store the remainder of the furniture. This will allow the home to breath and feel more spacious. Also, this allows Buyers to more comfortably move throughout the home. A great rule of thumb is to keep all pathways and open spaces wide enough for 2-3 people to comfortably walk through them at the same time. Often times my Sellers end up liking the open feel better, and decorate their new home in the same manner as they staged their previous home.

Light is Key: Buyers often request homes with great light. This is because the natural lighting of a home can often create positive energy within a home. This is especially true in the Northwest where it rains for a large portion of the year. Therefore, it is important for Sellers to showcase the areas in the home with natural light. The best way to do this is to keep anything from blocking the light. If there are blinds, raise them. If there are curtains, open them. Allow the light to shine in through the house wherever possible. Another great way to create the feeling of a light and bright home is to keep the walls painted a lighter color and have the ceiling painted white. This will reflect the natural light throughout the home, making it feel lighter and brighter. Also, white ceilings give the illusion of taller ceilings, which is a great-added benefit. Another great idea is to allow there to be ample room in front of windows and exterior doors. Buyers love to go up to windows and look out of them to see the light and the view. 

For information on these and other staging tips, feel free to contact me at ErinWright@Windermere.com or (360) 356-1445.

 

 

 

Posted on April 6, 2015 at 10:27 am
Erin E. Wright | Category: Archived | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Get Involved with Windermere Community Service Day!

 

June's Volunteer Event

Food Drive to Benefit the Fruit Valley Foundation Food Bank

Our local Windermere agents & staff will be collecting donations of food from now through June 19th to benefit the Fruit Valley Foundation Food Bank as our annual Community Service Day Project.
Over 90% of students at the Fruit Valley Elementary School are on assistance for breakfast & lunch. The Fruit Valley Foundation will play a huge part in helping these children with meals during the summer months.
Please feel free to drop off donations at either of our offices between 9 to 5 on weekdays 10 to 4 on weekends. Or give us a call and we can pick it up from you.

Items Needed

 

Peanut Butter                             Tuna Fish                        Canned Fruit
Canned Vegetables                    Canned Meats                  Dry/Powdered Milk
Evaporated Milk                        100% Juice                      Canned Soup
Rice                                           Instant Mashed Potatoes Dry or Canned Beans
Macaroni & Cheese                   Tomato Products             Pasta
Crackers                                    Coffee or Tea                   Cereal
Jelly or Jam                               Oatmeal                           Paper Towels
Paper Napkins                           Toilet Paper                     Toothbrush
Toothpaste                                 Soap Diapers

Please Note: We cannot accept items in glass containers, perishable food items, home canned or home baked goods.

When: May 28, 2014 – June 19, 2014
            Anytime between 10am – 4pm
 
Where: Donations can be brought to
             Windermere Officers Row
             850 Officers Row
             Vancouver, WA 98661

             Windermere Mill Plain
             12500 SE 2nd Circle #205
              Vancouver WA 98684
            
 
How to have me collect food donations from you: Call me at 360-356-1445
                                                                               Or e-mail me at ErinWright@Windermere.com

Posted on May 28, 2014 at 12:05 pm
Erin E. Wright | Category: Archived | Tagged , , , , , , ,