Local Real Estate News May 8, 2021

How Architects are Designing Offices in the Pandemic

COVID-19 has changed just about every facet of life — and that includes the very architecture that surrounds us. As remote work and virtual gatherings have become the norm, architects and designers are reevaluating the ways in which they design communal spaces.

In particular, offices have proven challenging as architecture firms address questions like which employees will have a desk in the office, and what will the capacity of the office be?

For some firms, the answer is not in reducing the number of desks in the office, but in making sure every employee has their own space to work from. Hot desking (the practice of having employees share workspaces with others and not assigning specific desks to employees) is unlikely to regain favor anytime soon, as workers are hyper-aware of contagions and the potential risk factors of sharing a space with others.

To minimize contact, offices and reception desks are now being designed with food delivery hubs. With the spike in food delivery services during the pandemic, creating designated spaces for drop-offs minimizes both the potential risks and the hassle of meeting a delivery driver.

Additionally, new offices are being designed with more flexible workspaces for employees to take advantage of, including phone booths, huddle and conference rooms and outdoor terraces with Wifi access.

The appeal of more outdoor space has also spilled over into the design of new apartment buildings, as units are being designed with more outdoor spaces for residents. Additionally, some design firms are working to design larger units for the benefit of residents, although this approach does cut into profits.

One thing both office and residential design have in common is their new source of inspiration — healthcare facilities. In the past, many design firms had turned to the hospitality industry for their inspiration, focusing on comfort and aesthetics. These days, it’s the opposite, as commercial and residential architects prioritize health and sanitation.

For many, this means increased investment in HVAC and air filtration devices. Though not the most exciting development, these fixtures are effective and increase peace of mind for those in the building. Additionally, antibacterial surfaces and easy-to-sanitize materials, like tile and porcelain have also seen an increase in popularity.

No matter how long the pandemic lasts, its impacts will be felt for some time. Among the long-term changes, the design of our homes and offices will also be impacted for the foreseeable future.

 


This article was originally posted on Bisnow by Jon Banister and GettheWReport

Local Real Estate News April 30, 2021

Google Continues to Invest in Kirkland

With the recent news that Seattle is the national leader in big tech office leases, it’s no wonder that Kirkland continues to be a prime spot for investment from Google.

Google recently announced that it plans to invest more than $7 billion in offices and data centers around the U.S., including the continuing construction of campuses in Kirkland and Seattle. The end result of these investments will be more than 10,000 new full-time Google jobs across the country.

Google has had a presence in Western Washington since 2011, and currently has about 6,300 employees in the region. The plan is for the tech company to continue the construction of two new campuses in Kirkland, in addition to its current 375,000-square-foot campus.

With the first new project in Kirkland, appropriately called the Kirkland Urban East campus, Google will add 760,000 square feet of office space, spread across four new buildings. This project is well underway, with the North building already completed and construction started on the South and Central buildings.

The company’s new project in the city is on the site of the former Lee Johnson Chevrolet dealership. Google finalized the purchase and sale agreement in November 2020, and the project is still in the early stages. The deal will likely close in stages over the next several years as Google finalizes its plans for the site.

Seattle is also benefitting from ongoing investment from Google. The company continues to work on Block 38, which is a 330,000-square-foot building located on the corner of Westlake Avenue and Mercer Street. This project is an extension of Google’s South Lake Union campus, which will span a total of five buildings and encompass 900,000 square feet of office space.

Among the news of Google’s upcoming projects, the company also released its 2020 Economic Impact Report. The report indicated that Google provided $17.3 billion in economic activity for 52,800 Washington businesses. Additionally, more than 398,000 Washington businesses connected with customers through Google searches last year.

 


This article was originally posted on 425Business by John Stearns and on GettheWReport.com

Local Market Update April 14, 2021

Local Market Update – April 2021

 

Despite a bump in new listings the supply of homes still can’t keep up with the demand. The result? Multiple offers, escalation clauses, and record-breaking prices. If you’re considering selling your home, you’d be hard pressed to find a more lucrative market than what we have today.

March marked the first post-COVID/pre-COVID comparison, and the results were dramatic.

