Zoom Rooms, Home Offices and More

In high demand this year, as you can imagine, has been extra room in our homes. Starting abruptly in mid-March with stay-at-home orders across most of the region, families grappled with not only staying at home, but working from home and home-schooling their children. Oh what a dream it would be to have an extra room or two! Not everyone has this dilemma, but even if it is just you spending more time in the same space, it may suddenly seem smaller. What can be done?

Luckily, an internet-ready device, a connection, and a little bit of space is all you need to get started. Many folks are simply setting up a table or desk in an unused room, or a corner of a bedroom, living room or basement. If each person can be in a separate room, that allows for privacy and noise block. Internet bandwidth may need to be increased, with more devices being used simultaneously, or users can alternate logon times if schedules permit. A fresh paint scheme or new lighting can brighten things up. Comfortable chairs and the right backdrop are important. Office equipment such as a scanner with document feed may be needed.

Using your basement can be an easy option to create some privacy, either part of the rec room, or an office or BR already finished. If unfinished, hanging a curtain or bedsheet can make a quick backdrop and sound absorber. Lighting can be added with lamps and temporary extension cords. Folding tables and chairs can be brought out of storage, or even sturdy boxes can make for your computer, tablet or phone stand if tables/ desks are in short supply. Keeping space clean is crucial.

For a more permanent solution, purchasing appropriate chairs and furniture make sense, and remodeling part of the house, finishing the basement, adding on a room or two, or moving to a larger home are all considerations. Keep in mind that the present situation may not last long enough to be worth spending too much money. Or maybe you just want to remodel or move anyway, and this is a good excuse.

I do believe that having home office space is, and will be, a positive home sale feature for the long term. This does not mean spending thousands for elaborate built-ins, but it may bring back a wall or two into the great room concept, or bedrooms become a bit larger to accomodate a desk and chair, or builders offer more options for finished basements. Think mobile and flexible. Think hers and his. Formal living rooms, extra bedrooms and basement space are all ideal for this, as you can set them up now, and take them down when you move or no longer need them. In a few years, you may go back full time to the office, or retire, or kids go off to college, or a hobby/ fitness/ TV room becomes more important. Happy Zooming!

Craziest Housing Year Ever

Suffice it to say, never has there been a home-selling year like this one. It has been over 4 months since my last newsletter, as sales were nonstop since then. It is starting to let up, and I feel blessed that people were allowed to buy and sell homes throughout the pandemic, keeping their lives closer to normal than they would have been, while taking necessary precautions like masking, distancing and cleansing. Fortunately, I have not heard of any spiking illness or spreading due to the housing industry.

Home sales in St Louis, as you are likely aware, have been as strong as ever since the May rebound. With extremely low mortgage rates at or under 3.0% on a 30 year fixed (and still are!), the home office explosion, and pent-up demand all combining to drive buyer traffic thru the roof, I expect sale price increases to continue thru the fall.

My closed sales totals and revenues in 2020, as of last week, broke 30 year old records since I began in 1990, and are up over 35% from last year. I so appreciate my clients who trust me with their homes, and I work very hard for them. Especially in a fast-moving market like this, home-sellers (you) can benefit greatly from an experienced Realtor (me) to understand the market and attract the best offer and terms. I am already working with 7 clients prepping their homes for sale next year. Please contact me if you would like to be added, and let’s get to work!

My company, Hoeferkamp Real Estate, has been open over 2 years now! I founded it on October 4, 2018, and have loved it ever since. I truly feel that I can better serve my clientele as a small business owner. I just renewed my lease for 2 more years at the First Bank on Big Bend and 141 in Manchester, and I look forward to many more.

As a comparison to the spring market, which is typically stronger than the fall, I pulled up the current status of 2 areas I was watching closely during the beginning of the pandemic in April and May. These 2 areas were (1) Manchester near my office all prices, and (2) Wildwood just north of Eureka from $400k-800k, both about a mile square. Back on May 28th, the Ratio of Homes were – 8 on market vs 5 under contract in Wildwood; 9 on market vs 16 under contract in Manchester.

As of today, the Ratio of Homes is – 3 on market vs 7 under contract in Wildwood; 14 on market vs 24 under contract in Manchester.
The Wildwood demand totally flipped to a strong seller’s market, and the supply decreased 30%. The Manchester market supply increased 52% while sale activity remained at the same strong level. These ratios, around twice as many under contract than on-market, are highly unusual at any time, much less in October. It is safe to conclude that this type of market is at least as strong now than it was in May.

I do feel the accelerator lessening a bit, so if you have been waiting to buy, the next 3 – 4 months may be your best bet, as I expect the market to have another strong spring in 2021, no matter who wins the election.