Let's Do This!

Honestly, it's all we can do, right? Ahhh, my husband goes nutso when I say....'Riiight?' He cringes outwardly! So funny.

At any rate, as a local Realtor that made it through the 2006 housing crash, we just move forward. We deal with what's going on, we handle all the extra work, forms, and clients needs. And, we continue to help people buy and sell homes.

I had to adapt back in the day. I remember top agents saying 'I'm not going to show short-sales!' Hah, they changed their tune when that's what 90% of the market was. And, I made it through. Many, trust me on this, many did not.

I remember agents hustling hard for getting REO (bank-owned) accounts and forgetting about their own peeps! The ones that they had done business with, earned trust from, and were likely family, friends, and really awesome & great clients! Those agents lost those wonderful people to other agents that still cared about them...and, when REO's dried up...poof! I didn't go after those accounts.

Now, we're dealing with Corona Virus. Something none of us have ever dealt with. Ever in our life times. The stories our children will tell, we will tell, our parents will remember. Wild times.

Will housing take a hit? Probably. Will it be huge, like the last one? Probably not. Will I still be available to help my people? Absolutely. Will I be honest? To a fault. Will you learn from me? As always.

I will always be here for you....well, til I retire...and, it's going to be a wee bit longer due to COVID 19 now.

But, I'm here for you right now, amidst this pandemic....and, I say....Let's Do This! Just move forward, get it done....as always....When The Time Is Right For You & Your Family....I'll be ready when you need me to be.

This picture is after the 2006 crash...

 when I had less gray hair and my sweet Max was still around!

Questions, Thoughts, Concerns?

 Just holler ~ Lauren@KeepYourWitz.com / (661) 313-5470. 

Zoom, Facebook/Instagram Video chat...

if ya wanna see this weeks gray hair growth!

Will It Change To A Buyers Market?

Honestly depends on who you talk to and what day it is. Just leave it to Corona Virus to keep us guessing. Surely you've seen that Social Media post (and also a video too) about the rules of what to do and not to do, but sometimes to do them? It's kinda funny, and so true.

But, with housing, the experts are all saying different things. My opinion? I had a 40 minute conversation with one of my buyers yesterday about this. My opinion is that home prices will go down. BUT, if interest rates go up, what difference does it make....and, I've said this for....ev.....er......Real Estate is a roof over your head that over the long term you gain equity.  So, if you're planning on staying in a home for many years, go ahead and buy now. At least you know exactly how much you're paying, what the interest rates are. Could you lose 10% in value in the next few months? Yep, sure can. But, will that 10% in value also be what you're been paying to your landlord for THEIR mortgage....yepperoonies!

Personal choices. You've got to decide. I'm seeing an increase of inventory, I'm seeing cancelled escrows, I'm seeing price reductions. BUT, I'm also seeing solid buyers out there buying. You know why? Because now is the right time for them. Sellers selling now? Ya wanna know why? See the answer for buyers....same answer.

For now, here's a look at the Santa Clarita Valley home sales activity:

Number of homes currently available for sale: we have 411.

Last month, same time...it was 327,

In escrow right now? 320. Last month same time....440.

And, sold in a 30 day period? Last 30 days we closed 279. The month before was 286.

I'm pretty sure you can all do the math on this one. But, just so it's clear....inventory is climbing, properties going into escrow is declining.

There ya go. Feel free to reach out to me for any Questions, Thoughts, Concerns.

Lauren@KeepYourWitz.com ~ (661) 313-5470

Really, Really Hoping For the V!!

Will This Economic Crisis Have a V, U, or L-Shaped Recovery?

Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big question is: how long will it take the economy to fully recover?

Let’s look at the possibilities. Here are the three types of recoveries that follow most economic slowdowns (the definitions are from the financial glossary at Market Business News):

• V-shaped recovery: an economic period in which the economy experiences a sharp decline. However, it is also a brief period of decline. There is a clear bottom (called a trough by economists) which does not last long. Then there is a strong recovery.
• U-shaped recovery: when the decline is more gradual, i.e., less severe. The recovery that follows starts off moderately and then picks up speed. The recovery could last 12-24 months.
• L-shaped recovery: a steep economic decline followed by a long period with no growth. When an economy is in an L-shaped recovery, getting back to where it was before the decline will take years.

What type of recovery will we see this time?

No one can answer this question with one hundred percent certainty. However, most top financial services firms are calling for a V-shaped recovery. Goldman Sachs, Morgan Stanley, Wells Fargo Securities, and JP Morgan have all recently come out with projections that call for GDP to take a deep dive in the first half of the year but have a strong comeback in the second half.

