coronavirus housing market california

  • 5 min read
  • Jan 29, 2019

Southern California home buying hasn
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The real estate agent has canceled a meeting professional, the client looks appeared on masks, and forced to bump fists and elbows encouragement instead of their traditional social currency – firm handshakes and hugs longish <. p> Home tours and open houses last week remains on track, agents Bay area said, but many of the 200 guests to visit the home in a hot environment of Silicon Valley history as required fatwa county residents to shelter in place. Real estate is not considered important functions.

early signs indicate the spread of the virus to pump the brakes in the Bay Area housing market re-acceleration.

“It will begin to resonate,” said Greg Mathers, Redfin agents in the East Bay. “I hope to change soon.”

Sales of real estate, rental and leasing industry $ 445 billion in California. In the Bay Area, residential real estate has been a prime mover in personal wealth for the property owner for nearly a decade of record growth in prices.

The Bay Area housing market rebound in January and February, with strong demand and scarce supply pushed the price after the slowdown in 2019. The average selling price in January for a single-family home in the region of seven counties amounted to $ 865 900, with prices rising from year to year by 6.3 percent in San Mateo County, 2.7 percent in Santa Clara, 2.6 percent in Alameda County and nearly 1 percent in Contra Costa County, according to Zillow

But in the last few days, the national and state real estate association has issued safety guidelines for hyper-personal health and glad-handing industry. The National Association of Realtors suggested having sales agents perform a deep cleaning of the property before and after the show, and providing hand sanitizer and soap all over the bathroom and home. Some sellers have delayed putting their homes up for sale.

pandemic is still in its early stages – hit the core of the community of Silicon Valley harder than most in the country – and the lack of data available to give an exact picture of the impact on the industry residential real estate ,

initial surveys indicate virus activity is slowing home purchases and raising concern among real estate professionals. Around half of the California agency surveyed this week is expected pandemic had a negative impact on home sales and make it take longer for homes to sell, according to a poll released last week by the California Association of Realtors. Roughly 4 in 10 agency predicted lower prices.

About a quarter of the real estate agents report clients postpone home search or list, and more than a third said clients ask about coronavirus and markets, the survey found.

But the negative effects of the virus on a home purchase can be countered by historically low interest rates, allowing buyers to stretch budgets further. This month, mortgage rates fell to an all time low of 3.13 percent, down from 3.8 percent in January.

Elliot Eisenberg, partner with MLSListings economist, said the stock market retreat could hurt home sales in the Bay Area more than almost anywhere else. tech workers with incomes dependent on the grant of equity shares often sell for collecting large down payment is required to enter the home of Silicon Valley.

“If you keep the stock market there for a while,” said Eisenberg, “this could be started to undermine the confidence of buyers.”

distancing Social and self-quarantine inhibit human interaction, although the technology can replace some face-to-face meetings. “Every interaction traded,” he said. “The economy was not good.”

The initial data from Redfin shows some slowdown in the Bay Area and Seattle, which has also been hit hard by the virus, but the demand is still better than last year.

Daryl Fairweather Redfin’s chief economist says demand remains strong in two areas hit by the virus, and some of the technology makes it easier to perform real estate shopping and buying online. But there is still uncertainty, he said. “I do not think anyone really knows how long this will last,” he said.

Economists at the National Association of Realtors also said foreign investment could take a short-term hit, especially if fewer Chinese buyers go house-hunting in California. But the market share of Chinese buyers in the state have gone down in recent years, from8 percent in 2014 to 3.9 percent last year, according to the association

Some of the main housing and real estate meetings -. Source of life industry continues to search for contacts, clients and future clients – have been canceled or postponed.

The crisis has touched even non-profit housing efforts in the region. Silicon Valley Housing Trust, a major funder of affordable housing construction, canceled an annual briefing investor conference this week. The event raised $ 320,000 last year, and nonprofit hopes to highlight the efforts of more ambitious this year with $ 50 million from Apple.

Instead, workers were busy packed 700 boxes of chocolate intended for attendees of the event so that they could hand-giving candy to supporters.

Agents said despite the deployment and develop a warning, as the business continues to drive the local economy muscular strong demand for first-time homebuyers.

Coldwell Banker agent Ramesh Rao, who is based in Cupertino, have not seen a real slowdown in traffic open house on the property Silicon Valley.

But, he said, some sellers have postponed plans to list properties and other shared concerns about the stock market crashed. “I see more psychological changes,” said Rao

A sign at an open house at the new luxury neighborhood, Orchard Park, Palo Alto, warned guests to a few simple rules :. Stay six feet from the agent, do not touch the door handle, the surface of a table or counter, and avoid other buyers. Agent Michael Dreyfus of the Golden Gate Sotheby’s said the protocol would extend to all client meetings, private performances and tours of the house.

Redfin agent Mathers, based in Walnut Creek, see a lot of chatter coronavirus on Nextdoor and hear more from his colleagues, but until now the spread of the virus is not a visible impact on the business.

a new client called Thursday afternoon to cancel a strategy session and a tour of the house, he said. Clients are worried about the virus and decided to postpone his search.

“This is a business relationship. People work with people they know, like and trust, “said Mathers. If clients prefer to do business over the phone or keep a safe distance at the meeting, he was willing to accommodate. Instead of a handshake, he said, “Now, I will elbow them.”

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