First Day of Spring! How’s The Market?
I hope if you are home you are enjoying walks and your garden is doing well! A BIG Thank you to those on the front lines in essential services.
So how is the real estate market this week?
This morning our brokerage held our second virtual office meeting with 70+ agents attending.
We’re getting better at this! I suspect still plenty of jammies as only the brave showing their early morning faces!
Broker opens and Weekend open homes in the Inner East Bay cities are cancelled and showings are delayed during the shelter in place period.
Multiple versions of COVID-19 addendum to contracts are being reviewed. For buyers and sellers in or just going into contract the question is… how long will this take? Appraisers as independent contractors call their own shots, principles are planning for longer escrows, one might say more normal escrow periods for most of the country! We have become used to 21 days or less, and now are probably looking at 45-60 days, unless it’s a cash transaction.
The past few days agents report most of the listings are still selling with multiple offers and are writing offers in competition. A few sellers are not getting their price and are withdrawing homes from the market. Buyers are mostly falling into a couple of camps. Those who are not confident enough to proceed, and those who are, but for the most part would like their COVID-19 discount! However, a few really unique homes still hit record prices in the last few days.
The most volatile part of the market right now is the financing. Even seasoned lenders are getting hit with surprises. Buyers must keep in touch with lenders.Rates have taken a jump up and are very volatile.
With 18 years in the industry, including at least one significant down and up market, I offer some tips below for sellers and buyers.
TIPS FOR PROSPECTIVE BUYERS:
Take this opportunity to line up your financing early, you can talk with lenders and do the application all online.
Have your funds liquid so you don’t have to do a last minute rethink on a purchase!
Pick an experienced agent with access to off market properties and the local agent network. It is critical to have an adviser based in your target areas, more so than ever in these times, ask for recommendations. We can do phone and video meetings.
Talk with friends about what they appreciate in their neighborhood and do some soul searching around what lifestyle is important to you and what are your ” must haves” and what is “negotiable“. This helps me too as your agent!
If you cannot visit homes, do some online research into neighborhoods and when allowed visit the different east bay neighborhoods which might work for you.
You may have more time and availability to do initial research right now.
Your agent can update you on market dynamics and when it starts to open back up.
Be wary of listing aggregator information and valuations. They are not local experts,
they just aggregate data. A home is always about more than data!
TIPS FOR PROSPECTIVE SELLERS
It’s a good time to be editing your possessions and sorting out what to keep! This is frequently the most time consuming pre move job for sellers.
Figure out where you are going to move to, do initial research. Realtors are always happy to have phone consultations and send data to potential clients regarding their area of expertise.
Pick an experienced agent with a solid brokerage and a good local agent network.
Your realtor is VERY happy to be a resource and offer advice on what to do as you get your home ready for a sale. In many instances, do nothing, just get ready to pack!! Consult your agent before spending a bean on anything unless it is SO important to you that you’re doing it anyway!
Remember when you sell, your taste may not be what gets you the highest price. The buyer is who you want to care about and your agent will have a better idea of what is important to them.
Be realistic about values... no one is forcing you to sell (usually) and you can refuse offers that don’t make sense. Keep in touch with your realtor.
Do remember your realtor is a fiduciary; we are paid to give the best advice we can given current client and market circumstances. Good agents don’t just want “a deal”
Be wary of listing aggregator information and valuations. They are not local experts,
they just aggregate data. A home is always about more than data!
As always, I’m happy to be a resource for those considering a move and to offer advice in the current environment!
- Jackie
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