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The Villages Home Search Blog

Thursday, August 20, 2020   /   by The Villages Home Search

What Impact Might COVID-19 Have on Home Values?

A big challenge facing the housing industry is determining what impact the current pandemic may have on home values. Some buyers are hoping for major price reductions because the health crisis is straining the economy.
The price of any item, however, is determined by supply and demand, which is how many items are available in relation to how many consumers want to buy that item.
In residential real estate, the measurement used to decipher that ratio is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.
Going into March of this year, the supply stood at three months – a strong seller’s market. While buyer demand has decreased rather dramatically during the pandemic, the number of homes on the market has also decreased. The recently released Existing Hom ...

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Thursday, August 20, 2020   /   by The Villages Home Search

Eileen Gray gets her due with in-depth retrospective

Editor’s note: As the Bard Graduate Center Gallery remains closed due to the COVID-19 pandemic, the gallery has launched an online companion to the Eileen Gray exhibition, which you can explore right here.
Eileen Gray is perhaps best known for E.1027, the late architect and designer’s iconic modernist villa in Roquebrune-Cap-Martin, France, that’s wrapped up in romantic and architectural drama. But as an expansive new exhibition at the Bard Graduate Center Gallery in New York City illustrates, focusing solely on E.1027 undermines Gray’s prolific career in architecture, furniture design, lacquer art, and beyond.


E.1027.
Centre Pompidou, Bibliothèque Kandinsky, Fonds Eileen Gray

Opened on February 29, “Eileen Gray” is billed as the first in-depth exhibition in the U.S. of Gray’s legacy, presenting more than 200 works, including never-before-exhibited furniture designs, architectural drawings, and photographs.
The retrospective, curated by Cloé Pitiot, is split into five main sections ...

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Thursday, August 20, 2020   /   by The Villages Home Search

Think This Is a Housing Crisis? Think Again.

With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it’s logical to ask that question.
Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that started with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country.
Let’s look at five things we know about today’s housing market that were different in 2008.
1. Appreciation
When we look at appreciation in the visual below, there’s a big difference between the 6 years prior to the housing crash and the most recent 6-year period of time. Leading up to the crash, we had much higher appreciation in this country than we see today. In fact, the highest level of appreciation most recentl ...

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Thursday, August 20, 2020   /   by The Villages Home Search

Home, soothing home

A vacation home is doing its job when you step inside and say, “Ahhh.” For a getaway in Montauk, New York, interior designer Robert McKinley achieved that sensibility to the letter. The McKinley Bungalow Fairview—a 1970s ranch house he transformed into an Airbnb rental—is defined by a serene open-plan living space with natural wood floors and a tall, exposed-beam ceiling painted white. The minimalist house is furnished with comfortable sofas, oiled-wood chairs and tables, thick rugs, tapestries, hand-formed ceramics, and antiques. It’s tailormade for rest and relaxation, to comfort and soothe. A sister property, the McKinley Bungalow Federal, uses a similar approach.
One room in each bungalow feels especially cozy compared to the rest of the space. McKinley created a retreat-within-the-retreat feeling by painting the walls and ceilings in dark, rich colors. In Federal, he chose a deep green. In Fairview, it’s a rich, earthy terra-cotta red hue; the floor is carpeted wall-to-wall in sea ...

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Thursday, August 20, 2020   /   by The Villages Home Search

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.
According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:
1. “Have any of your sellers recently reduced their price to attract buyers?”
Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 
2. “Are home buyers expecting lower prices now?”
Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.
What We Do Know  
In today’s market, with everything changing and ongoing questions around when the economy will boun ...

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