Last May, the Brookings Institution wrote about the post-Covid19 recovery as having several possible shapes of recovery (Z-shaped, V-shaped, U-shaped, W-shaped, L-shaped, and even the Nike Swoosh) but here are four major financial institutions predictions for recovery (below image).
In a Realtor.com study- we have seen a similar V-Shape recovery, but recently there’s been a deceleration as potential sellers found it harder to list and show their home as wildfires spread through the West coast.
Housing Market Recovery Index Highlights – Week Ending September 12
California has shown that social distancing and economic resilience continue to be key factors driving local differences in the housing recovery. Per Realtor.com’s research, the spread of COVID-19 is closely linked to the housing slowdown, with markets with higher cases per capita more likely to see a bigger impact on supply and the pace of sales. The speed and sustainability of the reopening, and each market’s ability to contain COVID-19, are dictating the speed of recovery across the regions. Finally, resilient economies may have an edge in the housing recovery, and areas with strong job markets before COVID-19, especially those with thriving tech sectors (such as in the SF Bay Area), are seeing buyers and sellers reconnect faster than the rest of the country.
Below are the V-shaped curved found in the northern California communities. Notice the downward trend in Aug – Sept due to the numerous wildfires.
The higher the index value, the higher the level of recovery. The lower the index value, the lower the level of recovery.
Thank you to the brave California Fire Department for coordinating a fantastic job containing many of the fires in California, we applaud their heroic service as many sacrificed their time, energy away from their families to protect people and properties throughout California.
How is your family and how are you handling the aftermath of the fires? I hope you and your family are doing well, but just know that it has effected everyone. It’s been a very rough few weeks here in northern California and the housing market certainly has been effected by the enormity and tragedies around us. Be safe & let me know if there’s anything we can do to assist.
|Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley affiliate
Intero | A Berkshire Hathaway Affiliate
Residential real estate is considered an essential service, but we no longer host public open houses during health crises.
You may wonder how realtors show properties these days. Well, we do this mindfully with our clients’ health and safety in mind. Firstly, before entry, all visitors must sign a PEAD-V form and we schedule a private tour with agents. All buyers/visitors need to sign the PEAD-V every day they tour properties.
The rules outlined by the new posted pictogram which are posted in homes simply state everyone to:
a) wear a mask
b) stay six feet apart
c) wash your hands upon entry
d) discard all PPE after visit
e) Do not touch anything unnecessarily
The PEAD-V form includes an eight page “Best Practices Guidelines and Prevention Plan for Showings.”
It requires all listing agents to ensure:
1) That the “rules” are followed during showings (no touching surfaces, masks worn, ext.)
2) That handrails, light switches, clipboards, knobs, toilet handles, keyboards, and other commonly touched areas need to be wiped down with disinfectant before and after showings (soap/towel, Lysol wipes)
3) Soap or sanitizer needs to be available
4) Doors must be left open to outside to allow for fresh air
5) Doors throughout inside must be left open to decrease need for opening by visitors.
Learn more: https://www.car.org/legal/Recent-Lega…
If you have any questions about buying or selling under these conditions, don’t worry, give me a call and I’ll share with your our best practices to keep you and your family safe and healthy!
Lynne Watanabe MacFarlane, MCDM, SRES Realtor
PFAC Silicon Valley chapter, affiliate member
Lmacfarlane @ intero. com
831.346.2743 text/voice anytime
As a Senior Real Estate Specialist (SRES), part of my expertise is to introduce features of a home for “Aging in Place” to prospective clients. I often introduce local businesses to clients which can extend living at home longer. As we all shelter in place, we’re learning that the senior population requires more care and assistance during this pandemic. It’s necessary to learn what resources are available to fit you and your family’s needs during this time of crisis. In this video, I interview Leslie Kefer, Director of Home Instead, covering the San Francisco Mid-Peninsula (Belmont, San Carlos, Redwood City, Palo Alto and Mountain View); she explains the process of hiring a professional caregiver and what necessary precautions it takes to continue business during shelter in place.
If you have any questions about caregiving needs, please reach out to either Leslie or me.
Leslie Kefer, Home Instead Senior Care (650) 691-9671
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley Affiliate
Intero | A Berkshire Hathaway Affiliate
phone 831.346.2743 mobile
lmacfarlane @ Intero.com DRE# 02066698
Local Small Businesses – Highlighting small businesses that help create and enrich life and community.