Is there any research on recovery following a pandemic?

There have been two extensive studies done that look at how an economy has recovered from a pandemic in the past. Here are the conclusions they reached:

1. John Burns Consulting:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”

2. Harvard Business Review:

“It’s worth looking back at history to place the potential impact path of Covid-19 empirically. In fact, V-shapes monopolize the empirical landscape of prior shocks, including epidemics such as SARS, the 1968 H3N2 (“Hong Kong”) flu, 1958 H2N2 (“Asian”) flu, and 1918 Spanish flu.”

The research says we should experience a V-shaped recovery.

Does everyone agree it will be a ‘V’?

No. Some are concerned that, even when businesses are fully operational, the American public may be reluctant to jump right back in.

As Market Business News explains:

“In a typical V-shaped recovery, there is a huge shift in economic activity after the downturn and the trough. Growing consumer demand and spending drive the massive shift in economic activity.”

If consumer demand and spending do not come back as quickly as most expect it will, we may be heading for a U-shaped recovery.

In a message last Thursday, Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, agrees with other analysts who are expecting a resurgence in the economy later this year:

“We’re forecasting real economic growth of 30% for the U.S. in the 4th quarter of this year and 6.1% in 2021.”

His projection, however, calls for a U-shaped recovery based on concerns that consumers may not rush back in:

“After the steep plunge and bottoming out, a ‘U-shaped’ recovery should begin as consumer confidence slowly returns.”

Bottom Line

The research indicates the recovery will be V-shaped, and most analysts agree. However, no one knows for sure how quickly Americans will get back to “normal” life. We will have to wait and see as the situation unfolds.

Zoom Town Hall Meeting Today

Today my favorite Title team arranged a Town Hall meeting with several affiliates to let us know what they are seeing related to Real Estate and COVID 19.

It was great! Thank you Nikki Mauer & Maiya Robinson of TICOR Title!!! You Rock as usual!!

Just a quick funny, I did the Zoom on my desktop.....no camera......but, they would have seen my crooked bangs from my self hair cut yesterday!

 It will grow!

But, back to the actual meeting. It was really great. I added an attorney to my Facebook friends as she impressed me so much today.

SBA & Loans, whoa, there are a lot of things available. We haven't applied for any at this time. Biggest suggestion was even if it says funds are exhausted, keep your application in.

The attorney, the one I FB friended, said she sees the biggest issues are with any tenant occupied properties & that once orders are fully lifted, we'll probably start to see some foreclosures. I just had someone ask me about it this morning wondering if we'd see them by the end of the year and I had said not that soon. Happy to report the RE attorney said about 4-6 months after all Stay At Home orders are extinguished....which mirrored what I was thinking as well.

The CPA couldn't figure out how to use Zoom but had good information about borrowing up to 100k from your 401k and having 3 years to pay it back. Check with yours for sure. He also mentioned all the tax due dates of 4/15 are now 7/15/2020, this I knew thanks to my CCI Tax Pros!

Appraiser was good, everything I already knew. Biggest take-away from him was if you are selling your home, have the discussion with your Realtor before you even go on the market about who you will, or won't, let in your home during escrow. Yes, we have a new form for that. If you're selling and the buyers lender wants a full interior appraisal, you could really throw a wrench in your sale if you don't want to allow that. Hard though, things are changing daily, so we have to adjust as needed.

Escrow rep from one of my fave companies indicated that her company is seeing a 30-50% reduction in new escrows. Not a lot of cancelled escrows, but definitely less new escrows. Her comment was the ones that are buying right now are definitely super serious buyers! 

Title peeps spoke a bit, reminding us no special recordings. Always reminding us to remind you that we are here for you!!! 

Lender spoke as well. Talked a bit about the lack of money with forbearance activity, small lending companies going out of business, AND, that they are definitely doing verbal verification of employment day of funding which was something I mentioned in last Friday's blog.

One quick note, on the Forbearance....PLEASE call YOUR mortgage company directly if you are considering utilizing that option. DO NOT fall for one of the scam phone calls, emails, snail mails. YOU CALL THEM.

That's it for today. I'm here if you need me. You can Zoom call me. If we're Facebook and/or Instagram pals, we can video chat via their program too. I don't have an iPhone though, so no Facetime for me!

~ Lauren Witz Greber ~ Witz Real Estate ~ 

~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~ 

SCV Housing Market & COVID 19 ~ April 14, 2020

I'm just trying to keep you all informed like usual in this extremely unusual time.

