While economic downturns typically aren’t good news for the real estate market, this is the first in American history to result in more people moving. This opportunity is transformative because unlike past cataclysmic events that have limited mobility, this one has increased it — and at Compass, we are helping our clients seize the opportunity.
Even our colleagues based in one of the few markets experiencing uncharacteristic lulls know that activity will pick back up because of the way people are seeing the value of their home in a new light. Everyone is taking this time to reevaluate what they need in a home and in a community and for many, that’s resulting in a desire to move.
Here are 5 trends we’re seeing nationally that indicate the market is making a comeback.
If you’re interested in a more detailed look at how the market has been performing in your neighborhood, let us know! We’d be happy to provide you with our insight into the ever-changing real estate landscape.
Want to be near all the waterfront excitement, but come home to a very special place? Make S216 your new address! A ONE OF A KIND redesigned one-bedroom co-op in one of Washington’s Best Addresses. This Harbour Square apartment has everything you’re looking for in your next home: open gourmet kitchen with ample prep areas, thoughtfully designed storage solutions, and a space-saving dining table built into the kitchen peninsula; a spacious living room with electric fireplace in decorative chimney breast. A glass barn door separates the public and private spaces. Have a spa day in the beautiful and luxurious bath with glass enclosed walk-in shower, porcelain tiling, and linen closet. The serene bedroom features a ceiling fan, walk-in closet, laundry and shoe closets. Situated in a tranquil tree court, S216 also offers a balcony overlooking the co-op’s Waterfront Walkway — one of the many beautiful spaces within the property. Other amenities include public rooftop terraces, green spaces with grilling and seating areas, a community/party room, indoor pool, fitness center, bike storage, guest parking, 24-hour gatehouse, security, in-house maintenance and much more. Pets allowed.
In beautiful SW Waterfront. N-413 offers a renovated kitchen with stainless appliances & granite counters, den/office/guest room, in-unit washer/dryer combo, large balcony, bath with tub shower, ample closet storage, hardwood floor and more.
Harbour Square co-op has indoor pool, gym, public roof terraces, 24-hour gatehouse, and onsite management. Pets allowed. Visitor parking available. Monthly rental parking.
Mount Vernon Square 2 Bed | 2 Bath | Garage | $625,000
Light Filled 2 bedroom/2 bath + Garage Parking + Storage. Step into hallway foyer, leading to step-up lofted flex bedroom with partial wall that lets lots of natural light in. Guest bath with tub shower. Open kitchen/living/dining. Wall of windows with tranquil high-up eastern views. Spacious second bedroom is directly off living room separated by pocket door. Floor to ceiling windows with sliding doors that open to small balcony. Another full bath with walk in shower. Closets galore throughout. Maple flooring + carpeted bedrooms + ceramic bath tiles. Extra high ceilings with exposed AC ducts. In-unit Washer/Dryer. Gas cooking. Granite countertops.
This lovely studio co-op offers updates throughout. Ample and flexible living, dining and sleeping spaces. Storage galore. A spacious west-facing balcony extends your living space to enjoy the outdoors privately. Pets allowed
As we’re all dealing with the effects of COVID-19 on our lives, we want to share encouraging news: the government has approved the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19. The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you.
What this means for you and your loved ones
If you’re eligible for a cash payment Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.
If you or someone you know has lost a job States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.
If you’re a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs,
There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
If you’re a freelancer or independent contractor Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program that provides unemployment coverage through the end of the year to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.
If you’re a property/homeowner Borrowers of federally-backed mortgage loans can request a loan forbearance on their payments (without penalties, fees, or interest) for at least 180 days.
Multi-family borrowers may request a similar forbearance for up to 30 days.
In addition, foreclosures on similar mortgage loans are prohibited for at least 60 days and evictions from properties related to several federal programs are also prohibited for a 120 day period.
The health and well-being of our customers is our #1 priority. Making the move to a new home is one of the biggest decisions one will ever make. At Compass, we are working closely with our support teams to provide a personal virtual open house experience to everyone. While potential buyers may not be physically present for an open house or walkthrough, virtual open houses allow us to continue to provide you with best-in-class service during this time.
Virtual Open House
We have the ability to take a targeted audience on a digital journey through your premier properties.
Through Virtual Tours, FaceTime and social media, we have been able to showcase the key features of your property to interested clientele. The Compass YouTube channel currently has 3.4M+ views.
“To meet the needs of borrowers who may be impacted by the coronavirus, … Fannie Mae and Freddie Mac reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” FHFA Director Mark Calabria said in a statement. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer.”
Bringing you regional data four times a year, the Compass Market Report highlights some of the most bustling communities in DC, Maryland, and Virginia for residential activity, so you can stay up to date on market trends in the neighborhoods that you care about the most!
A simple solution to bridge the gap between the home you have and the home you want.
Compass Bridge Loan Services gets you access
to competitive rates and dedicated support
from industry-leading lenders, with the exclusive
option to get up to six months of your loan
payments fronted when you sell your home with
a Compass agent.