How Is the Pandemic Shaping Home Design?

Wednesday, October 28, 2020

by Christie Cannon

How Is the Pandemic Shaping Home Design?

By Michael Kolomatsky with The New York Times

A recent survey of architects reveals that clients are looking for ways to improve the time they spend at home.

The coronavirus pandemic is already shaping home design trends, with special-function rooms and products that serve needs particular to the pandemic rising in popularity, according to a recent survey by the American Institute of Architects.

Every year, the institute surveys about 425 individual architects or firms in the business of custom-home building or renovation. Participants are asked to indicate whether requests for certain types of rooms and products are increasing, decreasing or stable. Trends are identified by noting the increases and offsetting them by the decreases. This year’s results were gathered in July.

“I won’t say it was unexpected,” said Kermit Baker, the organization’s chief economist and a senior research fellow at the Harvard Joint Center for Housing Studies. “I’d say surprising in the sense that the pandemic response was happening faster than we might have expected.”

In this year’s survey, 68 percent of respondents cited increasing client requests for home offices, and none reported a decrease. Compare that with the 2019 results, which showed a 33 percent increase and 4 percent decrease. A related feature, enhanced or “task” lighting, also gained popularity.

Specifically, there were more requests for sunrooms or three-season porches (rooms that bring nature indoors) and mud rooms or “drop zones” (areas to isolate contaminated items from the house at large). Tellingly, in the midst of a pandemic caused by an airborne virus, products for improving indoor air quality were newly popular: 41 percent of respondents cited an increase for such requests, while 2 percent indicated they were on the decline, compared with 27 percent increasing and 2 percent decreasing last year.

Other new trends included exercise or yoga rooms and flexible spaces for home-schooling or other needs. Other special-function rooms (outdoor living spaces among them) maintained their popularity or edged up, as did products that were low maintenance and energy efficient.

This week’s chart shows which home features were the most popular and how requests for them rose or fell in 2019 and 2020.

Home Design Trends

A recent survey of architects reveals that clients are looking for ways to improve the time they spend at home.

Special Function Room Requests

Product Type Requests

2020

2019

2020

2019

Room type

Down

Up

Down

Up

Product type

Down

Up

Down

Up

Home office

4

%

33

%

0

%

68

%

Low

Maintenance

0

%

60

%

1

%

57

%

Outdoor living

1

61

1

62

Smart

thermostats

1

60

1

50

Additional

multifunction

room/flexible space

–

2

45

Products for

improving indoor

air quality

2

27

2

41

Mud room

2

32

0

38

Synthetic

materials

4

50

5

44

Au pair/

in-law suites

9

46

7

42

Tankless

water heater

10

50

7

42

Exercise room/

yoga space

–

4

28

Energy efficient

3

35

5

39

Task lighting

2

21

1

28

Sun rooms/three-

season porches

25

11

31

19

Thermal-

moisture control

2

26

3

27

Automated

window shades

8

32

9

28

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Taking Advantage of Homebuying Affordability in Today’s Market

Tuesday, July 7, 2020

by Christie Cannon

Taking Advantage of Homebuying Affordability in Today’s Market

Everyone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding how affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down their optimal window of time to make a purchase.

There are three main factors that go into determining how affordable homes are for buyers:

Mortgage Rates
Mortgage Payments as a Percentage of Income
Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index:

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here’s a graph of the index going back to 1990:The green bar represents today’s affordability. We can see that homes are more affordable now than they have been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market.

Why are homes so affordable today?

Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically low mortgage rates. Based on this primary factor, we can see that it is more affordable to buy a home today than at any time in the last seven years.

If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are now may save you quite a bit of money over the life of your home loan.

Bottom Line

If you feel ready to buy, purchasing a home this season may save you significantly over time based on historic affordability trends. Let’s connect today to determine if now is the right time for you to make your move.

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The Christie Cannon Team Brings Confidence in a Pandemic: Frisco TX's Top Real Estate Team Adapts to Virtual Market

Friday, May 15, 2020

by Christie Cannon

The Christie Cannon Team Brings Confidence in a Pandemic: Frisco TX's Top Real Estate Team Adapts to Virtual Market

Thursday, May 14, 2020 11:00 AM

The Christie Cannon Team is the leading Real Estate Team in North Texas and they are redefining the real estate industry by setting an example of proven systems to provide clients a top-notch service using innovative technology when buying and selling homes and are sharing their thoughts and advice in making wise decisions especially during this COVID-19 Pandemic

FRISCO, TX / ACCESSWIRE / May 14, 2020 / Adapting your career to fit the new rules created by COVID-19 is tough, especially in the world of real estate. Luckily, Christie Cannon, Frisco Texas' expert in real estate for over 20 years, has found a way to utilize technology to buy and sell homes virtually. She, and her husband Kevin, along with their entire Team have set up a process to walk their clients through every step of buying or selling a home online. Everything from house hunting, listing, touring, or signing papers can be done through a virtual portal; and Christie's team will be there to give you confidence in your search for the right home or the right buyer.

Christie's Texas based team is one of the top 25 teams with Keller Williams Realty nationwide. They have done over 455 transactions in the past 12 months, with over $150 million dollars in sales. D Magazine has awarded The Christie Cannon Team the "Top Real Estate Producers" every year for nearly a decade. This constant experience is what sets the team apart from other agents and real estate teams. For example, most real estate agents are selling 7-10 homes a year. Christie and her team manage sales each and every day. Each sale brings different experiences, people, and challenges. After working in housing development and managing the team over the course of two decades, Christie has seen it all. Her newest challenge? Adapt the home buying process to fit a digital landscape, and make people feel comfortable with it along the way.