* On March 10th this year, I wrote my first blog post about the Corona Virus concern.
* March 21st, Safer At Home Orders were made.
* March 28th, Realtors were deemed an Essential business, with extreme caveats.

And, here we are, April 14, day 24 of the Safer-At-Home quarantine....and, this is what's happening in Santa Clarita Housing:

Homes are being listed for sale. Escrows are being cancelled. Prices are being reduced. Homes are closing escrow. An empathy card was created (that's the pic on the lower left of the above collage) about this 'new normal'. Buyers are still out there. Sellers are still too. Realtors are all working from home, just like many of you.

We currently have 383 active listings in all of Santa Clarita.

We have 332 in escrow.

We closed 294 home sales in the last 30 days.

73 Homes are currently on Hold.

22 Homes were withdrawn from the market in last 30 days.

If you haven't read my last few blog posts, go back & read them. Good information in there. Most important? The situation with buyers getting loans. That's truly the biggest thing to be aware of, other than COVID 19, in today's housing market. That, and Be Safe.

~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~

Multiple Offers Amid Corona Virus?

Yep! We are getting multiple offers!

I received SIX offers on that vacant listing in less than 4 days on market. Quite honestly, almost every single buyer that walked in wrote an offer.

Exciting times, right? Well, yes, for the multiple offer part. The COVID 19 Pandemic definitely has made more work for everyone involved. My Seller, me, the buyers, their agents, the upcoming home inspector and the appraiser.

The extra forms, the extra precautions, the extra telephone calls, texts, emails.

And, those poor lenders, the questions I asked of them were very in depth. Normal stuff, PLUS, were the buyers Essential workers? One was, the other wasn't, on one of the offers. The lender, local lender, confirmed that they could qualify on just the Essential employee income.

Of all the offers that did come in, all of them actually were Essential employees. Teachers, Nurses, IT, Engineers, right now I honestly can't remember what the other jobs were.

While many wonder #HowsTheMarket ? In some areas, the market is still pumping. Depending on the desirableness of the home, the pricing, the pre-sale preparedness, you just could be a happy home Seller too.

Is it safe to show your home while the Pandemic is going on? A question you must answer for yourself. Is it safe to view a home while the Pandemic is going on? Another question you have to decide on.

As a local Realtor, I'm following the CDC guidelines, local restrictions, and the recommendations of best practices from our California Association of Realtors.

Tomorrow it's a final walk through for an escrow that opened pre-pandemic. Gloves for me and my peeps? Check. Mask for me and reminded them to wear theirs? Check? Shoe Covers, also for me and my peeps? Check. Hand Sanitizer, a good size bottle for all? Check.

If you have questions about what you can, and can't do, about home Selling & Buying during the current COVID 19 Pandemic, just ask. I'm happy to answer any questions you have and help guide you with your real estate needs.

~ Lauren Witz Greber ~ Witz Real Estate ~ Lauren@KeepYourWitz.com ~ (661) 313-5470 ~

The Love/Hate of Technology Is Working Wonders During COVID 19

How Technology Is Enabling the Real Estate Process

Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for home ownership, an essential need for all.

Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.

1. Virtual Consultations – Instead of heading into an office, you can meet with real estate and lending professionals through video chat. Whether it’s your first initial needs analysis as a buyer or your listing appointment as a seller, you can still get the process started remotely and create a plan together. Your trusted advisor is still on your side.

2. Home Searches & Virtual Showings – According to theNational Association of Realtors (NAR), the Internet is one of the three most popular information sources buyers use when searching for homes. Your real estate agent can send you listing information and help you request a virtual showing when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours too, so as not to miss those buyers looking to find a home right now.

3. Document Signing – Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, your agent or loan officer can set up an account where you can upload all of the required documents and sign electronically right from your computer.

4. Sending Money – Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.

5. Closing Process – Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing drive-thru closings, which is similar to doing a transaction at a bank window.

Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction today.

Bottom Line

If you need to move today, technology can help make it happen; there are options available. Let’s touch base today to discuss your situation and our local regulations, so you don’t have to put your real estate plans on hold.

Tight Money & COVID 19 April 3, 2020

People wonder what us Realtors are doing while we aren't selling as many houses during the Pandemic, right?

Well, me? I'm still reading everything related to the housing industry. Answering my clients questions. Trying to hit them with info before they even have to ask.

But, if you were me, you'd know that it's extremely hard to do so as it's changing every day.

On Wednesday this week.....since I don't just work in Santa Clarita.....

Los Angeles Public Order as of April 1st, which includes territories from Granada Hills to South Los Angeles, now prohibits Open Houses AND In-Person showings of properties for lease or sale.

