Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage

While sellers have started to jump back into the market as states across the country reopen, there remains a shortage in houses for sale, which is fueling bidding wars. The post Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage

Half of Redfin offers faced competition, up from 44% in April.

In May, 49.4% of Redfin offers faced competition, up from 43.9% during the prior month.

While sellers are jumping back into the market as states across the country reopen, there remains a shortage in houses for sale, which is fueling bidding wars; the number of listings on the market in May was 18.9% lower than the same period last year.

“Bidding wars also jumped in May because homebuyers felt they were starting to get more clarity around where the economy was headed, with cities around the nation lifting stay-at-home orders. This gave house hunters more confidence to compete,” said Redfin lead economist Taylor Marr. “But with coronavirus cases back on the rise in many states, only time will tell whether that confidence is sustainable.”

Of the 24 metros in this analysis, 11 saw a majority of Redfin offers facing competition in May. That’s up from eight metros in April.

Redfin agents say competition has picked up significantly in recent weeks with fierce bidding wars, many involving all-cash offers that are driving up prices.

Boston, Dallas and D.C. Were Among the Most Competitive Markets

The Boston metro area had the highest rate of competition, with 64.1% of offers written by Redfin agents on behalf of their homebuying customers facing bidding wars in May, up from 56% in April. It was followed by Dallas, at 60.8%. Washington, D.C. rounded out the top three, at 57%. The other metros where the bidding-war rate was above 50% were Salt Lake City, Denver, Seattle, Austin, TX, San Francisco/San Jose, Minneapolis, Los Angeles and Portland, OR.

“We’re seeing a frenzy,” Boston Redfin agent Delince Louis said. “Any home below $500,000 is receiving multiple offers; we just don’t have the supply to meet the demand.”

To be included in this analysis, metros must have had at least 50 offers written by Redfin agents from May 1, 2020 to May 31, 2020. An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.

In Miami, just 28.6% of offers faced competition, the lowest rate of any market in this report. The metro with the second lowest bidding-war rate was also in Florida: Tampa, at 31.5%.

Detroit experienced the largest increase last month, with the share of offers facing competition climbing 26.5 percentage points to 50%. Michigan was one of the few states in the U.S. that did not deem real estate an essential service during the coronavirus outbreak, but it began to ease restrictions on the industry in early May, which likely explains the jump in Detroit’s bidding-war rate.

Meanwhile, Las Vegas saw its bidding-war rate drop by 21.2 percentage points, making it the biggest decliner.

Single-Family Homes Were the Most Likely to See Bidding Wars

In May, 51.5% of offers for single-family homes faced competition, up from 45.6% in April. That compares with 48.7% of offers for townhouses and 38.8% for condos.

“People no longer want to share laundry or a yard,” Louis said. “I listed a single-family home in Boston proper at the height of the coronavirus lockdown and it got 14 offers. ‘Home’ means more right now than ever, and we’re seeing this new sense of urgency among buyers to find places with more privacy.”

In some of the most competitive metros, including Boston and Seattle, agents said relatively affordable homes were the most likely to receive multiple offers.

“It feels like virtually every home between $300,000 and $500,000 gets into a bidding war now, whereas before the pandemic, it might’ve been closer to 50-50,” said Brian Richards, an agent in Tacoma, WA, which is in the Seattle metro area. “And like never before, buyers are willing to pay above the appraised value.”

Here’s a metro-level look at bidding war rates in May compared with April:

Metro area Share of Redfin offers that faced competition in May Share of Redfin offers that faced competition in April*
Boston, MA 64.1% 56.0%
Dallas, TX 60.8% 43.2%
Washington, D.C. 57.0% 47.5%
Salt Lake City, UT 55.7% 57.5%
Denver, CO 55.4% 40.4%
Seattle, WA 55.2% 51.2%
Austin, TX 54.8% 44.7%
San Francisco / San Jose, CA 53.4% 52.4%
Minneapolis, MN 52.2% 41.2%
Los Angeles, CA 51.2% 47.1%
Portland, OR 51.0% 50.6%
Detroit, MI 50.0% 23.5%
San Diego, CA 49.1% 53.4%
New York, NY 45.7% 41.0%
Sacramento, CA 45.5% 53.4%
Atlanta, GA 44.2% 37.0%
Philadelphia, PA 42.7% 40.9%
Phoenix, AZ 41.9% 37.6%
Houston, TX 40.3% 37.5%
Raleigh, NC 37.7% 29.0%
Chicago, IL 34.6% 30.4%
Las Vegas, NV 33.8% 55.0%
Tampa, FL 31.5% 17.9%
Miami, FL 28.6% 26.1%
National 49.4% 43.9%

*NOTE: Due to data availability, April represents the share of Redfin offers that faced competition between April 9, 2020 and April 30, 2020.

