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Before I begin with the May 2020 South Bay data, I would be remiss not to discuss the senseless killing of George Floyd and the Black Lives Matter movement. It is abundantly clear that racism still exists today in our country and that major systemic problems put millions of people at a disadvantage because of the color of their skin. This is not right, and it must change, now. With the black community, I want to listen, I want to learn, and I want to do my part to speak up to help bring a more just world for people of color. I share the same feelings that Tim Cook, the CEO of Apple, said this
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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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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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As we begin the month of May tomorrow, we can all be hopeful that we are in for more good news than bad. Tomorrow also marks the end of April, which means I will have fresh monthly data to try and bring some clarity to the market and the continued impacts from the Coronavirus. While I look at the new data over the weekend, I want to share the latest news from this week and some current listings that will be key to follow. Important News This Week The 1st quarter GDP results were officially announced this week and U.S. gross domestic product contracted by 4.8%. Estimates for the next quarter range widely, with experts projecting
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As we wait for more concrete data for the full month of April, I am going to share what pieces of information you should know and what you should be watching out for during the Coronavirus pandemic. I also am going to share what I am hearing “in the streets,” from clients, and from my personal portfolio. These rumors and real-time feedback can help prepare you for the coming data ahead of time. You need to depend on the data but speaking to owners, renters, etc. will give you an idea of what is coming and how to prepare. Important News This Week Below is important news you should know this week. Another 5.25 million jobless
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Wow. What an incredible past few weeks it has been for our country’s health, economy, and local real estate markets. News and data are changing rapidly from one week to the next. Just a few weeks ago there were talks of another Great Depression, while today some pundits believe recent Fed actions will boost the economy. Just a few weeks ago, the United States projected death rate was between 100,000 to 240,000 compared to today where projections are 60,000. In the middle of March, some prognosticators were estimating 3 million unemployed a week. Today, we have been seeing 6 million. Change is happening at lighting speed. Real Estate Comparisons While current sellers are looking for buyers,
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In last week’s blog titled, “How the “Stay-at-Home” Order is Affecting South Bay Real Estate,” I discussed how Governor Newsom’s order was affecting the real estate market based on our clients’ reactions and from an anecdotal standpoint. Side Note: Our link to subscribe to the blog was down all last week. So if you subscribed between March 24th and April 1st, please subscribe one more time. Sorry! Just last week, real estate agents were deemed non-essential upon the announcement. But on Saturday, the essential workers list was updated to expressly include “residential and commercial real estate services, including settlement services,” as produced by the Federal CISA under the Department of Homeland Security. A lot has changed!
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California Governor Gavin Newsom’s executive “Stay-at-Home” order is having an effect on industries throughout the state. Our local real estate market is in the early stages of adjusting as a result of the order. There are 16 essential infrastructure sectors that are exempt from staying home, and while housing construction and property management are considered essential, Realtors are NOT exempt from this order. What that means, in short, is the home market has been put on ice. In order to safely social distance, how can you possibly conduct an in-person showing, meet for a listing presentation, or hold an open house? Short answer: You can’t do it. Additionally, with well-deserved concerns over the spread of the
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Coronavirus infection cases have grown with exponential speed. Stock markets have reacted negatively with incredible speed. News seems to be changing at remarkable speed. Speed, speed, speed. Conversely, residential real estate moves very, very slowly. Thanks to a slow moving asset class, we really do not know what effects this “new normal” is having on residential real estate just yet. It takes a couple of weeks to prepare a property for sale, then a few more weeks to make a deal on a listing, and perhaps a month or longer to close an escrow. It is too early to tell and it will be impossible to project until we get more certainty on how the Coronavirus
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