Growing up in San Francisco, my parents were ambitious immigrant entrepreneurs hungry to show the world that they were proud Americans and small business owners of both Sanppo Restaurant in Japantown and Biodent Ceramics, a small dental lab on 450 Sutter. As we shelter in place I reflect back on my childhood, we struggled with each turn of the economy and my father emphasized the importance of taking care of his employees and their families; He defined success, and deeply embedded in me his work ethic and care for the family in both companies and when the economy went sour, he would always lend a helping hand during hardship. I think most will agree that restaurateurs are dreamers with a vision to bring a community together. This is what owner Gabriella Castro of Tacos Moreno does for Capitola Village.
Being an entrepreneur is never easy. Doing so while sheltering in place it’s even more difficult. I hope you’ll have an opportunity to visit Tacos Moreno 3 & hope you enjoy my video too!
Let me know if I can help you in any way I can.
Under NAR and CDC guidelines essential businesses such as work of realtors (buying/selling real estate) are able to help our clients under SIP- we’re preparing this 2BA/2BA single family home in desirable Redwood Estates, Los Gatos.
Hope you are well, let me know if you need any assistance with any real estate or have any questions on how we do business under the new restrictions and as always, I’m always here to help you move forward with life. Be well!
#realtor #sellinghomes #flattenthecurve #interorealestate
The San Francisco Bay Area real estate market had begun to rebound in the first two months of the year 2020, with strong buyer demand, often with multiple offers, after a flattening of prices in 2019. But the shelter-in-place (SIP) and stock market tumble caused by uncertainty of the pandemic slowed listings and sales.
Just last week real estate agents and other professionals who are deemed as ‘essential workers’ are allowed to work with the CDC guidelines. With these new strict guidelines real estate agents can not show open houses, give tours and must not show homes with sellers who are still residents of the property. Empty residential properties can be shown with a single agent and with only two prospective buyers. Virtual tours using video (real-time or recorded) is highly encouraged (more on Virtual Agents here).
As one can suspect, this has caused much disruption in the buying and selling of homes but it has not prevented sales by any means! Here’s a snapshot of the most important metrics to keep you informed on the real estate landscape, it includes sold homes, new listings, Transactions Fell Through (TFT) and withdrawn homes. These graphs are gathered and summarized for all five MLSListings’ Counties (San Mateo, Santa Clara, Monterey, San Benito and Santa Cruz Counties) by Aculist/ MLSListings.
Interesting to note is that despite the fact that there is a -25% difference between last year and this year’s new properties on the market, there is -14% difference of sold. This could be because it usually lags 30 days (entered escrow around that time). But not surprising we see an increase of TFT (40%), cancelled (34%) and withdrawn (87%) from last year.
Here we see a big difference between the new 2019 listings in blue vs. the new 2020 listings in orange after SIP.
Here we find a fairly regular pattern between the sold listings in 2019 vs 2020 (by the week). It will be very interesting to note what will happen in the next two weeks.
Until then we wish you good health and take the necessary precautions to keep you and your family well!
Questions? Text me if you have any plans on selling, buying or investing in 2020. Feel free to ask for a complimentary market analysis and we can discuss your needs!
(831) 346-2743 text/voice anytime
If you want to know what’s going on in the market, sign up here!
Even if you are not buying any properties until the dust has settled, make sure you are still being informed with your realtor. Data below includes sold homes, new listings, Transactions Fell Through (TFT) and withdrawn homes are gathered here summarized for all five MLSListings’ Counties in this graph.
Homes are still being sold and new listings were 24% less than last years. Biggest drop is looking at withdrawals (homes being taken off the MLS) we see a 87% decline comparing last year’s number. With this tighter inventory this means less competition for qualified buyers that are in the market now. For buyers, there are still a lot of homes being sold, only a negative 12% dip from last years homes that were sold in these 5 Bay Area counties.
These withdrawals do not include pocket or off-MLS listings which we have available for our clients only.
– At Intero, the largest brokerage in the SF Bay Area, we can provide opportunity for some who have been squeezed in a previously tight market with private listings so you can take advantage of low mortgage rates.
Feel free to discuss & schedule a Zoom meeting, I’d love the opportunity to share my inside knowledge with you! Be well & let me know if I can assist in any way.
Lynne (831) 346-2743 text/voice