Money & Real Estate Amid COVID 19 ~ Friday March 27, 2020

As promised today is about finances, banking, mortgages, and that kind of thing.

Completely expected, lenders will definitely be tightening their lending standards. They were loosened over a decade ago, tightened up tremendously, then had just started to loosen up again in the last couple of years. Not horribly, but loosened. Needless to say, there will likely be no more stated income loans, bank statement loans, and no bad credit loans. For now. Please be sure to keep in touch with your lender if you are working towards a home purchase this year.

In case you haven't caught it, CALL YOUR MORTGAGE company soon if you are a home owner with a loan. Many are offering deferred payments up to a year. Be prepared to be on the phone for a long time. AND, ask if there are any penalties for doing so....don't forget to ask that!

Zillow is stopping their iBuying process immediately. Really hurting some people in the middle of the process but they are a big business and this was their why statement:

"We are incredibly sorry for the inconvenience and disruption people may experience as a result of our decision to pause home buying through Zillow Offers,” Shelton said. “This is not a decision made lightly, and was solely driven by COVID-19 health concerns and resulting market uncertainty. In addition to providing added financial support to help each seller, we are also doing our best to support our buyers in contract who can no longer purchase their home from Zillow. These are unprecedented times and we are committed to re-engaging customers through Zillow Offers as soon as it is viable to do so.”

I have to presume they don't want to get stuck with inventory in case this goes on for a long time and the market values change dramatically OR that they don't want the liability of having inventory with homes that have COVID 19 some where in them like the Princess cruise ship where they found traces 17 days after it was empty.

And, on an unusually interesting to me note....I listened to a former colleague admit that he broke the Safer at Home orders to show a house. Disappointed again, but several Realtors are. In that same informational tidbit I heard an attorney talking about a hold harmless agreement, disclosures, etc. if Sellers/Buyers insisted on showing/viewing a home.....However, this attorney also stated: "It's kind of like a hockey game, by going to it you are assuming the risk of possibly getting a puck whacked into your head" Or something like that. And, I suppose there is some validity to that.

At any rate, keeping you updated on things related to Real Estate during the CoronaVirus pandemic. Be safe.

What Day Is It?....and Real Estate Today March 24, 2020

Well, I can tell you that I know for sure it's Tuesday. Yup, that's for sure.

What day are we in the Safer at Home orders? I don't know. I'm not going to look either, it is what it is. We are at many days right now with many more to come as far as I can predict based upon what I'm reading/watching.

Today I've resorted to just mascara & lip gloss....Oh, yes, I did blow dry my hair...sorta.

....and, yes, I'm wearing my smiley face leggings to 'work' today too.....

Cute, right?

I can also tell you that as of today, Real Estate is still not considered an Essential Business, but our California Association of Realtors are trying to get us re-classified as such.

Also today I am seeing more and more Realtors placing restrictions on showing homes. Some great, some not so much, some not at all. Why can't professional people follow the rules? Wish I could put one of those emojis right here where the little girl is putting her palm on her face? Would be perfect.

You as a consumer know that we are not supposed to be going to non-essential business'. Right now I am not. Again, homes will always be there. Maybe not today or tomorrow, but I feel your health is more important than buying or selling a house.

I can help people virtually like there's no tomorrow. But, please, until our damn curve is flattened, let's not do anything that will be foolish.

Hope my smiley face leggings puts a smile on your face.

I'll let you know as things related to Real Estate change...and, things are changing daily as we know.

Real Estate Happenings - March 17, 2020

I'm just blogging about a few things and to remind you that if you have questions about what the heck is happening in Real Estate, just ask me. Happy to chat. Give you the behind the scenes tid-bits.

Opened a new escrow yesterday. Yup, yesterday. Rate locked & appraisal ordered already! Doing inspections with our home inspector and termite inspector tomorrow. Yes, I'm bringing hand sanitizer. No, I'm not hugging my peeps tomorrow. And, if Charlie brings cookies, I'll probably decline them.

Closed another escrow on Friday. All good, everything went very well. Client got a smoking deal!

Looking for loan docs for a buyer on one of my listings. Not sure how the loan doc signing will happen with the COVID19, but it will, this I know.

County Recorders office is closed, don't panic, things get done electronically all the time. Just no special recordings. But, we hardly ever do those anyways.

Will people be pulling out of the market? I can tell you one of my Buyers wanted to slow up the home search to see how this all seems a couple weeks from now. Another wanted to view a property for a 2nd time, but the occupants said no more showings as they have little children. So, that got pulled off the market & we're waiting for more to come on. One of my other peeps that missed out on a property in a multiple offer situation is keeping a watch dog look on it to see if it comes back on the market....as am I. Another buyer I'm scheduled to view a home and the listing agent says there is an elderly man in a wheelchair that will be in a bedroom with the door closed. Will I open that door to view? Abso-freaking-lutely not.....extreme social distancing from those elderly folks!

Several buyers still looking for the right property. A few sellers working on getting their homes ready for market.  Yes, life in Real Estate continues. 

Am I seeing more cancelled escrows than normal? Actually, yes, why yes I am. Last night I saw 11 Back On Markets in a 24 hour period. That is quite a bit for all of Santa Clarita. Normally we see 3-4 in that same period.

Seeing price reductions? A few when they come back on market and sit for a couple days....those Sellers want to be done already! 

Interest rates? All over the place. But, Lo & Behold, still below 4%. 

Are people at high stress levels? Heck yeah they are. 

Is that to be expected in this time? Yes indeedy.  