The Cannon Team has already virtually sold multiple houses completely online in the past month. Christie has found that prices have not fallen in her area, but inventory has, which is increasing demand. This means that sellers are seeing multiple offers on their home, and getting the most out of their equity. It also means that The Cannon Team's knowledge of the local market is incredibly valuable. She and her team know your area, so you don't have to and they are ready to hold your hand through finding the perfect home. Also, the level of support which they provide, paired with the quality of their service, creates an environment where clients are in constant communication and it keeps them up to date on the status of their transaction.

In a recent one-on-one interview, Christie mentioned how she and her team has been serving the market while adapting to the new rules and conditions. The level of adaptation that she has seen from people wanting to leverage technology for buying or selling their homes has been increasing day-by-day and the feedback which she has received from her clients has been very positive.

It starts with a free consultation over zoom or phone call. The Cannon Team will send you the best options for your personal situation and help pair you with a buyer or seller. Their job is not to be a salesperson, it is to educate you and take the nerves away from the whole process. "If we do our job well," Cannon said, "our clients will know and feel we have their best interest in mind, not ours."

Once they help clients find a home in their price range, one of the Team's experts can set up a virtual tour and explain every inch of the house over zoom. The client can walk through the home, ask questions, and feel confident before making an offer. When the client falls in love with a home, it's time to get the home under contract, schedule inspections and start planning your move.

On the selling side, The Cannon Team will help you check off all the boxes safely and securely. You can meet with one of the Team's experts in person at your home if you are comfortable, or over a Zoom meeting. The Team's on-staff photographer and stager can meet you at your home, or you can even elect to allow the on-staff stager to help you from afar over a Zoom meeting as you show her around your home. The only in-person meeting you will need to do is with the Team's photographer, who is dressed down in extensive PPE equipment. As a Seller, you can have control over who is entering your home and you can control the showings. The Cannon Team is encouraging "virtual" showings on all of their homes before a buyer steps foot inside to reduce unnecessary exposure. All of The Cannon Team's homes offer 3-D Virtual viewing so you can walk through an entire home without ever stepping foot inside. One of Christie's biggest focuses has been to make sure all the guidelines regarding social distancing and hygiene have been met, therefore she and her team has been working diligently with anyone who visits your property to ensure that all the government requirements and regulations are fully met and are adhered to.

Christie and her team, with their extensive experience and knowledge of the real estate industry have seen all possible emotions which people go through while considering to buy or sell their homes using online means. However, she recommends that people should adapt to the new way of communicating and interacting as the opportunities are rising and whether you are buying or selling, there are plenty of great deals to be had during times like these.

If you are in the market to buy or sell a home, do not let the current pandmeic stop you from getting the care you need. Christie and her team have been offering free consultations to share the entire process with you and answer any of your questions to ensure that you are confident before moving ahead. She has adapted her process to hold your hand through every step, and the only thing between you and finding the home of your dreams is a computer. Christie and her husband Kevin are working everyday to help ensure their Team is servicing the needs of each and every client and home they represent.

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https://finance.yahoo.com/news/christie-cannon-team-brings-confidence-150000645.html

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U.S. Homeownership Rate Rises to Highest Point in 8 Years

Monday, May 4, 2020

by Christie Cannon

U.S. Homeownership Rate Rises to Highest Point in 8 Years

For nearly two months, most of us have been following strict stay-at-home orders from our state and local governments. It is a whole new way of life that has put our daily lives on pause. On the other hand, many of us have also found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed safe place for our families to live.

The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years (see graph below):Why is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”

The NAHB also emphasizes the year-over-year increase in each generational group:

“The homeownership rates among all age groups increased in the first quarter 2020. Households under 35, mostly first-time homebuyers, registered the largest gains, with the homeownership rate up 1.9 percentage points from a year ago. Households ages 35-44 experienced a 1.2 percentage points gain, followed by the 55-64 age group (a 0.9 percentage point increase), the 45-54 age group (a 0.8 percentage point gain), and the 65+ group age (up by 0.2 percentage point).” (See chart below):

Homeownership is an important part of the American dream, especially in moments like this when many are feeling incredibly grateful for the home they have to shelter in place with their families. COVID-19 may be slowing our lives down, but it is showing us the emotional value of homeownership too.

Bottom Line

If you’re considering buying a home this year, let’s connect to set a plan that will help you get one step closer to achieving your dream.

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Keys to Selling Your House Virtually

Wednesday, April 22, 2020

by Christie Cannon

Keys to Selling Your House Virtually

In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?

In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.

So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:

Virtual tour of the home
Accurate and detailed listing information
Detailed neighborhood information
High-quality listing photos
Agent-led video chat

After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed safely. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:

Limit in-person activity
Require guests to wash their hands or use an alcohol-based sanitizer
Remove shoes or cover with booties
Follow CDC guidance on social distancing and wearing face coverings

Getting comfortable with your agent – a true trusted advisor – taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.

Nate Johnson, CMO at realtor.com ® notes:

"As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward."

It sounds like some of these new practices might be here to stay.

Bottom Line

In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate through all that’s new when it comes to making your next move.

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Thinking of Selling? Now May Be the Time!

Wednesday, February 26, 2020

by Christie Cannon

Thinking of Selling? Now May Be the Time.

The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.

The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here’s a breakdown by state:Demand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.

Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

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