Real Estate Market Update
Real estate sales activities have been deemed essential services and we are taking the State, Federal, and CDC guidelines on health and safety seriously. We are following the orders and best practices with social distancing and keeping our in-person interactions at an absolute minimum. Most meetings with clients are being held virtually over Zoom, FaceTime and Skype and of course via the old fashioned phone 😊. Our leadership at Berkshire Hathaway HomeServices California Properties have been executing routine meetings to share updates on how we can best serve you at this time.
If you have any other questions, concerns not addressed here, or just want to talk, please don’t hesitate to contact us.
- Are you still listing and selling homes? Yes! Transactions are still being opened and closed at this time. Within the Berkshire Hathaway HomeServices California Properties network, our lenders, escrow, and title companies are all able to virtually close transactions. In addition, other service companies are able to as well and we are ensuring to work with companies who have virtual capabilities. We are fielding showing requests for our listings with strict qualifying requirements, showing virtually when possible, and physical showings are being conducted when necessary. Open houses are not allowed. Even though other brokers/agents may still be holding open houses, we are honoring health and safety first.
- What’s expected for this year’s housing market?
Many wonder if there will be parallels to the 2008 Housing Crisis, however nothing is the same. We are far better positioned to come back and come back strong.
You can see that the appreciation history of the last 5 years have been more consistent and stable than the crash.
Another big difference between the current market and the 2008 market, is a massive amount of equity was cashed out then, a difference of $592B more.
- When is a good time to sell given the situation? Our research shows there is a small shadow inventory of homes which have been withdrawn from the market during this time and these will come back on the market, but not in large quantities. Based on the past 3 years, June has been the busiest month with the most amount of inventory listed, second to June is May, and least being April…so if you are considering selling your home, we recommend putting your home on the market as soon as the Stay at Home Order is lifted.Withdrawn properties in the last 21 days:
Inventory Levels previous 3 years:
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In light of everything going on, let’s have some fun and support a local restaurant at the same time. Every week, we’re giving away a $100 gift card to a local restaurant.
This week, we’re offering a Sammy’s Woodfired Pizza & Grill gift card.
❤️/👍 Our Instagram Post /Facebook Post
👉 Follow us on Instagram / 👍 Our FB page
✅ Tag friends, each tag = an entry
Stay safe and call or email if we can help with anything!