Covid-19 and Real Estate

Most Colleges are Planning In-person Classes for Fall of 2020

College Towns have good cause to be optimistic.  

This article from the Morning Brew notes that right now 64% of colleges are planning to re-open in-person this fall.  That's great news for university towns like State College.  As the number one employer and the economic driver of our region, we need Penn State.  Students need Penn State and our future needs those well-educated future graduates of Penn State!  How to do this safely is the question.  I don't have the answer, yet I know brilliant minds are working toward a resolution and that gives me great hope. 

If you're wondering what the plans are for most colleges, check this list from The Chronicle of Higher Education: College Plans for Fall of 2020. 

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Housing is Essential

Pennsylvania Needs Housing to be categorized as Essential

It's one thing about the pandemic that shouldn't be so difficult to solve.  Housing IS essential.  Food, medical care, shelter. Right?  What comes before these three? Could you imagine being without any of these three?  Please consider letting our government hear your support.  https://housingisessential.org/

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May 8th - Real Estate in Centre County Resumes In-person Services

In-person Real Estate Services are Permitted in Centre County Starting Friday, May 8th

dog peeking out of blanket

Safely, surely, and successfully leading you through a sale or purchase! This adorable pup is peeking out because he doesn't know all the precautions in place...  With a guarded protocol,  on May 8th, we are ready to resume in-person real estate services in State College, Bellefonte, Boalsburg, Centre Hall, and all of Centre County.  Here in Pennsylvania, since mid-March, we've been working virtually and diligently to bring Sellers and Buyers the service they deserve.   Now, with proper precautions in place, we can resume in-person service.  The strictly adhered to Safety Standards include masks, gloves, booties, and continued social distancing.  Additionally,...

State College Arts Fest to be Virtual in 2020

State College Arts Fest to be Virtual in 2020

Finding solutions is what it's all about these days! 

Arts Fest has a 54 year history in State College, PA.  As one of the most celebrated events in our town, everyone was disappointed to have this year's festival canceled. But, that's not the end of the story! Adapting to the challenges we face with the coronavirus, the Arts Fest will take place virtually on the regularly scheduled dates, July 8-12. Will it be the same? Of course not. Can it be great? Most definitely! It can still inspire us! Read all the details here: https://arts-festival.com/

Though EVERYONE, (artists, buyers, food trucks, kids, townspeople) would love this to be in-person as always, it can't be this year.  I'm so delighted that they have come up with a solution and plan to support it...

Penn State Reacts to COVID Crisis

Penn State is the largest employer in Centre County and certainly an economic driver.  It sustains other businesses just by its very existence.  Here, we share an announcment on how Penn State is responding to this COVID crisis. President Barron's announcement ends with hope and we know PSU will rebound.  Like Penn State, KBB has deep, deep roots here in State College. Founded in a small office about the Corner Room on Allen Street, we've helped this community since 1933.  We're not going anywhere. Let us know how we can help you.

Penn State Announcement: https://news.psu.edu/story/617057/2020/04/23/administration/message-penn-state-president-eric-j-barron

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Home Sales Locally are up 5%

Despite the turmoil created by the coronavirus, Year-over-year homes sales are up locally and only slightly down nationally.  As of today, April 21st, the Centre County Association of REALTORS have closed 356 residential properties in the 5 Centre County School Districts.  Last year at this time, there were 340 closed properties.  That's a 5% increase which is amazing considering the Stay-at-Home Order and the resulting ramifications to sales.  This illustrates just how strong our local real estate market was when this pandemic began.  Nationally, home sales for the 1st Qtr of 2020 are less than 1% below the sales of the 1st Qtr of 2019. 

Home prices remain strong and NAR's chief economist, Lawrence Yun, expects that prices will continue to increase.   In March, the median existing home price was $280,600 which is up 8% from a year ago. Home prices rose in every region of the United States last month. 

If you would like a copy of...

Changing the Ending

The Stay-at-Home Order by Pennsylvania Governor Wolf has been extended to May 8th. Now that we've adjusted to the initial shock, we need to embrace positive strategies and discerning plans.  Some decisions will be heart-wrenching for small business. Most small businesses are devoted to their clients and employees alike.  Both are treasured.  As this Order is extended, difficult decisions will need to be made.  Here, let's add a positive word or two so we can inspire and encourage the business community as a whole. I'll start and hope that you add to this post by commenting below. Inner strength is indispensable.  It makes the bad times tolerable. It keeps you calm amid chaos and confusion.   I plan to continue to remind people, the most WONDERFUL colleagues, that there is most definitely a light at the end of the tunnel. The other side of this tunnel is NOT going to be the same as when we started.  Like the picture below, we may have come in one...

Cause or Cure: Real Estate & COVID-19

Unlike 2008 and the Great Recession, Housing is not the cause of the economic turmoil. This time, Housing may actually be the sector to help cure the economy.

As 2020 began, the year for real estate brimmed with optimism.  Locally in Centre County, closed residential sales for the first quarter were way ahead of last year and, in fact, higher than any of the last 5 years.  By March 31st, the Centre County Realtors had closed 292 properties.* Considering that this period included the second half of March (when many closings were necessarily pushed out to further in the year), that's pretty incredible.  However, as the coronavirus shut down state after state and indiscriminantly tore up the economy and our daily lives, it started to take a toll on housing as well.  You'll read where mortgage applications are down, new listings are not coming to the market, and buyers are putting their real estate plans on hold.  Yet, that could all be temporary. Temporary and misleading...

Use a Professional Real Estate Agent

Challenging Times Demand Extraordinary Professionals. Never has it been so critical for a real estate transaction to be guided by a licensed agent with accurate information, legal strategies, and evolving methods for buying and selling. Pennsylvania residential real estate transactions that were executed on or prior to March 18th are permitted to continue the process, yet Agreements signed on or after March 19th are still under restrictions which prohibit most from moving forward. In Pennsylvania, inspections, in-person appraisals, and in-person title work are all restricted at this time. These common processes and other less common contingencies can resume when this passes. Yet because these restrictions are not in place throughout the country, Pennsylvania real estate Buyers and Sellers find themselves in a very challenging position. Most other states are safely moving forward with real estate agreements including New York, Texas, and California.*  Therefore, if a Buyer or Seller is coming from...

Answers Ease Anxiety

Answers ease anxiety. Unprecedented and a bit unnerving is a fitting description for these times. Our primary goal, united as a business and individually as community members, is to to our part in limiting the damage this virus has done or is still capable of doing. We know that real estate is important and we know too that many people are caught in the 'in-between' stages during this Stay at Home Order. Though we don't have all the answers, we have some of the answers and good guidance to offer you. If nothing else, we can listen to you, understand your situation, and help you evaluate what is your next move (and when it's best to act on it). We're here for you...as we've been since 1933. Stay healthy Centre County. 814-238-8080 or [email protected] or submit the form below and we'll be in touch. 

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