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As we are approaching the end of May, I am excited to take a look at the new monthly real estate numbers for our South Bay marketplace. My nerdy excitement for these numbers might be greater than the average person. That said, during times like these, it will pay off for you to pay close attention to the numbers if you are thinking of making a real estate move. In the meantime, I wanted to share the new April numbers released last week by the California Association of Realtors (C.A.R.). Important Data from C.A.R. Statewide, existing single-family homes sales totaled 277,440 in April, which was down 30.1% compared to April of 2019, which was at a
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Important Real Estate News Good News: Forbearance Grows but Flattening Mortgage forbearance plans continues to grow according to the Mortgage Bankers Association. There were about 4.1 million mortgages in forbearance between May 4 and May, 10 which is around 8.16% of all loans outstanding. It is still growing, but if we can “flatten the curve” here and put an end to homeowners not being able to make payments, that is very positive news. Good News: Rent Collections According to the National Multifamily Housing Council’s Rent Payment Tracker, 87.7% of apartment households made a full or partial payment by May. That is an improvement from the April 13th numbers, where the number stood at 85%. According to
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This week I am going to continue to cover some important news, along with some big changes to how Realtors are operating. Our local MLS (Multiple Listing Service) is also rolling out some huge changes that are meant to give consumers more access to off-market deals. I am excited to see how it all plays out. New Updates to the Local MLS Rules There are some drastic changes that went into effect on May 1, 2020 on how business is conducted among Realtors here in the South Bay. Clear Cooperation Policy Last year, the National Association of Realtors announced the new “Clear Cooperation” policy, which effectively worked to limit off-market deals. NAR’s stance is that Sellers
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The April South Bay real estate data is here. This information is far ahead of what the National Association of Realtors’ report gave last week on February data…which were numbers pre-pandemic shut down! Hopefully, you can use this information to guide you when making real estate decisions. In the early part of the month, I was encouraged that perhaps the statistics were not as bad as March. I may have been wrong to give such encouragement because the April stats are still horrible. It is impossible to know what all of it really means without a few more months’ worth of information as we progress forward in this new Coronavirus reality. For now, all I can
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