Our market is strong and continues to move forward as we utilize new strategies during this challenging time.
Helping the Community:
One quick recommendation on things we can do right now to help our community: think about paying in advance now for services you can obtain later. For example, can you Venmo/ or pay the person who cuts your hair for a haircut now, to be redeemed in the future? Can you buy gift cards from local restaurants on-line or otherwise, then use them in the future? It's been my goal to seek out opportunities to keep our needed service providers open and sustained now and into the future.What We're Doing:
The market remains strong. We're seeing that from new properties coming to the market, selling, and many properties still selling with multiple offers. I'm seeing this as recently as today.
Service Providers
- Title companies remain open and operational with mobile notaries.
- Lenders are working
- Some appraisers are able to make independent visits
- Limited functions from other contractors, trades, and vendors.
Regarding Some of The Most Frequently Asked Questions I've Been Getting:
"Can We Still See Properties?"
As Realtors, we are not allowed to have face-to-face in person meetings, or conduct showings with clients at this time. However, when a challenge arrises, we as small business owners persevere to achieve your goals. Below are just a few ways we are able to continue moving forward with helping clients buy and sell homes during this period:
As Realtors, we are not allowed to have face-to-face in person meetings, or conduct showings with clients at this time. However, when a challenge arrises, we as small business owners persevere to achieve your goals. Below are just a few ways we are able to continue moving forward with helping clients buy and sell homes during this period:
- Virtual tours
- Matterport 3D walk throughs
- Docusign, digital signing
- Video conferencing
- Video property walk throughs
- Virtual open houses
"Why Are New Listings Coming on The Market?"
A note about new listings coming on the market. Many homeowners are continuing to list their home on the market at this time, due in part to the Multiple Listing Service (MLS) adjusting some of their rules and protocols. This includes, the MLS stopping Days On Market (DOM). Days On Market has been stopped because showings are not currently possible due to the Shelter in Place Restrictions. So sellers are listing their properties now to get exposure, and potentially offers with or without contingencies, this way buyers can act either now, or once the restrictions are lifted.
Other homeowners have taken their homes off the market for this time, and plan to put them back on the market in the future once the SIP restrictions are lifted. This means we may see above average inventory numbers once SIP restrictions are lifted. We are also expecting the pent-up Buyer demand to persist in the near future once those restrictions are lifted.
"What is Going to Happen With Home Prices?"
We don't yet know what the effects of COVID-19 are going to mean for our market. What we do know, is the market remains strong, and demand is high.
"Is Now a Good Time to Buy?"
A note about new listings coming on the market. Many homeowners are continuing to list their home on the market at this time, due in part to the Multiple Listing Service (MLS) adjusting some of their rules and protocols. This includes, the MLS stopping Days On Market (DOM). Days On Market has been stopped because showings are not currently possible due to the Shelter in Place Restrictions. So sellers are listing their properties now to get exposure, and potentially offers with or without contingencies, this way buyers can act either now, or once the restrictions are lifted.
Other homeowners have taken their homes off the market for this time, and plan to put them back on the market in the future once the SIP restrictions are lifted. This means we may see above average inventory numbers once SIP restrictions are lifted. We are also expecting the pent-up Buyer demand to persist in the near future once those restrictions are lifted.
"What is Going to Happen With Home Prices?"
We don't yet know what the effects of COVID-19 are going to mean for our market. What we do know, is the market remains strong, and demand is high.
"Is Now a Good Time to Buy?"
My recommendation has always been, to have a "buy and hold" strategy when it comes to real estate. With this strategy in mind, I'm confident you will continue to see growth as a homeowner in Silicon Valley. We continue to see multiple offers on hot properties. With showings not allowed or strongly discouraged, it may be possible to make an offer subject to a future personal visit. This way you come to terms now, and are able to view the home once restrictions are lifted. Contingencies and longer time periods may become the norm. We're seeing some delays in processing by lenders. These delays can be caused by appraisers not being able to view property, or otherwise. In general, for those buyers who were already in contract, we've been able to keep most of our time periods on or near schedule at this time. For buyers entering into contract anytime now, going forward through the COVID-19 outbreak, we have created addendums that address the likelihood of delays. We're seeing both buyers and sellers become understanding and flexible. The good news is, sellers are now becoming more flexible in the terms they are willing to accept and we may see some additional price flexibility.
If you see a property online that you like, please contact me directly to obtain viewing instructions.
Is Now a Good Time to Sell?
Demand remains strong. It's important to note, we are seeing delays in property preparation, and we can expect that even once the Shelter In Place is lifted, many vendors will be inundated with the pent-up demand for services like contractors, photographers, stagers, inspectors, etc who have not been able to access properties during the SIP. This means it's crucial for us to have discussions as early as possible to come up with a property preparing and marketing strategy that allows for the right timing and access to the vendors we need to help you continue to achieve the highest possible price for your home.
As always, I'm going to continue serving my clients- working non-stop to help you access your goals. Whether that's negotiating the right deal for you in our competitive market, or advising you through the process of preparing your home to achieve the maximum price. I'm here, and I look forward to serving you now and into the future.If you see a property online that you like, please contact me directly to obtain viewing instructions.
Is Now a Good Time to Sell?
Demand remains strong. It's important to note, we are seeing delays in property preparation, and we can expect that even once the Shelter In Place is lifted, many vendors will be inundated with the pent-up demand for services like contractors, photographers, stagers, inspectors, etc who have not been able to access properties during the SIP. This means it's crucial for us to have discussions as early as possible to come up with a property preparing and marketing strategy that allows for the right timing and access to the vendors we need to help you continue to achieve the highest possible price for your home.
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