October 2020 Commercial Newsletter
Get Ready for the Coming Presidential Election!
Four years ago when we had the Presidential election of 2016, it seemed like things just couldn’t get any more divided within our nation. But four years later now, we were definitely wrong.
Donald Trump can definitely be a polarizing figure, but many people believe that he’s the best chance we’ve got to at least get some things done for the people, instead of relying on career politicians to do it. Trump has very little interest in polishing his presentation skills, or in saying what may make people feel better about him. He pretty much just says what he wants, and he makes no apologies for doing so.
However, with Joe Biden and Kamala Harris, we’re definitely getting career politicians running on the other side. But many people feel better about this, as their presentation skills are much more polished, and the policies that they espouse have been gaining traction with the voters who have been supporting them.
Then in addition, there’s so much that’s building up to this election with all the polarization that’s been going on, and whichever candidate loses is going to have millions of supporters who are going to be very angry. In addition to this, with the increased number of mail-in ballots this time, there may be great controversy around whether or not the votes have been accurately counted. Then you can add to this the bizarre circumstance that if for some reason, very likely to be by a legal challenge, the winner has not been determined by inauguration day, Speaker of the House Nancy Pelosi could then become President…on an interim basis.
In addition to this, throw in all the controversy around swearing in the next Supreme Court justice, and we’ve got even more fuel now being added to the fire.
Oh, and then we have all of the controversy about the quarantines and the lockdowns, and the rollout in the coming months of the COVID-19 vaccine, which will undergo the shortest testing period by far of any vaccine that has ever been approved and then come to market, and when adding this to the equation, we now have the makings for a real firestorm.
So we have a very interesting period that we’re going through right now, and one that looks like it will continue on until at least sometime next year. So pull up a seat, grab some popcorn, and if I can ever be of assistance to you with any of your important commercial real estate needs in the midst of all of this, give me a call!
Home Sales Jump to a New Record Since 2006
By Rohit Diwadkar- CoStar News- October 5, 2020
Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units in August, the biggest jump since December 2006, shortly before the financial crisis hit the housing markets, according to the latest figures from the National Association of Realtors. Properties moved quickly: It took 22 days on average to sell a house in August. First-time homebuyers made up 33% of all buyers. The U.S. South saw a major surge in both existing and new home sales in August.
More than 1 million new homes sold in the month, the U.S Census Bureau and Department of Housing and Urban Development reported. That was 4.8% more than July, and a whopping 43.2% leap from the same month a year ago. There is just a 3.3-month supply of new homes available for sale, at current purchase rates.
Experts says the sales increases come as the numbers of properties for sale remain relatively scarce, pushing up prices.
While sales have been rising in recent months, volumes have fluctuated due to the pandemic. Lumber prices spiked for a period because of production delays and some people have kept their properties off the market while lockdowns and other restrictions were in place.