The drop in the number of listings was profound. In King County there were 54% fewer single-family homes on the market at the end of March than the same time a year ago. The Eastside had 68% fewer listings. There were just 216 homes for sale on the Eastside, which stretches from Issaquah to Woodinville. Extensive new investments there, including Amazon’s plan to add 25,000 jobs in Bellevue, will only increase demand for housing. North King County, which includes Richmond Beach and Lake Forest Park had just 26 homes for sale. In Seattle, the 498 listings there represents a drop of 18% from a year ago. Despite the comparatively greater number of listings, Seattle still has only two weeks of available inventory. The situation was even more dire in Snohomish County. With the number of homes for sale down 68%, the county has just one week of inventory.

So why is inventory so low? The pandemic certainly has played a part. People now working from home have bought up properties with more space in more desirable locations. Nervousness and uncertainty about COVID compelled many would-be sellers to postpone putting their home on the market. Downsizers who may have moved into assisted living or nursing homes are staying in place instead. But there are other factors as well.

For more than a decade, less new construction has been built relative to historical averages, particularly in the suburbs. Interest rates have also been a factor. Windermere Chief Economist Matthew Gardner noted, “I think a lot of the urgency from buyers is due to rising mortgage rates and the fear that rates are very unlikely to drop again as we move through the year, which is a safe assumption to make.” Homeowners who refinanced when rates were at record lows are staying in their homes longer, keeping more inventory off the market. And those same low interest rates have compelled many homeowners who bought a new home not to sell their previous one, but to keep it as a rental property.

While the number of listings tanked, the number of sales skyrocketed. That’s the recipe for soaring home prices. Housing prices here have been growing at the second-fastest rate in the nation for a full year. Nearly every area of King County saw double-digit price increases, with the exception of Seattle. In King County the median price for a single-family home in March was a record-high $825,000, up 15% from a year ago and an increase of 10% from February. The median home price topped $1 million for every city on the Eastside, where the overall median price surged 30% to $1,350,000, the highest median price ever recorded for the area. Seattle homes prices were also record-breaking, rising 4% to $825,000. Snohomish County prices set yet another all-time high as the median home price jumped 22% to $640,000.

The appeal of our area just keeps growing. For the second time, Washington took the No. 1 spot in the U.S. News Best States ranking – the first state to earn the top ranking twice in a row. The bottom line: the local real estate market is extremely competitive, and it shows no signs of slowing down. Successfully navigating today’s market takes a strong plan. Your broker can work with you to determine the best strategies for your individual situation.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GettheWReport.com

Local Real Estate News April 8, 2021

Seattle Experiences Second Highest Home Price Rise in the Nation

Across the nation, the coronavirus pandemic changed the way industries and individuals conducted their daily lives. In particular, the real estate market in Seattle overcame an initial slump at the onset of the pandemic, ultimately bouncing back to become one of the hottest markets in the nation.

Since 2019, home prices in our area have climbed 13.6% — the second-highest increase in the nation. Seattle wasn’t the only region to experience the surge, as new data indicates that home prices increased month-over-month by an average of 10.4% nationwide in December.

Th only city with a higher home price rise than Seattle in 2020 was Phoenix, which increased by 14.4%. San Diego was just behind Seattle, with an annual price rise of 13%. Even Chicago, which saw the slowest increase of the surveyed cities, had a gain of 7.7% over last year.

Many of these price increases have to do with incredibly low interest rates, which are encouraging more buyers to enter the market. Additionally, many companies are now offering remote work options, so buyers have a larger geographic radius in which to purchase a home.

Compounding the above is a general shortage of inventory in the region. This is causing buyers to compete with one another for the current available homes — further driving up prices and placing us firmly in a seller’s market.

This data comes after an unseasonably busy winter in which the housing market did not slow down at all. Real estate analysts and brokers are predicting continued high levels of activity in the market through spring.

 


This article was originally posted on KING 5 and GettheWReport.com

Local Market Update February 11, 2021

Local Market Update – February 2021

This winter’s real estate market is looking more like a typical spring market. Sales were up, competition was fierce and prices continued to rise.

