- Chris Stuart, CEO and president of Berkshire Hathaway HomeServices and CEO of HSF Affiliates LLC , talks bright spots in current market
- Biggest pain spot in current market is lack of inventory
Chris Stuart, current CEO and president of Berkshire Hathaway HomeServices and COO of HSF Affiliates LLC, had been around the real estate block before running all operations with Berkshire Hathaway and the Real Living Real Estate brands and all franchise/brokerage networks operations with HSF.
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Let’s look at a Q & A session with Stuart and MansionGlobal’s Lucy Cohen Blatter:
Short Term Effect of COVID Pandemic on Real Estate Market?
Stuart – Inventory was low coming into the pandemic. From the 12 years of the 2008 recession when there were historically low levels of inventory, there still was a “crazy amount of appetite and activity.” The pandemic hit and inventory dropped further but demand did not. Demand held. ‘Now, values are increasing, and sellers are going to be welcomed with the idea that their home is worth more now than in February and March, and’ they may consider selling. It won’t be the same situation as in 08 and ’09.”
Will Buyer Tastes Change?
Stuart – Potential buyers who’ve been “watching” the market will see opportunities to buy in metros such as New York and others as prices in those metros fall. Additionally, “we are seeing either permanently changing their change-of-scenery or second homes.”
Are certain parts of the country, already popular, becoming more popular?
Stuart – There are two factors at play…double-digit appreciation on the Gulf side of Florida, in the Florida Keys and in parts of the Carolinas plus property sales sight unseen. Areas outside of Philadelphia and estates in Central New Jersey that have been sitting on the market of hundreds of days are becoming 20-to-30-day rentals.
Has your dream property for you changed since COVID?
Stuart – No. New York is Stuart’s favorite place in the world and he’d like to live across from the Metropolitan Museum. He’s not concerned about being infected with COVID.
Stuart’s definition of a luxury property…
Stuart – “It has to be about the property’s integration into its surroundings…” and the things important to you. “…it’s all about context…” whether that context is about being in a city, on a lake, in a golf community or on a coast.
To live anywhere for a period of time, where?
New York is Stuart’s favorite…after NYC then somewhere on the Mediterranean coast in Spain, the South of France or somewhere in Italy. All great choices.
Thanks to Lucy Cohen Blatter of MansionGlobal.
Also read: Is Remote Working the “Extension Cord” Buyers Need for Suburban Living?, Create Your Own Ergonomic Workstation at Home for the Long Haul, Paycheck Protection Program Flexibility Program Must Knows