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Date Archives: June 2020

BHHS Bay Street Realty Group Cora Bett Thomas Realty Blog Home

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June
10

 

Home Prices: It's All About Supply and Demand | MyKCM

As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what's to come.

Making our way through the month of June and entering the second half of the year, we face an undersupply of homes on the market. Keep in mind, this undersupply is going to vary by location and by price point. According to the National Association of Realtors (NAR), across the country, we currently have a 4.1 months supply of homes on the market. Historically, 6 months of supply is considered a balanced market. Anything over 6 months is a buyer's market, meaning prices will depreciate. Anything below 6 months is a seller's market, where prices appreciate. The graph below shows inventory across the country since 2010 in months supply of homes for sale.Home Prices: It's All About Supply and Demand | MyKCMRobert Dietz, Chief Economist for the National Home Builders Association (NAHB) says:

"As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt. Estimates vary, but based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units."

Given the undersupply of homes on the market today, there is upward pressure on prices. Looking at simple economics, when there is less of an item for sale and the demand is high, consumers are willing to pay more for that item. The undersupply is also prompting bidding wars, which can drive price points higher in the home sale process. According to a recent MarketWatch article:

 "As buyers return to the market as the country rebounds from the pandemic, a limited inventory of homes for sale could fuel bidding wars and push prices higher."

In addition, experts forecasting home prices have updated their projections given the impact of the pandemic. The major institutions expect home prices to appreciate through 2022. The chart below, updated as of earlier this week, notes these forecasts. As the year progresses, we may see these projections revised in a continued upward trend, given the lack of homes on the market. This could drive home prices even higher.Home Prices: It's All About Supply and Demand | MyKCM

Bottom Line

Many may think home prices will depreciate due to the economic slowdown from the coronavirus, but experts disagree. As we approach the second half of this year, we may actually see home prices rise even higher given the lack of homes for sale.

June
5

SAVANNAH, GA - Bay Street Realty Group, a Berkshire Hathaway HomeServices franchisee based in Beaufort, SC, announced today they have formally acquired one of Coastal Georgia's leading real estate firms, Cora Bett Thomas Realty. Cora Bett Thomas Realty has been a market leader in the Savannah/SC Lowcountry region for more than 26 years. 

Thomas, who came to Savannah in 1969, immediately became active in historic home restoration and jumped into the real estate arena in 1976. Nationally featured in the Wall Street Journal and New York Times for her luxurious listings, Cora Bett decided to start her own agency on her dining room table in 1994. 

Immediately Cora Bett Thomas Realty grew to become the market leader in the Savannah/SC Lowcountry region, with currently over 50 agents handling both commercial and residential real estate in Beaufort, Bluffton, Hilton Head Island, Savannah, Pooler, and St. Simons Island. 

In 2019, Bay Street Realty Group grew into the Georgia market by acquiring Bob and Reba Laramy's successful Savannah, GA Skidaway Island-based real estate company, acquiring 35 new agents. Later this summer, the company will open its Georgia headquarters located at Savannah's historic Chippewa Square, making room for their new, expanded team. 

This acquisition, now working together as a team that produced $291 million in sales in 2019, will make Bay Street Realty Group the largest agency covering both the SC Lowcountry and Coastal Georgia. 

"I am not able to truly express my high honor and excitement to be able to welcome Cora Bett Thomas to our group's leadership," said Georgia managing broker Will Thurman. "We are now the region's real estate powerhouse; composed of the most enthusiastic and knowledgeable experts in our area." 

Berkshire Hathaway HomeServices is one of America's fastest-growing real estate brokerage franchise networks with nearly 50,000 agents and 1,500 offices since its September 2013 launch. 

"Being part of the Berkshire Hathaway HomeServices growing global network will only enhance the way Cora Bett Thomas Realty takes care of our growing clientele," says Thomas. "Our amazing team is not going anywhere and I plan to keep working and feeling blessed to be lucky enough to sell real estate in the most beautiful region in the world. Together with Bay Street Realty, we are going to build an extraordinary partnership. 

We intend to continue to embrace change, new technologies, and our new everyday normal. I truly believe the best is yet to come for our amazing coastal region." 

Berkshire Hathaway HomeServices Bay Street Realty Group's history began in 1990 when partners David Hornsby and Ken Willis literally put Fripp Island, South Carolina on the map as they successfully developed this beautiful island. In 2017 Bay Street Realty Group acquired Island Realty, where partner Todd McDaniel was managing member and one of the founding owners. In 2018 Bay Street Realty Group entered into its franchise relationship with global real estate brokerage franchise powerhouse Berkshire Hathaway HomeServices. 

Bay Street Realty Group has over 150 years of combined lifestyle-based community home sales and development experience including Fripp Island, Harbor Island, Pleasant Point, Old Tabby Park at Cat Island, Sweetwater, Grand Harbor Golf and Yacht Club, Stoney Point Golf Club and over seven projects in St. Simons Island, Georgia. For more information, visit www.baystreetrealtygroup.com

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