Absolutely PROHIBITS. And, my Broker/Owner feels, as do I, that more areas are likely to implement this prohibition as well....just a matter of time.

Now, Santa Clarita we are still able to do in person showing of homes, if we absolutely cannot show a home virtually. In 18 years, I've only had one buyer purchase a home just from photography.

We also have new forms about access. New forms about cancelling contracts due to COVID 19, four new forms as of this moment that have all been created (and changed already too) within the last week.

But, that's just part of this post....it's really about getting through all of the above and then trying to close escrow. Which, anyone that knows about home sales, the lender is the last in the line to make it happen.

So, this is what I've read, watched, dissected about home loans this week. The mortgage companies that are allowing deferred payments? All good, right? Yes & No. Yes because it helps people that are unemployed due to the Corona Virus. No because that influx of money to those mortgage companies is depleting their liquid moolah to make new loans. 

One of my preferred lenders just told me today that a lot of lenders don't even want to do a loan lock at this time. That's a HUGE risk for a Buyer and then, yes, you got it, a Seller. Buyer can qualify, still has their job (see next paragraph on that issue), but rate went from 3.5 to I dunno, 4.125 and now buyer can't afford the monthly payment.....so Seller, poof, there goes your escrow. Yup, there are forms for that as well.....and Seller would not get to keep liquidated damages if mutually agreed upon at onset of contract.

Now, this morning again I read something about VOE's. For us Realtors, we understand that is a Verification of Employment. Done at the beginning of the pre-approval status, and then again right before loan docs get into escrow pretty routinely. What I read this morning? And, it totally makes sense with our unemployment situation right now. VOE's are happening the day we are due to fund and funding pulled back if buyer has lost their job. Rightfully so.

And, therein is the reason for one of our forms. Again, Seller would be left with their home, buyer would cancel. And, if done right from the onset, Seller would get no liquidated damages due to Corona Virus.

I see 'Cash is King' seriously coming back into play....very, very, soon.

And, there you go.....lots of info. I actually texted it to an upcoming Seller that falls under the LA City prohibition just this morning.....one paragraph to him. 

You guys get to read it in more ...Lauren Likes To Talk A Lot......'detail' here.

Across The Board Real Estate Considered An Essential Business

Ah, I wish you could read everything I've been reading about my profession and how it relates to the current pandemic. It's overwhelming, but I read EVERYTHING. And, our poor management team has heard from me a lot.

I've been home for weeks. Going out for essential items now and again. Mostly home and working towards closing escrows that opened prior to COVID 19. Working on keeping every one I know as informed as possible about Real Estate & the Corona Virus.

Over the weekend, California added us as Essential Business, there are still restrictions in place. But, our City and County have us considered basically the same way.

I'd been so upset with other Realtors selling homes, showing homes, etc. while we weren't listed as essential.

If you could read the content from the California Association of Realtors on what we can do, what we shouldn't do, what we need to advise.....they call it 'Best Practices'. Best because, quite honestly, who the hell knows, but here are the best suggestions we recommend.

I have a Fiduciary responsibility to my clients. They trust me to provide the utmost care and give them the most current information on what is happening in Real Estate, whether we have a health crisis or not.

Yesterday I sent an update to a Seller of a vacant home that has been on Hold for over a week since we first listed it. Both my Seller and myself felt we should be off market due to COVID 19 and reevaluate on April 1st. Yes, yesterday was March 31st but so many things have changed, we reevaluated a day early.

We'd been working towards getting it on the market for a couple months & it just so happened they were completely ready to go and then all the you-know-what hit the fan.

So yesterday the email consisted of my opinion, knowledge, facts, details, and then it was left to the Seller to leave the vacant property on Hold or release it as Active with ......a TON of showing restrictions to protect, as much as possible, any visitors to the home and my client.

I just hit the button that said 'Change to Active'. My stomach lurched. My anxiety is high. I'm heading over this morning to Lysol the lockbox & place a note that says please sanitize keys or wear gloves, hide it so no one goes in without signing the Declaration & Release, leave a trash can with instructions to dispose of whatever they used to keep healthy, dropping off some doggy poop bags to use as gloves just in case what my Seller left yesterday gets used up and a visitor doesn't have any.

And, I'll be taking pictures of all of that so when I get a copy of the signed Declaration & Release via email, I can send those pics back as a reminder of how to behave and stay healthy while out in these current Corona Virus trenches.

And, yes, this photo will be sent to prospective visitors too.....

Be Safe my friends......so incredibly grateful that this property is vacant. 

I'd probably have a full blown heart attack if there was a family living in the home.