Hi Friends, Clients and Colleagues around the world-
We as Realtors were first told we could not show real estate here, but have just been deemed essential and as of today are able to conduct showings that are not able to be satisfied virtually. Additionally they must be done by appointment, with no more than two clients (from the same family only), with one agent, and with no inhabitants of the home on the premises.
It is important to note for anyone who was or is planning on getting their home on the market, that one interesting benefit that the Multiple Listing Service has afforded us is that the DOM (Days on Market) have been frozen until the Shelter in Place order is lifted, so you can actually market and show your property right now without accruing any history or losing any negotiating power online, and you know if someone is out looking< right now, they’re probably very serious.
For the month of March, volume is down on the Peninsula by 7.2% from March 2019, although next month’s data will be further off the seasonal average when it becomes available, and the next month’s likely further off again.- real estate markets generally take 6+ months to reflect unchecked economic turmoil. We have included a link to the local market data below and will continue to do so as each month finalizes. As an aside, the economists working for Sotheby’s International, as well as for the California Association of Realtors, anticipate a lot of pent up demand once Shelter in Place is removed, and the properties considered in the high end for our area will likely take the most measurable hit.
Earlier in March refinances were firing, and as a result, a lot of established mortgage brokers were able to have one of their best months on record, able to offer flat 3% and under rates. Once Shelter in Place was ordered, the secondary mortgage market shut it’s doors, and halted that area of our business, in essentially all but the conventional Fannie Mae and Freddie Mac backed products. Rates are still very low if you fit in a conforming or jumbo criteria box- hovering around 3.25% for conforming and 4.125 for a jumbo. Please do still reach out of I can get you headed in the proper direction for a refi in this format, or call with any questions, regardless.
Lastly, until today, builders were able to continue working on remodels and new construction. Effective immediately, no construction work is to be continued unless absolutely necessary to the structure of a home, or to a structure used for the purposes of an essential service as outlined by the state.
We are thinking of all of you and look forward to getting back to business as usual. Stay safe and call me if you need anything at all.
Ryan Melcher & Team