COVID-19 Impact on the Housing Market

Dated: December 16 2020

Views: 146

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MARKET UPDATE

FROM THE DESK OF KELVIN VERRETT, YOUR EXPERT ADVISOR

4th Edition: December 16th, 2020

 

We (the National Association of REALTORS®) are trying to support our homeowners during these difficult times. On December 4th, we wrote a letter to the United States House of Representatives and Senate in Washington, DC. to raise our concerns about home owners and tenants that have been affected by the pandemic.

"Dear Representative:

The 1.4 million members of the National Association of REALTORS® ask for your support to protect small businesses, housing stability, and the real estate sector as businesses, families and our economy continue to be impacted by the Coronavirus pandemic. 

 

The National Association of REALTORS® strongly urges you to address the following priorities: 

• Federal Rental Assistance 

• Credit Reporting Protection 

• PPP Forgiveness and Tax Deductibility 

• Liability Protection • Regulatory Reform 

• Unemployment Assistance 

• Remote Online Notarization 

• Broadband Expansion

• State and Local Assistance 

• Commercial Real Estate Relief

Housing Stability/Rental Assistance

 

Without immediate rental assistance, millions of American families will lose their homes, and millions of small property owners will lose their investments. Moody’s research estimates that more than $70 billion dollars in unpaid rent will be due on January 1. Tenants who have been unable to pay their rent during this time will not be able to make up those debts. Property owners who have lost out on rental revenue for many months will struggle to make ends meet and pay their obligations for mortgages, insurance, taxes and maintenance – aside from the personal income they need for their own families’ sufficiency.

 

In addition, we need to be sure that homeowners who have or will seek forbearance, receive appropriate relief. Today, less than 7% of mortgages are in forbearance but that number represents more than 3.4 million homeowners. We need to ensure that families who are exiting forbearance have all the options explained to them.

 

If they are unable to resume their payments, foreclosure should not be the immediate answer. Traditional sales should be an option for most, but for others who remain in distress, short sales or deeds-in-lieu are often the best option. For those who successfully exit forbearance, and resume regular payments, the CARES Act was intended to protect their credit rating."

 

(For a complete copy of the letters, please email kelvin@verrett4homes.com with "send a copy.")

 

If there is anything I can do for you, don't hesitate to reach out to my team of real estate experts. Ask the Broker!

Should You DIY Your Holiday Lighting?

 
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A good holiday light display can be awe-inspiring, leaving neighbors talking and prompting people from all over town to drive by just to see it. Unfortunately, some of these displays can be difficult to install, and may even require some technical know-how if you want the display to sync to music or have multiple parts working together. 

There are services that can help with this, putting in the work to set up your lights, regardless of whether you want a modest display or something that would make Clark Griswold green with envy. Are they right for you, though? Here are a few things to consider:

  1. Display Complexity -is your display too complicated to do yourself?
  2. Available Free Time -do you have time in your schedule to do this?
  3. Necessary Equipment -do you own the equipment you need?
  4. Technical Configuration -can you configure a safe setup?
  5. Other Services -do other services need to be considered?
  6. Finding the Right Installer -where to find a qualified installer?

For more information, click on this link https://bit.ly/3mkwy5O

5 Big Financial Benefits of Home Ownership

1. Putting money into your own home;

2. Home Ownership tax deductions;

3. Amass equity in your home;

4. More control over day to day improvements;

5. Can improve credit history.

 
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KELVIN'S HOLIDAY FAVORITES

This Holiday (or anyday) Overnight Breakfast Sausage Casserole can be prepped and made the night before. Store it in your refrigerator overnight and bake the next morning. Quick, easy, and loaded with sausage, peppers, onions, toasted bread, eggs, milk, and of course, cheese.

Holiday Overnight Breakfast Sausage Casserole

 
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Ingredients

1 pound breakfast sausage cooked and drained

1 small yellow onion diced

1 red bell pepper diced

1 green bell pepper diced

4 cloves garlic minced or pressed

1/2 teaspoon salt plus more to taste (I used 1 teaspoon)

1/2 teaspoon pepper

6 slices whole wheat sandwich bread (or any kind) toasted and cubed - each slice cubed into 9 pieces 

1 (8 oz) block colby-jack cheese shredded and divided (whatever you have on hand is fine) more to taste, I used more on top

6 large eggs

2 cups skim milk whatever you have on hand is fine

Green onions for topping

 Instructions

  1. Grease a 9x13 inch baking pan with cooking spray. Set aside.
  2. Cook sausage in a large non-stick sauté pan, breaking it up as you go, over medium heat, until the sausage has cooked through.
  3. Drain extremely WELL and set aside to cool.
  4. Cook onion, peppers, garlic, salt, and pepper. In the same large non-stick pan, sauté over medium heat, until the peppers are tender and cooked to your liking.
  5. Taste and re-season, if necessary.
  6. Drain WELL and set aside to cool slightly.
  7. Add toasted and cubed bread, cooled breakfast sausage, cooled peppers/onions, and 4 oz shredded cheese into the prepared pan.
  8. Stir to combine.
  9. In a large bowl, whisk together eggs and milk until the mixture is fully combined.
  10. Pour mixture evenly over the bread/sausage, etc. mixture in the pan. (No need to stir.)
  11. Cover with saran wrap and store in the fridge overnight (or at least 8 hours).
  12. Preheat oven to 375 degrees F (let the casserole sit at room temperature while oven is preheating).
  13. Remove saran wrap from casserole, top with remaining 4 oz cheese, then cover with tin foil (that’s been greased with cooking spray) .
  14. Bake in preheated oven for 60-75 minutes.
  15. Uncover, then bake an additional 15 minutes (if necessary), or until the eggs have set and the cheese is melted.
  16. Let sit for 10 minutes.

 

Serve with green onions and enjoy!

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Kelvin Verrett

Kelvin Verrett, Expert Advisor, After 20 years in Real Estate industry and over 15 years as a Broker Owner, I returned to the Real Estate industry after an pleasant eight sabbatical where during that ....

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