This isn't what buyers and sellers think. It's what realtors are thinking that their buyers and sellers are thinking, but we aren't mind readers so it's really what realtors think.....who haven't left their house for a month. Yes, the markets are showing delays....
Mike talks about sales dropping up to 50% in 2020, but there's a bigger problem. We have 10,000+ baby boomers retiring every day in America, but they aren't moving - they are staying put. This lockdown is training folks on how to survive at home, and if...
Buyer interest declined by 90%? I think they meant that 90% of buyers don't want to risk their life to see a home in person - they are still interested in the market as seen from the couch. NAR's latest Economic Pulse Flash Survey - conducted April 5-6, 2020 - asked...
We noted last week how the jumbo mortgage market is back-pedaling in two ways. Banks stopped funding jumbo loans with 10% down payments, and the program that qualified the self-employed borrowers by using their last 24 monthly bank statements was also terminated. The...
The governor's stay-at-home order was issued on March 19th (red line), but showings had already been dropping steadily. Realtors were changed to essential workers on March 28th, but it doesn't look like agents rushed back to work. The weekly average improved from...
The seven-day moving average was +32% on March 8th, and now the average is -68.7%! This is during the peak showing season too! But at least the current trend looks like it is flattening out? Hopefully the change of realtors being declared essential workers will mean...
We are listed under the Other Community or Government-Based Operations and Essential Functions: https://www.cisa.gov/sites/default/files/publications/CISA_Guidance_on_the_Essential_Critical_Infrastructure_Workforce_Version_2.0_Updated.pdf Hallelujah!
One of the most insane MLS rules prevents agents from including videos in the remarks. The MLS police is afraid that agents will slip in their contact information, and buyers will rush to purchase direct from the listing agent - but they can do that anyway. How hard...
Listing agents hire Showingtime to schedule appointments for cooperating agents to show a house for sale. As of yesterday, California showings were down 55% from the first week of the year, which doesn't sound so bad for a state that is lockdown. But next week will...
You better be an all-around expert at fixing stuff in this environment - and be able to present a reasonable case to the buyers that's easy to digest. We're not out of the woods yet, but this video kept a situation from turning into a problem:
