Inventory Watch – Spring Start Over

We are back to having a similar number of California showings as we had in the first week of March!

It looks like we will jam the usual six-month-long selling season into just four – May through August – but only if there is enough to sell. The showings leveled off recently, and it might be because buyers have seen everything there is to see. But the total number of new actives did surge higher, but that might only mean you have 1-2 more to look at:

The 121 new listings this week is the most since we had 122 on March 11, 2019 –  yet we’re still 200+ listings behind where we were a year ago. The new pendings had a big week too with an increase of 57% over last week’s count:

Mortgage rates hit their all-time low this week, so it’s all blue sky ahead!

Weekly NSDCC New Listings and New Pendings

Week
New Listings
New Pendings
Total Pendings
Mar 16
83
55
329
Mar 23
59
31
289
Mar 30
63
31
251
Apr 6
57
21
219
Apr 13
48
17
194
Apr 20
63
29
192
Apr 27
79
40
205
May 4
86
40
208
May 11
91
48
226
May 18
95
44
224
May 25
121
69
266

Statistically, we are cranking!

(more…)

Top 30 Markets Affected

We are #24 on the Top 30 markets to be affected by the coronavirus, which is pretty far down the list – and we’re still relatively affordable when compared to other higher-end areas.

For those who are thinking of moving to a more affordable area and aren’t affected by the statistics, here are my favorites that still have a 2020 median SP under $300,000, in order of how they rank on the list:

Las Vegas – $283,000 (1st)

Miami – $275,900 (5th)

Orlando – $245,000 (6th)

Ft Myers – $235,000 (8th)

Fresno – $265,000 (12th)

Lakeland FL – $193,000 (13th)

Memphis – $145,000 (21st)

Jacksonville – $210,000 (25th)

Daytona Beach – $202,000 (26th)

Phoenix – $288,000 (28th)

And their surrounding suburbs might be an even greater value!

https://www.usatoday.com/story/money/2020/05/20/cities-on-the-verge-of-a-covid-driven-housing-crisis/111782790/

NSDCC Since April 1st

They send out this survey twice each month – on the 15th and 21st – so these agent comments above were based on their market observations around then. Hopefully they have gotten back to work by now:

Town
Zip Code
New Listings Since April 1st
New Pendings Since April 1st
Cardiff
92007
18
3
Cbad NW
92008
25
15
Cbad SE
92009
63
36
Cbad NE
92010
18
15
Carlsbad SW
92011
47
20
Carmel Vly
92130
79
50
Del Mar
92014
28
10
Encinitas
92024
71
38
La Jolla
92037
60
16
RSF
92067
38
15
Solana Bch
92075
13
2
NSDCC
Totals
460
220

We have had 220 new pendings since April 1st, which is remarkable! The 220 is today’s number, of which 47 have already closed. Others that went pending and fell out of escrow are not included.

Real Estate Masks

We noted one sales hazard caused by the virus – the increased difficulty of showing homes.

Want another?

I hate the masks……..all you see is eyeballs.

Have you noticed the differences when around masked people?  Reading facial expressions is near impossible, and we’re left with interpreting eyebrows!

Isn’t there less talking too? Which leads to people not listening as intently as well?

According to a study, 55% of any message is generated by face and body.  And when verbal and non-verbal communication contradicts, non-verbal is mostly true. You should believe in non-verbal cues.

The face masks enable home buyers to disguise their interest when touring a home, and real salespeople will notice the difference immediately.

For example, agents will attend the showings of their listings by outside agents to size up the buyers.  We’re trying to assess whether we can trust these people to make it to the finish line, and their non-verbal communication has been a big determining factor…..until now!

Get Good Help!

PEAD

We should take precautions during the coronavirus era, so let’s inform the buyers and sellers what to expect before showing a house. Here we go:

As you may know, the industry recently received guidance from the California Department of Health and Cal/OSHA (the “Guidance”) regarding the handling of real estate transactions, especially the showing of properties for sale. Pursuant to that guidance, we have created a Compass “Shown Property COVID-19 Prevention Plan,” (the “Plan”) attached below, which is to be used as follows:

1. The Plan is to be posted at the door of every property we show or enter, for each showing or entrance.
2. The Plan is to be forwarded to every person entering the property, including prospective buyers or inspectors, by email prior to the entrance. It should be emailed with the PEAD and the person entering should be required to both sign the PEAD and acknowledge the Plan, promising to comply with its requirements while at the property. Your cover email should state that entry to the property constitutes an agreement to comply with the Plan.
3. The Plan, or a link to the Plan, must be included in all online public and MLS listings of the Property.

Furthermore, the Guidance outlines certain other practices that should be followed at all showings and inspections.

1. Commonly used surfaces, like door and cabinet handles, counter tops, toilet and toilet handles, sinks / faucets, and light switches should be wiped down, preferably by the seller, before and after every visit.
2. Open doors, windows, and ventilation systems prior to each showing to introduce outside air to the property.
3. Open all interior doors and turn on all lights before showings so as to minimize the need for touching.
4. Wipe down any item you get from the seller, such as keys, after each use.
5. Schedule appointments with sufficient time in between to conduct the necessary cleaning.
6. If you provide sanitary wipes, face coverings, gloves, etc., place them at the property’s entrance so they can be used or put on prior to entry.
7. Require each person entering the property to wash their hands with soap and water at the sink closest to the property’s entry prior to touring or inspecting the property.
8. No flyers or paper are to be handed out or left at the property for circulation to prospective buyers.

I hope we don’t get so engrossed with adhering to the rules that we forget about selling the home! Here’s the form so you can read it in advance:

Coronavirus_property_entry_advisory_and_declaration

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