The post Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Source : Red Fin More   

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8 Interior Design Ideas to Help Make you Happier at Home

The outside world can be stressful and uncertain – especially right now. Additionally, our personal priorities pull us in many directions, from work calls and meetings to children’s activities, online schooling, and just the normal rigors of life. That’s why it’s more important than ever that our homes are havens for relaxation, rest, and happiness.  … 8 Interior Design Ideas to Help Make you Happier at Home Read More » The post 8 Interior Design Ideas to Help Make you Happier at Home appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

8 Interior Design Ideas to Help Make you Happier at Home

The outside world can be stressful and uncertain – especially right now. Additionally, our personal priorities pull us in many directions, from work calls and meetings to children’s activities, online schooling, and just the normal rigors of life. That’s why it’s more important than ever that our homes are havens for relaxation, rest, and happiness. 

The good news is there are plenty of simple design and styling tweaks you can make at home to instantly boost your mood. Check out these eight interior design ideas to get started.

1. Color your mood

Marketing companies study color psychology for a reason: color affects your mood. Take a page out of the psychology book and surround yourself with colors that help you relax and put you in a happy mood. Every color can be expressed as either warm or cold, with a different effect on the way you feel. In general, cool colors have a calming effect, while warm colors add comfort and can be invigorating.

For example, a cool blue or green is relaxing and rejuvenating – just the right feeling for a bedroom or bathroom. Warm reds and purples are energizing and exciting, stimulating brain activity and conversation. These colors make a good choice for painting an office or living room. White can help brighten rooms by reflecting light. It makes a small space feel larger and more open, which can help you feel more energized.

2. Look for pieces of furniture with round edges

Furniture with soft, round edges creates a feeling of relaxation and comfort. Your eye picks up the visual cues of a rounded-edge coffee table or a sofa and your mind becomes happier and less stressed. Do you already have a boxier sofa? Don’t worry – just add a throw blanket and a few pillows to break up the hard lines. 

natural materials interior design

3. Add more natural materials

The use of natural materials in your home decor is called . This type of design connects us with nature, even indoors. Studies show that biophilic design can directly correlate to improved sleep and stress reduction. Consider eliminating synthetic materials like fleece and polyester in favor of natural materials like cotton, silk, or wool.

Include other natural elements in the form of flowers and plants (more on this in idea #4) and welcome in sunlight and fresh air whenever possible. You will feel happier, calmer, and more rested, all proven beneficial to your psychological well-being.

4. Embrace the power of plants

Plants are amazing gifts of nature. In both work and home environments, live plants can boost your mood, productivity, concentration, and creativity. Plants clean the indoor air by absorbing toxins and producing oxygen. They can also absorb noise, provide privacy, and reduce stress. For all of these reasons, throughout your home is one of our top interior design ideas for boosting happiness. 

interior design master bedroom

5. Let the light in 

The amount of light our eyes perceive during the day plays a significant role in our sleep cycles. On cloudy days it’s not uncommon for people to feel sad or drained of energy, but when the sun is shining, that solar power goes right to our inner beings. 

One of the most transformative interior design ideas is to welcome natural daylight inside. Large windows and skylights bring in sunlight at all hours of the day. If you’re stuck with small windows or if you have a or where the weather is often gloomy, add lamps that use full-spectrum or halogen lightbulbs to mimic natural light. The right light will keep your sleep cycle accurate, providing an automatic boost to happiness. 

6. Conquer the clutter

Clutter adds to stress. People turn to minimalist interior design options to reduce stress and believe in the power of the “less stuff, less stress” mantra. Think about how good you feel when you’ve cleaned the house, and everything has been put back in its rightful place. Now, imagine the reality of “less stuff” altogether – less to clean and put away. Yep, that’s a real spike of happiness simply from conquering the clutter. 

Dealing with clutter can be a big job, especially if your clutter has crept in overtime. Successful clutter busters set ground rules – they only buy items necessary for daily use, get rid of things used rarely or not at all, and stay on top of organizing what they do have to help reduce stress. If you’re feeling overwhelmed with the process, bring in a professional organizer or declutter to help.

bright living room with mirrors

7. Expand space with mirrors

According to Feng Shui principles that seek to balance energy throughout your home, thoughtfully placed mirrors can create an illusion of more space and add a bright, airy feeling to an otherwise cramped space. This effect is perfect for smaller rooms and bathrooms. 

Taking it a step further, a mirror with colored glass can bring in the psychological effects of color while adding the illusion of light and space to a room. 

8. Incorporate calming scents 

Our brains are miraculous processors of external data. Even a hint of a scent can transport us to another place, in a completely different time. Our mind can summon an image and feelings associated with that scent. Incorporating calming scents into your home can help fight off gloomy feelings and replace them with happy, relaxing ones. Look for candles or to diffuse in specific scents known to help reduce anxiety and boost happiness and productivity. 

Calming scents include lemon and lavender, while jasmine and rosemary are invigorating. Cinnamon and peppermint can support your clarity of thought and boost productivity. Find the right scents to promote the feelings you’d like to experience while you’re at home. 

If your home falls short of improving your state of relaxation and happiness, think through how these interior design ideas might enhance your surroundings. You may find that one or two will do the trick to improve your mood and make you happier at home. If you need some assistance along the way, consider enlisting the help of an to help transform your space into one that brings you comfort and joy.

 

The post 8 Interior Design Ideas to Help Make you Happier at Home appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Source : Red Fin More   

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