What can we do? 

We can be careful. Exactly what the CDC is saying to do, that's what we are doing. Don't go out if you're sick, if someone near you appears sick...back the hell up. If you have a damn tickle in your throat, cough in your elbow. Wash your hands, use hand sanitizer. Stay away from people that have compromised health for freaking sure. 

I cancelled all social things. Mahjong, lunch with pals, visits with mums, dinner with friends. Cancelled. But, just like the restaurants are doing delivery service. The teachers are teaching online. The trash men are still doing their things? 

If people want to buy/sell a house.....whether it's via Facetime or driving in separate cars or Docusign galore....I'm going to help them. At a safe distance & as long as none of us are sick.

Be well friends, be well. Be smart too. And, if you wanna chat, have questions, I'll do my best to answer them for you. (661) 313-5470. Remember I won't pick up if I don't know you, so leave a message! Stay healthy!

Wanna Be Quarantined In This Home?

Funny, but not funny. Well, I'm going with funny today. Keeps my anxiety level down a wee bit.

Was out with very motivated buyers yesterday. We saw two homes. We wrote an offer on one. Before  they chose to do so I asked them many questions, reviewed all the sales data, the taxes, the market. I normally would ask buyers if this is a home they can see themselves living in....then this morning I saw the above pic on Instagram. Sheesh, so right on. But, still sheesh.

We met at the first house, did an elbow bump. Drove in separate cars to second house, and elbow bumped the Seller who graciously met us at the door.

I used my hand sanitizer in between homes. We stood several feet apart. None of us seemed to have any signs of any illness. But, ya never know.

They decided they wanted to write an offer on the first home.

"Would you like to do everything electronically or come to my home office?" Those were the best options for staying away from public places. My main office has a couple dozen people there at any given time. My home office? Just me and my hand sanitizer and my big desk to sit across from my clients.

At least twice we all wiped our hands with the glorious goo. And, they definitely decided they could see themselves living, or be quarantined, in this beaut of a home.

God only knows what's going to happen in housing. Rates were at 3.25 last Friday, today at 3.75. One of my lenders was anticipating rates in the 2's last week.

Will housing be affected? I can't type the F word here, but EVERYTHING is being affected. For how long and to what extent, I have zero idea.

In the industry for almost 20 years, this is my first experience with something like this so I truly have no idea & I don't think it's wise for me to speculate.

For now, I can tell you, I'm not driving with clients in my car. Not hugging my peeps at all. Using hand sanitizer and washing every digit a lot more than normal. And, will be suggesting that all documents are signed electronically to keep that 'social distance' as we are definitely being urged to do.

Stay well my friends, stay distant, clean, and well.

No Buyer Wearing A Mask.....Yet...

The National Association of Realtors sent a notice out to the members about the CoronaVirus this weekend. Honestly, that was a little troubling to me, just a little. It was about everything we have been hearing though. Don't go out if you're sick, quarantine yourself to a different room in the house, wash your hands. Plus, the counseling to our clients about viewing homes, buyers in your homes, open houses, and precautions to take.

Yes, people die from the regular flu. Yes, we should all be washing our hands no matter what. Yes, we've heard it mostly affects people with a pre-existing condition....like my 87 year old mother with COPD.

With that said, I haven't had a buyer or seller wear a mask near me....well, not yet.

I can tell you that both my husband and I interact with the general public on a daily basis. Which means we are taking extra precautions. Do we stop helping people with the housing and aquarium needs? No, we don't. If one of us gets sick, we have back-up to help our people. We will not bring our germs to our peeps, well, certainly not if we are aware we are carrying any germs.

Am I suggesting open houses be put off? That's a personal choice. One of my upcoming listings is vacant, I'll be hosting open for sure.....with a giant bottle of hand sanitizer and I won't be shaking anyone's hand that comes in....which will be very hard for me. I like personal interaction which is probably why I love what I do.

Thinking about what this virus will do to the housing market? There's a lot of information out there and you'll have to decide for yourself. For this moment, there are multiple offers on almost every home & interest rates are remarkable....absolutely remarkable.

If I was a Seller, and didn't need to purchase right away, I'd list right now. If I was a buyer that wanted to take advantage of these phenomenal interest rates, I'd be out house hunting right now.

If you're going to the grocery store, you're at risk. Church, risk. Visiting a group of friends, risk.

And, if you walk across the street.....you're at risk.

I don't have the answer for you. I only know what's happening in housing today. Long term investment is always the best in Real Estate, coronavirus or otherwise. IMHO.

Santa Clarita Valley Home Sales ~ Voting Day 2020!!

Hopefully everyone has either mailed in their vote, or are out at polling places today! But, that's not my true blog post subject...at all! LOL

Santa Clarita Valley home sales are crazy.....absolutely crazy right now!

We only have 329 active listings as of this moment....329!

That's all of SCV and our surrounding communities. Do you know which ones I include? Well, here ya go...Acton, Agua Dulce, Canyon Country, Saugus, Valencia, Newhall, Stevenson Ranch, Castaic (& Val Verde).

So, it's a community of over a 1/4 million people that live here and we only have 329 home owners that want to sell their home. Sheesh. Come On People!!!

We do have 499 in escrow. And, 271 closed in the last 30 days. Trust me when I say the only reason that 271 is on the low side is because there's not much to pick from.....yep, that's the reason!

I've been networking like crazy to help the 6 buyers I'm working hard to find homes for with no real success. 

Wanna sell? CALL ME TODAY!! (661) 313-5470!!