Surprisingly, the fires did not significantly impact the number of deals being made in most Bay Area counties during the last two weeks of August — with exceptions in Santa Cruz, Sonoma, Monterey, and Napa Counties, which saw declines of 13% to 33%. This chart takes a look at week-by-week activity in the Bay Area.
If you’re thinking of getting into the rental property market, you should know that COVID-19 is having a significant impact on many landlords, but it’s nowhere near the norm. According to a nationwide survey by the National Multifamily Housing Council (NMHC), 30% of tenants couldn’t pay their rent on time in April, and nearly ¼ of Americans had difficulty paying rent at all.
But it’s worth noting that less than 3% of historically on-time tenants were late or defaulted on their payments. Additionally, renters paying less than $1,000 and over $5,000 per month were more likely to be late or default. This is primarily tenants in service industries with low incomes and students in overpriced rental housing near universities.
Meanwhile, the vast majority of landlords have tenants who are still paying on time, so don’t count yourself out of the rental property market yet!
With our world turned upside down, many potential buyers are debating when to jump into the market. If you need help making this big decision, we’d like to share some insights we’ve heard from our agent network and tips we’ve picked up from recent experiences...
1. Prices will likely go up due to inflation. Even if the federal government doesn’t extend unprecedented stimulus packages, we can expect inflation to set in sooner or later. Investing in real estate is a great hedge against that.
2. Interest rates are at historic lows — but don’t take that for granted. Just like the pendulum of a clock, requirements and rates will swing back at some point, and you don’t want to be left wondering “What if…”
3. There’s real value in comfort and security right now. What matters more: Trying to predict when the market will bottom out, or finding the right home that will make you and your family feel comfortable and safe during this unpredictable time?
4. Avoid the “wait and see” mentality. Let’s face it: Nobody buys at the bottom — and knows it’s the bottom. Make quality your top priority, and you’ll find the best deal on the best home that will meet your needs for years to come.
As always, if you'd like a closer look at how the market is playing out in your neighborhood, just let us know! - Pearl (The Chic) & Kevin (The Geek)
With our world turned upside down, many potential sellers are still trying to figure out if now is the right time to make a move. If you fall into this category, we’d like to share some insights we’ve heard from our agent network and tips we’ve picked up from recent experiences...
1. Selling in a down market means you can buy in a down market. If you list now, you might sell a bit lower, but the money will go a lot further for you. Think of the dream home — and home office — you could get at a discount!
2. Active buyers are more serious than ever before. A lot of people have spent the past five months stuck at home in an undesirable situation and watching mortgage interest rates fall to record lows. That means they’re motivated to make a deal!
3. Price so the market chases you up, not down. If you price your home too high, you may scare off some interested buyers. Price too low, and you’ll miss out on a good return. Find the sweet spot, and start a bidding war for your property!
4. We don’t know what the future holds. Don’t take this moment for granted. This unprecedented year is far from over, and the market could freeze up at any time. If your home needs a little TLC to shine, you should take advantage while contractors are still allowed to work inside!
As always, if you'd like a closer look at how the market is playing out in your neighborhood, just let us know! - Pearl (The Chic) & Kevin (The Geek)
New single-family home sales surged 13.8% to a seasonally adjusted rate of 776,000 in June, surpassing analyst expectations and notching the strongest rate since 2007, according to data released Friday by the U.S. Census Bureau and the Department of Housing and Urban Development. Sales were up from 682,000 in May and 726,000 in 2019, 6.9% above the numbers from last year!
