In my 35 years of selling Real Estate I have experienced the market during the Iraq War, 911, and the 1989 earthquake just to name a few key events that have temporarily effected the market. When all the short time concern is done, people still need housing for their changing circumstances.
What my grey hair has taught me that after a while, the market picks right back up from the time before the “Turbulence”.
I hear some of the same statements being said today that I have heard in the past.
“This is probably going to redefine how we do business in the future”
Do you think the need and practices for housing was complete redefined by the Iraq War, 911 and the 1989 earthquake?
Not even close. After the fear, life picks up where it left off. The laws of nature prevail.
Here are current numbers and updates on events to consider.
#1 Santa Clara County Real Estate has experienced another boom since December of 2019 resulting in 10 to 20 offers per home for sale.
#2 Last year we closed 1099 units in Santa Clara County for the month of March.
#3 We have closed 469 units for the first 16 days of the month in Santa Clara County. We also know that normally about 60% of the closings happen in the last two weeks of the month which at current pace puts us at 1072 closing for March 2020.
#4 There are currently 1237 pending sales of which 589 of those sales happened since March 1st, 2020
#5 There are currently 1143 homes on the market compared to 1873 last year at this same time.
#6 Bank are still open and mortgages are still being processed. Rates are on the decline attracting more refinances.
#7 Title Companies are still closing transactions by using electronic recording methods.
#8 There has been a new challenge as of 12:01am yesterday that restricts the ability to show a home with the “shelter-in-place” order. We have found our virtual walk through and high number of pictures a strong way of keeping only high interest clients coming to view our listings.
The environment will effect the immediate temporary practices for the Real Estate business. In Silicon Valley style, we will figure it out.
I am not hyping up or down playing the Corona Virus event but as the old saying states: “This too shall pass”
Myrick Estates Team @kw Bay Area Estates