Lack of inventory still presents a huge issue. At the end of January there were only 1,055 single-family homes on the market in all of King County, 33% fewer than a year ago. If that wasn’t tight enough, Snohomish County had only 298 single-family homes for sale, 63% fewer than a year ago. Condos remain a bright spot for buyers frustrated by the frenzied market. January saw a nearly 50% increase in the number of condos for sale in King County. However, the increase in inventory didn’t translate into a drop in price. The median condo price was flat for the county, up 10% in Seattle and up 7% on the Eastside. Those looking for a relative bargain should consider Southwest and Southeast King County where the median condo prices were $254,275 and $269,900 respectively.

The large imbalance between supply and demand sent prices higher. Home prices here are climbing at the second-fastest rate in the nation. The median price of a single-family home in King County was $725,000, a 15% jump from a year ago. Seattle home prices increased 10% to $791,471. Inventory on the Eastside was down 58%, sending the median home price soaring 29% to $1.15 million. Snohomish County saw prices rise 18% to $599,990, well surpassing its previous high of $575,000.

While low interest rates take some of the sting out of rising prices, multiple offers over asking price have become the norm and are expected to continue. The easing of COVID restrictions may add yet more competition. Both King and Snohomish counties have moved into Phase 2 of the Healthy Washington plan, which allows open houses to resume with up to 10 people socially distanced.

All signs point to this strong seller’s market continuing for some time. The person who represents you as a buyer can make the difference in owning a home or not. Brokers are advising buyers to create a plan that prioritizes their wish list and sets realistic expectations in this hyper-competitive market.

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

For Your Home February 11, 2021

Modern Design Trends

Image source: Shutterstock

 

Modern design can tie your home together while making a statement. Getting to know the modern farmhouse, mid-century modern, and industrial design trends will help to determine which is best for your home.

Modern Farmhouse 

Bringing country living to wherever you call home, modern farmhouse is a style marked by sleek lines, vintage touches, and natural textures that still delivers a comfortable feel. Widespread use of the term “modern farmhouse” did not pick up steam until the mid-2010s, only gaining in popularity since.

In your home: 
  • Color: A defining characteristic of the modern farmhouse is a whitewashed palette, which offers a satisfying contrast to the use of natural wood. Cream is also a popular choice. Floral accents are typically used to add depth to the whitewashed backdrop.
  • Features: Exposed beams, antique items, and rustic décor form the makeup of a modern farmhouse-inspired dwelling. Barn lighting and gooseneck lamps are the most fitting lighting choices. Round out your modern farmhouse look with shiplap wherever you see fit, board-and-batten siding, and Shaker cabinets for your kitchen.

 

Mid-Century Modern 

A movement begun in—you guessed it—the middle of the twentieth century, mid-century modern (MCM) took shape in a post-war America that saw a migration to urban areas, thus influencing design of the era to be more mindful of smaller living spaces.

In your home: 
  • Philosophy: Mid-century modern is as much an artistic movement as a design trend. MCM designs are simple in form, emphasizing function and organic influences, and are meant for everyone to use. Consider these characteristics when planning your décor.
  • Color: The color palette most commonly associate with MCM is earthy tones. If you’re looking to add more pop but want to stay true to the earthy palette, experiment with pastels.
  • Furniture: Typical MCM design features in furniture include juxtaposing larger pieces with skinny legs, peg legs, the use of lighter-colored woods such as teak, and fun geometric shapes. Beloved favorites include credenzas, dressers, and egg chairs.

 

Industrial 

Inspired by warehouses, factories and unexpected materials such as shipping containers, Industrial design brings home the raw, hardwearing aesthetic typically associated with spaces like reclaimed yards, hangars, and ports. Customization is popular in Industrial design, and like mid-century modern, simplicity is emphasized.

In your home:
  • Color: The Industrial color palette is predominantly neutral. Texture is a more defining feature than color, which gives you flexibility when it comes to decorating. With neutral colors, it is easier to keep your home’s color palette aligned and complimentary.
  • Materials: How do you make your home feel like a warehouse? Materials go a long way in accomplishing this. Industrial go-to materials for furniture and beyond include wood, aluminum, copper, steel, stone, and tin. Avoid soft materials like plush that would take away from the hardworking feel inherent in Industrial.
  • A touch of nature: Due to its emphasis on recycled and reused materials, plant life and nature-centric accents are fitting compliments to Industrial design. Indoor plants, cactus, and flowers are popular items for sprucing up an Industrial space while adding an appropriately placed touch of color.

