Our primary concern is that you keep safe by staying updated on best practices by visiting California Department of Public Health Website, as well as CDC.gov to monitor the whole country.
Our second concern is to keep you updated on the effect of the COVID-19 pandemic on the real estate market.
It’s important to recognize that prior to this report, certain events occurred:
• 2 Trillion Economy Relief Package
• As of March 31st, Real Estate Agents now have a narrow exception to schedule “private showings” in the event:
• The house is vacant, and
• not more than two people are in the house at the same time.
• Note that open houses are still outlawed and if the house is occupied, there is no allowance for showing the property live.
• This limited exception will allow for buyers and renters to walk through a home prior to making an offer or closing a transaction and allows agents, to walk through vacant homes to set up virtual tours, take photos, and complete final walk thru verifications.
• The updated order extends general shelter in place requirements until May 3rd. Office access continues to be restricted to only the most essential functions. This situation is fluid and more info will be shared next week as it is received.
According to MLS’s, marketplace for Santa Clara County’s residential real estate, here’s what’s happened in the overall market for Single Family
From March 16th through March 22nd there were
133 New Listings
156 Listings Went Under Contract
164 Listings Sold
From March 23rd through March 29th there were
127 New Listings (a 5% decrease week over week)
76 Listings Went Under Contract (51% decrease)
163 Listings Sold (1% decrease)
If you’re interested in knowing more specific stats for your City or Neighborhood, please contact me by email, text or give me a call and I’ll be happy to get that information to you.
Seller market – There is clearly declining inventory and opportunistic buyers are still being driven by low interest rates or a need to buy
Seller Tips –
1. clean inside/outside
2. do deferred DIY projects,
3. make a list of jobs that will require outside services, such as handymen/women, and contractors. Be ready to make scheduling calls once we have been released from Shelter in Place.
Buyer market – There are still new listings coming on the market each week, including “have-to-sell-sellers” given the circumstances. The combination of historically low rates and less buyer competition represents a unique opportunity.
Buyer Tips –
1. secure financing (do your math),
2. do your neighborhood drive by’s and call me if you see a property of interest.
Again, our #1 priority is to be a resource for up to date real information on how to protect yourself and your family. Please do so by staying up to date and visiting California Department of Public Health Website, as well as CDC.gov to monitor the whole country.
We will continue to keep you updated on the real estate market.