As soon as the Shelter-in-Place order was lifted the Bay Area Summer real estate market started moving again very swiftly. Sellers and buyers are feeling optimistic, the stock market is bouncing back and Buyers are eager to take advantage of the historically low interest rates.
With the unfortunate recent rise in COVID-19 cases and the slowing down of reopening plans we may see an adjustment in the market.
However, once again we are in a market with low inventory and a pent up demand, if there is a correction we don’t think it will last long with current indicators remaining the same.
Kathleen Daly, Coldwell Banker, 415-519-6074, firstname.lastname@example.org; Lisa Lange, Coldwell Banker, 415-847-7770, email@example.com.
A: While anybody could be at risk at being infected with COVID-19 in different circumstances, I believe that as an industry we are implementing the right protective measurements.
The real estate industry already has a strict protocol in place and we thrive to protect the consumers and ourselves alike, since Realtors are “at-risk” workers.
As far as showing properties, I dare to say that the procedure is probably safer than most, because we have a limit on the number of visitors allowed in a home at one time, with the appropriate precautions and a Coronavirus property entrance disclosure (PEAD) has to be signed for each property, every time someone visits it. As far as individual visits/appointments from interested parties, I expect they will continue unless a state-wide ordinance will restrict them.
On the other hand, a recent COVID-19 infection spike could delay the opening of most businesses, resulting in further loss of jobs and incomes, which in turn could affect the real estate market.
Alina Aeby, Compass, 415-744-4844, firstname.lastname@example.org.
A: Since COVID started, many aspects of the Bay Area’s housing market stayed the same: it still costs about $1,000 per square foot to buy a home in San Francisco. People are still buying and selling.
Lenders are still lending (at very low interest rates). But it’s also changed: There are fewer transactions overall. Prices have stayed strong for houses but dipped a bit for condos. And there are no open houses.
The latest spike in COVID-19 cases will impact the housing market like everything else: it’ll interrupt our slow crawl towards a semblance of normalcy. You won’t be able to stumble upon an open house while out one weekend for a long while.
But the spike stresses why it’s even more important to work with good agents especially now.
Private appointments that agents facilitate are the only way to see a property for sale in person. More important, because COVID has really highlighted what “home” means to people, who better to help guide people with expertise, perspective and context sorely needed now than your friendly agent?
Kevin K. Ho, Vanguard Properties, 415-297-7462, email@example.com; Jonathan B. McNarry, Vanguard Properties, 415-215-4393, firstname.lastname@example.org.