How is everyone doing?! We hope that you and your loved ones (and pups and pets too!) are all creating a new normal that encompasses what you love to do – maybe just in a new way! As we continue to shelter-in-place in San Mateo County, we have been watching the market closely and noted some changes in the news last week pertaining to buyers and home sales activity. We have created a ‘real estate round-up’ below of some of these updates; click titles to read articles in full.
On Friday, May 8th, mortgage rates hit their lowest levels in 2 months. That means maximizing purchasing power…
As of Wednesday, May 6th, home purchase applications increased for the third consecutive week. Furthermore, ‘the seasonally adjusted Purchase Index increased 6 percent from one week earlier.’
Also last week, the Mercury News reported that analysts are predicting few price retreats and discounts in ‘the roaring Bay Area home market’, mostly on account of the region’s long-standing supply shortage. Short-term home price dips are expected in a range of about 2-3%, nothing compared to the 30% value losses seen nationwide during 2008. Silicon Valley starter homes are also mentioned as still receiving multiple offers.
The LA Times reported less than one week ago that the ultra-rich are still buying homes and hunting for deals; sales are up in residential homes listed at $5 million and even $10 million. Low interest rates also mean that the wealthy are considering loans on these ‘bargains’ when they could be paying cash.
This media outlet just reported that ‘there are still buyers out there at all price levels looking at homes across Sotheby’s vast portfolio, many of whom are second-home buyers looking to purchase in feeder markets so that when they are able to travel again their home will be ready and waiting.’ Several real estate sources cite how shelter-in-place is changing the way that people view home, with a greater desire towards private, open space and greater work from home potential.
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As always, we are proud to be your trusted and forthcoming real estate resource in helping you make the best decisions for your situation. If you have any questions at all about the short-term, long-term and overall implications of COVID-19 on your goals, please do not hesitate to reach out to chat.
All our best,
Bobbi, Buddy & Team
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/