Team Relocations Joins SIRVA

  1. SIRVA
  2. Company
  3. Team Relocations Joins SIRVA
  4. U.S. Housing Market Activity Increasing Since the Onset of COVID-19

Team Relocations Is Now SIRVA Worldwide Relocation & Moving!

SIRVA as a global leader in moving and relocation services offers unmatched global breadth and innovative technology, complementing Team Relocations' longstanding reputation for high quality moving and relocation solutions to some of the world's leading multinational organizations.

Our resources combine the unique talents and expertise of leaders across a broad scope of mobility-related services. This synthesis is a key part of our commitment to provide our clients and their employees with the best moving and relocation experience possible.

By combining Team Relocations with SIRVA, we offer 75 office locations worldwide with over 2,900 employees operating in 180+ countries. Customers benefit from our:

  • End to End Service Delivery Model from departure to destination. We will help you with everything including visa and immigration, employee counseling and VIP services. Our relocation specialists are here to help. 
  • Client Advisory Services. We will work with you, according to your specific needs, to achieve more efficient and high-quality relocations. SIRVA offers a multitude of client financial services, from lump sum to expense management, which are designed to help ease the financial burden of relocating your employees. We can assist in compensation and payroll administrations, vendor management, intern management programs, group move management, and management reporting. 
  • Home and Mortgage Services. From home finding to tenancy management, we can help ease the process of moving and help relocating employees have one less thing to worry about.
  • Moving Services. We can help you and your employees get to where they need to be. Whether moving to a new house, a new office or trying to relocate a pet, we have the resources to help make the process go as smoothly as possible for your employees. 
  • Technology Solutions. Our innovative and flexible technology solutions have been developed you and your employees in mind: easy-to-use, intuitive and helps to save time and resources, whilst enhancing reporting capabilities. We continue to invest in order to improve the relocation process for both mobility teams and relocating employees. 

 

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U.S. Housing Market Activity Increasing Since the Onset of COVID-19

  • by Daina Mueller
  • Wednesday, August 19, 2020 10:00:00 AM

Prior to the outbreak of COVID-19, new-home sales had risen to a higher level than had been seen in years. Price appreciation was booming: Little inventory was available, mortgage rates were low, and home prices were steadily increasing, all of which created a uniquely positive time for both buyers and sellers. When the pandemic started in the United States, however, the outlook was grim as job losses mounted and the economy took a sharp downturn. Surprisingly, despite a lull in April, the U.S. real estate market rebounded quickly. While market conditions can often fluctuate, currently, home listing and sale activity is stronger than pre-pandemic levels. As we’ll discuss below, current circumstances indicate that now may be the ideal time for individuals to list and sell their homes.

Current Real Estate Trends

Continued Lack of Inventory: The number of home seekers continues to outnumber the number of available options on the market. This creates desirable conditions for homeowners who do list their properties, since their homes are in demand.

Low Interest Rates:  Interest rates have dipped historically low, making the prospect of buying a home more appealing and affordable for well qualified buyers. 

A Shift from Renting to an Interest in Buying: Many renters are considering purchasing homes for a variety of reasons, some of them for the first time. Some are seeing the advantages of homeownership – from owning an asset to having greater control over their living spaces; thanks to low mortgage rates, they are also finding this option feasible. Depending on the area and scenario, others are finding that a mortgage payment would be lower than their monthly rent. Others are seeking to leave crowded cities for more personal space in the suburbs in response to the pandemic. 

Resulting Impacts on the U.S. Real Estate Market

As a result of the above trends, SIRVA has seen significant impacts on the current U.S. real estate market. As a result of low inventory and mortgage rates, we’ve seen buyers “bidding up” to win their properties of choice which, in turn, has driven sale prices up and the number of days a home spends on the market down.  SIRVA data shows that, since May 1, 2020, home values are up almost 5 percent and the average number of days on the market has dropped 8 percent compared to last year.

Unemployment rates will likely impact the housing market in the future, should the economy continue to see extended shutdowns. 

What this Means for Homeowners

While the uncertainty surrounding the pandemic can be a concern for some individuals, thanks to the trends and impacts listed above, now may be the perfect time for homeowners to list their homes if they’re considering doing so. Competitive bidding and higher sale prices can be strong incentives – along with the knowledge that there are plenty of potential buyers in line who are interested in making a purchase. For assistance, please contact us at concierge@sirva.com.

 

SIRVA manages over 5,000 home sales and 14,000 home purchases, annually. During these unprecedented times, our employees and agents continue to provide guidance and support when companies and their employees have decided to move forward with selling or purchasing a home. Please work with your relocation consultant for the most up-to-date information, as the market continues to fluctuate.

 

Sources:

Joel Kan. Fed Puts Rate Cuts on Hold: MBA Economic and Mortgage Finance Commentary: January 20, 2019. www.mba.org. MBA Forecast Commentary. January 20, 2019. (Accessed August 17, 2020.) file:///C:/Users/ZZZ2120/Downloads/Forecast%20Commentary%20Jan%202020%20(3).pdf

Diana Olick. Lower Mortgage Rates are Causing an Epic Housing Shortage. www.cnbc.com. Real Estate. October 15, 2019. (Accessed August 17, 2020.) https://www.cnbc.com/2019/10/15/lower-mortgage-rates-are-causing-an-epic-housing-shortage.html

Diana Olick. Existing Home Sales Plunge in May, but Realtors Think That was the Bottom. www.cnbc.com. Real Estate. June 22, 2020 (Accessed August 17, 2020.) https://www.cnbc.com/2020/06/22/existing-home-sales-plunge-in-may-but-realtors-think-that-was-the-bottom.html

Angela Waugaman. Mortgage Rates Drop, Reaching Another All Time Low. www.globenewswire.com. Freddie Mac. June 18, 2020 (Accessed August 17, 2020.) https://www.globenewswire.com/news-release/2020/06/18/2050255/0/en/Mortgage-Rates-Drop-Reaching-Another-All-Time-Low.html#:~:text=MCLEAN%2C%20Va.%2C%20June%2018,which%20dates%20back%20to%201971.

Amanda Lauren. How Coronavirus is Impacting Home Buyers and Sellers. www.forbes.com. March 6, 2020. (Accessed August 17, 2020.) https://www.forbes.com/sites/amandalauren/2020/03/06/coronavirus-is-a-public-health-crisis-but-a-boon-to-real-estate-buyers/#103cef5c436b

Realtor.com. 2020 Housing Market Predictions: COVID-19 Update. www.realtor.com. May 2020. (Accessed August 17, 2020.) https://www.realtor.com/research/2020-housing-market-predictions-covid-19-update/

Contributors:

Margaret DeLuca | Director, Real Estate Risk

Lisa Marie DeSanto | Manager, Content Marketing

 

For more information please see SIRVA's Blog Disclaimer. 

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