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All posts by Ben
Summer Home-Buying Season Heats Up
As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report.
That’s correct: Prices are going up despite this week’s announcement that the U.S. officially entered a recession in February. While that’s below the typical 5% to 6% annual price appreciation this time of year, it’s nearly back to what it was before the coronavirus pandemic.
Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.
The culprit for the increasing prices: a lack of homes for sale and a rush of buyers. The total number of home listings on realtor.com was down 25% in the first week in June compared with the previous year—when there was also a housing shortage. In the first two weeks of March, listings had fallen 16% annually.
Source: What Recession? Summer Home-Buying Season Heats Up as Prices Rise | realtor.com®
Improving Economic News is Strengthening the Real Estate Market
An improving economy is turning up the heat on the summer housing market.
The unemployment rate fell to 13.3% in May as more cities and states reopened and many furloughed employees were called back to work, the U.S. Bureau of Labor Statistics announced on Friday. While unemployment is still high, it’s less than April’s rate of 14.7% and well under the predictions of many economists.
“There are signs that the better-than-expected jobs situation is already having a positive effect on the housing market. We’re seeing more home buyers in the market than we did this time last year,” says realtor.com® Chief Economist Danielle Hale. “It’s shaping up to be a hotter-than-expected summer in the housing market.”
Even before anyone had heard of COVID-19, there was a shortfall of homes for sale. Once the virus reached crisis proportions in the U.S., many sellers responded by pulling their properties off the market or holding off on listing them. This made the situation even worse. However in the past few weeks, things are beginning to shift a little.
Source: The Economy Gets a Boost That Could Lead to Higher Home Prices | realtor.com®
The houses are flying off the page in Mohave County. Time will tell, but it still looks to be a mass exodus from California into Arizona.
The Rest of the Year Should Be Interesting
Will Working at Home Spark New Home Sales?
The growing trend of working remotely could untether Americans from office spaces in pricey areas and prompt them to buy homes elsewhere.
Home sales in the suburbs as well as smaller, less expensive cities could see a boost that continues beyond pre-pandemic levels, The Wall Street Journal reports.
Some tech companies, including Facebook, Twitter, and Square, have already announced that they will allow select employees to work remotely full time. They expect half of their workforce to work remotely within five to 10 years.
Facebook CEO Mark Zuckerberg says that about 75% of his employees have already expressed an interest in moving to a different city if they could work remotely.
The insurance company Nationwide, based in Columbus, Ohio, has announced a permanent transition to working from home for some of its employees as well as a hybrid work model for others. That hybrid model includes working from smaller brick-and-mortar offices that will remain open.
Source: Could the Rise of Remote Work Spark More Home Sales? | Realtor Magazine
We closed our office in Kingman in 2007, anticipating the real estate slowdown that came after 2008. Besides the convenience of having an office in town (with a bedroom if we wanted to stay overnight,) it really didn’t seem to affect our business at all. We were pretty much always meeting people in Yucca, or by the exits on I-40, so nothing really changed at all. The only downside to having a home office, is that you’re always “at work.”
Yucca Weather Update – June 7 2020
After some really hot days (106 F at the house once!) we’ve cooled down, and it’s been in the low 80s here at the ranch (we’re at 2,960 ft elevation.) A bit windy at times, but otherwise very pleasant.
Looks like we continue to get some more lovely June weather. It’s dry, and the mornings are cool, bright and sunny. Anything halfway comfortable in June is a bonus. -Ben
Clean Your Act Up
Laughlin Reopens to Thrilled Patrons
LAUGHLIN — Gaming has finally returned to Nevada and Laughlin has come back to life. Throngs of people came pouring back into town from all across America, thanks in part to resumption of charter flights by two of Laughlin’s casino resort properties. By 4 p.m., there was a large line waiting at the registration desk to check into the Edgewater Casino Resort.
In compliance with guidelines set up by Gov. Steve Sisolak and the Nevada Gaming Control Board, all patrons were checked by staff at the door by hand-held thermometers. Spots placed on the floor in the registration line were the requisite 6 feet apart and all staff were wearing masks. Sanitizer stations were spread out across the floor for patrons to regularly use, and all facilities were being cleaned regularly.
At 12:01 a.m. Thursday, several of the casinos allowed slots and limited gaming but the bulk were waiting for the full opening of the gaming floors.