 

Although these trends vary in style and application, they all share a statement-making capability. When incorporating them into your home, know that any of these features will definitively shape the look and feel of your home.

 


This post originally appeared on the Windermere.com Blog

For Your Home February 11, 2021

Your Winter Home Maintenance Checklist

Winter is a magical season to spend at home. We all want to be able to enjoy the shorter days and longer nights from the comfort of our homes while we watch the season change.

To truly enjoy this winter at home with peace of mind, you’ll want to complete a home maintenance checklist to prevent unexpected costs, ensure your family’s safety and warmth, and keep your home in the best shape for the winter season ahead.

 

1. Weatherproof Windows & Doors

 

One of the best preparatory measures you can take to keep the cold from infiltrating your home is to weatherproof your windows and doors. Any leaks or cracks could lead to a chilly household and increased heating costs. Either weatherstripping or caulking will do the trick for minor leakage issues, but for any severe problems you may want to consider a replacement.

 

2. Protect Your Pipes from Freezing

Burst pipes can be disastrous regardless of the season, but winter temperatures pose a greater risk than any other time of the year. Be sure to wrap interior pipes to provide them some insulation against the change in temperature. You’ll want to bring all hoses inside but remember to turn off your exterior water source before you do.

 

3. Prepare for a Winter Storm

Being fully prepared for the winter ahead includes completing both preventative home maintenance and disaster preparedness tasks. Keep a supply of flashlights and batteries handy in case a power outage should occur. If you have a fireplace, stock up on firewood so you’ll have plenty of fuel for your heat source. It’s best for your family to put together an emergency kit and evacuation plan so you’re prepared for any local weather emergencies.

 

4. Chimney Sweep and Fireplace Maintenance

 

We become more reliant on fireplaces, wood burning stoves, and chimneys to heat our homes during the winter. Accordingly, it’s crucial to prepare for the uptick in their usage. Clear out your air vents before your daily fires begin. When your fireplace is not in use, be sure to close the damper to save energy. Clogged chimneys can lead to house fires and carbon monoxide poisoning. Investing in a chimney sweep can save you money in the long run, while avoiding health scares.

 

5. Clean Out Your Gutters

 

After all the leaves, pinecones, pine needles, and other autumnal debris have fallen, it’s best to clean out your gutters in preparation for winter. By keeping your gutters clean you’ll avoid gutter damage from melted snow draining improperly. Make sure your downspouts are pointing away from your home’s foundation to prevent basement leaks and flooding.

 

6. Heating System Maintenance

Keeping up on your heating system’s efficiency is an integral part of winter home maintenance. If you use a furnace, be sure to clean out your air filters and ducts, making replacements as needed. Covering your HVAC system can help to prevent damage from any debris or moisture getting in. To protect against heat loss, seal your ducts with mastic tape or foil tape.

 

7. Reverse Your Ceiling Fans

 

If you have ceilings fans in your home, there is a handy trick you can use to improve your home’s heating efficiency. By reversing the direction of your ceiling fan—running the blades in a clockwise direction—you’ll create a slight updraft, forcing warm air near the ceiling downward.

 

8. Bring Your Plants Inside

The winter season usually spells trouble for your potted plants. However, there are methods to keep them alive indoors through the winter months. You’ll want to provide continual air circulation, so keep a fan blowing in the direction of the plants. It’s best to mirror the conditions the plants will face outdoors, so you can afford to keep watering to a minimum. Since it is a harsher season, keep a close eye on your plants as the winter progresses.

 

After your checklist is completely crossed off, you’ll be able to kick back, relax, and enjoy your winter at home in comfort knowing your home is primed and ready for the winter season ahead.

 


This post originally appeared on the Windermere.com Blog

Give BackWindermere January 20, 2021

Windermere Offices Continue to Support Communities Through COVID-19 Pandemic

Windermere offices have continued to support their communities throughout the COVID-19 pandemic, raising money for the Windermere Foundation, which has provided over $43 million in funding to support low-income and homeless families throughout the Western U.S. since 1989. Here are some highlights from the past holiday season.

