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:
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.It’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.
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.
Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.
NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!
The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:
As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?
Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!
If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will!
Downtown Stroll: In Full Bloom is scheduled Saturday night in downtown Greenville.
Saturday evening is expected to be a great time to take a nice, leisurely walk and explore everything downtown Greenville has to offer.
Downtown Stroll: In Full Bloom is scheduled between 5 and 9 p.m. Saturday and is designed as a celebration of springtime and a chance for residents and visitors to learn more about the core of Greenville.
As was the case with the first Downtown Stroll in April 2016, and with the Downtown Stroll Holiday Edition in November, dozens of businesses and organizations will be staying open later than usual, with multiple activities, food and drink specials, demonstrations, tours, giveaways, entertainment, snacks and/or special sales planned as part of the event.
Downtown merchants are expected to be featuring spring and summer fashions, gift ideas, lawn and gardening tools and equipment and more, while several of the restaurants will be serving meals on their on outdoor patios.
The Wolfe CityVolunteer Fire Department's new tender, purchased with a $200,000 grant from the Texas A&M Forestry Service, can carry 2,000 gallons of water to the scene of a fire.
WOLFE CITY — Wolfe City’s Volunteer Fire Department has placed into service a new, 2,000-gallon water tender purchased with a $200,000 grant from the Texas A&M Forest Service.
“The most valuable asset is that we can now transport water safely with a vehicle that was built for that specific purpose,” said VFD Assistant Fire Chief Aaron Deary. “It will be safer for firefighters and the public.”
The new tender also has a portable drop tank and LED lamps on the rear to help illuminate fire scenes at night.
Deary said that, while hydrants exist in the town of Wolfe City, much of the VFD’s response area is rural, meaning that arriving fire vehicles would not have access to water.
He said the tender will also help the VFD offer aid more frequently in fire emergency situations that might arise in surrounding districts.
The grant program used by Wolfe City was the Rural VFD Assistance Program, funded by the Texas Legislature and administered by the A&M Forest Service.