If there was any questions that gamblers would come back with COVID-19 still lurking in America, they were utterly trampled in a heartbeat under the feet of the mob of people hungry to get back into the casinos. No shortage of gamblers were found in Laughlin.
The Aquarius Casino Resort had just under 1,000 guests by 10:30 a.m. “We are thrilled to reopen and do what we love to do in providing a fun and exciting escape for our guests,” said Sean Hammond, vice president and general manager of the Aquarius and Edgewater. “Our parent company, Golden Entertainment, has developed a ‘Golden Commitment’ to the health and safety of our guests and team members, which encompasses broad safety measures we are taking here in Laughlin at Aquarius and Edgewater.
This is a fantastic time of year to come visit Laughlin, play in the Colorado River, and then cool off inside the casino.”
Source: Laughlin’s revival begins: Gamblers, casinos get reacquainted | News | mohavedailynews.com
Read the full article. It looks like things may pick up sooner than everyone thought. It was heartening to see that the casinos are still as popular as ever. It’s a vital part of our economy here too, as many Bullhead City residents work in Laughlin, and it brings in the tourists not only to the casinos, but many visit Route 66, Kingman, Oatman, and even the Grand Canyon while here.
Vegetables that You Can Regrow in Just Water
These days, it seems like everyone is jumping into the victory garden trend, enjoying the benefits of a soothing activity in the fresh air while reaping fresh and tasty produce to eat. But even those who don’t have a yard, or just don’t want to get dirt under their nails, can still enjoy the miracle of growing something that’s destined for the dinner table—without even ordering vegetable seeds.
That’s because you can start an indoor garden from your kitchen leftovers. No soil required!
Green onions
“Green onions are probably the best all-around pick as they give you what you want, as in the tops of the onions,” says Espiritu. To grow green onions from scraps, make sure you have the root end with a half-inch of the bulb intact. Then, place it in a glass with enough water to cover it.
Source: The Easiest Gardening Trick: Vegetables You Can Regrow in Water | realtor.com®
More useful ideas in the article…
Las Vegas Beginning to Reopen
USAToday reports MGM Resorts will reopen four properties on June 4: Bellagio, New York-New York, MGM Grand and The Signature.
In the wake of the unprecedented coronavirus pandemic shutdown, the long-awaited return of the resorts will come during phase two of Nevada’s “Roadmap to Recovery” plan, reports the Reno Gazette Journal, which is part of the USA TODAY Network.“
Getting many of our employees back to work and welcoming guests through our doors once again will allow us to do what we do best – entertain,” said acting MGM Resorts CEO Bill Hornbuckle in a statement. “The team is ready and we can’t wait.”
June 4 is the first day Nevada casinos can reopen after being closed for almost three months.Here’s what to expectAt the Bellagio, the famed fountains will be turned on.
The Conservatory will open with a new Japanese Spring Garden display called “Japan Journey: Magic of Kansai.”Lounges such as Petrossian Bar and restaurants like Prime, Lago and The Mayfair Supper Club will also reopen.
The pool and a selection of cabanas – as well as a salon and fitness center – will be open and available.At New York-New York, the Big Apple Roller Coaster will ride again.
Guests will also find a variety of bars, restaurants and shops will open, including Tom’s Urban and Hershey’s Chocolate World.The pool and fitness center will open with a selection of cabanas available to guests.
At MGM Grand and The Signature, bars and lounges as well as casual and fine-dining venues including Craftsteak and Wolfgang Puck Bar & Grill will be open.
Cabanas will be available alongside a portion the pool. The salon and fitness center will be available to hotel guests.
Post-pandemic casinos
The casino experience in Las Vegas and greater Nevada will look much different.The Nevada Gaming Commission recently approved the Gaming Control Board’s reopening policies, laying out what more than 400 large and small casinos need to do when shutdown orders are lifted.
Occupancy limits in gaming areas will be cut in half. Tourists will see chairs and stools in front of every other gaming machine. Gathering in groups – one time a staple of the Las Vegas experience – will be prohibited.
Source: BREAKING: MGM Resorts to reopen Bellagio, New York-New York, MGM Grand in Las Vegas | News Thud
We’re ready to see the lights on, and someone home again. It won’t be long…