 

Windermere Whatcom Donates 84 Thanksgiving Boxes

 

For over 20 years, Windermere Whatcom has donated Thanksgiving boxes to local school districts and organizations. These boxes contain all the fixings for a Thanksgiving feast, from sparkling cider and pumpkin pie to turkey roaster pans and a recipe book. The meals benefit families in need of a warm Thanksgiving meal. Agents at Whatcom’s five offices select the recipient organizations, then agents and staff are assigned items to fulfill depending on the number of meals needed. Keeping COVID-19 guidelines in mind, agents worked in small groups/shifts to pack the boxes of food and supplies on the day of delivery. In total, 84 Thanksgiving meals were donated on November 23 and 24, 2020.

 

Two men unpack a box of food donations for a Thanksgiving meal.

Picture L to R: Alex Stredicke & Ken Gustafson

 


 

Windermere Abode Supports Tacoma Rescue Mission

 

Every Friday since March of 2020, Windermere Abode in Tacoma, WA has helped the Tacoma Rescue Mission serve sandwiches and snacks. After speaking with Windermere agent Melo Hogan, Broker/Co-Owner of Windermere Abode Anne Jones learned that throughout the COVID-19 pandemic, the organization had been losing volunteers and needed to provide to-go meals for the community members they support. “The coolest thing about this program is we’ve invited our community to participate,” said Jones. “That’s how we’ve kept it going and literally have delivered thousands of sandwiches. We’ve had a few Fridays with two fully-loaded SUVs.”

 

A woman unpacks food donations from the back of a vehicle.

Pictured: Melo Hogan

 


 

Windermere Greenwood Donates $4,418 to WA-BLOC

 

In the summer of 2020, the agents and staff at Windermere Greenwood were looking for ways to support grassroots, Black-led organizations in underserved communities and youth. When they came across WA-BLOC (Building Leaders of Change), they jumped at the chance to support the organization. WA-BLOC works with students in South Seattle, igniting transformation and building leaders of change through revolutionary education and social justice leadership development. Understanding that the pandemic would impact students’ learning ability, the Greenwood office wanted to contribute to help make distanced learning more equitable. Totaling $4,418, their donations went towards purchasing laptops, wi-fi hotspots, school supplies, tutors, school lunches, and more.

 

A flyer showing Windermere Greenwood's $4,418 total raised for WA-BLOC.

Windermere Greenwood’s total amount raised in support of local organization WA-BLOC

 


 

Windermere Eastlake Gifts $5,000 to St. Francis House

 

Agents and staff at Windermere Eastlake in Seattle came together this holiday season to support low income and homeless families in their community through St. Francis House, an organization dedicated to serving the homeless population of King County. Eastlake donated $5,000 to the organization to distribute holiday gift packages to families including a new blanket, a new game, and a grocery gift card. Each child received a pair of socks, a new toy, and a book. So far, 375 families have received their gift.

 

 

A selection of toys distributed by St. Francis House through Windermere Eastlake’s donation

A selection of toys distributed by St. Francis House through Windermere Eastlake’s donation


To find out more about the Windermere Foundation or to make a donation, please visit the Foundation’s website here: Windermere Foundation

 

 


Local Market Update January 14, 2021

Local Market Update – January 2021

 

The end of 2020 marked a most unusual year, and the real estate market was no exception. While homes sales usually take a holiday during December, this year saw the continuation of an exceptionally strong and competitive market. New listings, closed sales and home prices all went up. With supply nowhere close to meeting demand, the strong market is expected to extend into 2021.

Inventory continues to be the biggest challenge for buyers. While King County had a 62% increase in new listings compared to a year ago, homes were snapped up quickly, leaving the county with just over two weeks of available inventory at the end of the month. The supply of single-family homes was down 35% year-over-year. Buyers considering a condo had far more choices. Inventory was up 45%, but at about five weeks of available units the condo market is still significantly short of the four month supply that is considered balanced. Inventory in Snohomish County was even more strained, with the month end showing only a one-week supply of homes. At the end of December there were only 373 homes on the market in all of Snohomish County, a 63% drop from a year ago. With inventory this tight, it’s more important than ever for buyers to work with their agent on a strategic plan for getting the home they want.

Low inventory and high demand continued to push prices upward. The median single-family home price in King County was up 10% over a year ago to $740,000. Price increases varied significantly by area. Seattle home prices were up 10%. The traditionally more affordable area of Southwest King County, which includes Federal Way and Burien, saw prices jump 15%. And on the Eastside, the most expensive market in King County, home prices soared 17% — the largest increase of any area in the county. Home prices in Snohomish County rose 12% to $573,495, just shy of its all-time high of $575,000.

With 2021 ushering in a new record low for interest rates, and inventory at its tightest in recent memory, 2021 is expected to remain a very competitive market.

Windermere Chief Economist Matthew Gardner’s prediction: “As we move into 2021, I expect continued strong demand from buyers, but unfortunately, the likelihood that there will be any significant increase in inventory is slim. As a result, I believe prices will continue to rise, which is good news for sellers, but raises concerns about affordability. This, combined with modestly rising mortgage rates, could end up taking some steam out of the market but overall, I expect housing to continue being a very bright spot in the Puget Sound economy.”

The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.

EASTSIDE

VIEW FULL EASTSIDE REPORT

KING COUNTY

VIEW FULL KING COUNTY REPORT

SEATTLE

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Local Real Estate NewsThe Gardner Report December 24, 2020

Matthew Gardner’s 2021 Housing Forecast

 

Every Monday since the start of the pandemic, Windermere’s Chief Economist, Matthew Gardner, has provided insights into the current state of the housing market through his video series “Mondays with Matthew.” Gardner’s latest release represents the last of his videos for 2020, while offering his 2021 forecast in the US housing market.

Throughout 2020, mortgage rates hit historic lows, largely due to the impact COVID-19 had on the housing market. These low rates drove already high demand for housing even higher, and Gardner does not predict mortgage rates will rise significantly in 2021.

His current forecast sees mortgage rates dropping to their lowest rate in the current quarter at 2.83%, and rising to about 3.08% by the fourth quarter of 2021.

As far as home sales for 2021, Gardner is predicting a large increase in home sales (he covers new construction separately). His forecast puts home sales up by 6.9%, a level that hasn’t been seen since 2006.

In conjunction with this, Gardner predicts a rise in housing inventory, as people who can work remotely move farther away from their offices, or those whose homes aren’t conducive to remote work seek out a better living arrangement.

But Gardner also pragmatically points out that a “mass exodus” completely away from urban centers is unlikely, as many workers may find themselves with a flexible blended arrangement of remote work and a few days in the office per week.

In terms of home prices, Gardner predicts they will continue to rise, but slowly. His 2021 prediction caps out at a 4.1% increase, partially because prices have already risen so dramatically this year that it may become an issue of affordability.

With the rising demand for housing inventory, Gardner predicts that new construction starts for single-family homes will rise by a sizeable 16.4%. This is great news for builders, and also for buyers, as increased inventory may help to alleviate the incredible demand the market has been experiencing.

Along with increased starts, Gardner is anticipating an increase of 18.7% in new home sales for 2021—again reaching a level the market hasn’t seen since 2006.

Finally, Gardner touched on the number of homes in forbearance. As of the end of November 2020, 2.76 million homeowners are in forbearance—but that number is down almost 2 million since May 2020, a drop of 42%.

Gardner does predict that foreclosures will rise in 2021, but he cautions that brokers shouldn’t panic. Though there is temptation to compare this situation with the housing bubble collapse of 2008, Gardner predicts that the actual number of foreclosures will be very mild in comparison.

When the pandemic began in March, the housing market overall was in a much healthier place than it was prior to 2008. Additionally, lenders now are more likely to cooperate with homeowners to help them stay in their homes, and homeowners also have the option to sell and get the equity out of their homes if necessary.

While no one can predict the future with complete accuracy, Gardner’s predictions give us a road map to work from as we approach the new year.

Read the full article on Windermere.com.

 


This post originally appeared on GettheWReport.com