Amid the uncertainty of the COVID-19 pandemic, this week has some positive news. Even though the Shelter in Place order has been extended until at least May 3rd, there are signs of optimism.
Sereno Group 1% for Good
As part of our 1% for Good Program, Sereno Group has established a $50,000 COVID-19 Relief Fund. It’s a way for us to give back to the community, distributing emergency grants ranging from $2,000 to $5,000. These grants go directly to nonprofit organizations that provide services and relief to individuals struggling and in dire need of support.
SF Bay Area Real Estate Least Vulnerable
ATTOM Data Solutions, a property data provider, released a special report centered on the impact of the Coronavirus pandemic. The Northeast and Florida topped the list of regions, as they have the largest concentration of the at-risk counties. The West and Midwest have the smallest number of at-risk counties.
The report considered the percentage of housing foreclosure units, home equity, and local wages required to pay for major home ownership expenses.
It’s too early to tell how much effect the Coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county. What we’ve done is spotlight areas that appear to be more or less at risk based on several important factors. From that analysis, it looks like the Northeast is more at risk than other areas. As we head into the Spring home buying season, the next few months will reveal how severe the impact will be.
~ Todd Teta, Chief Product Office
A Home Is Still A Smart Investment
The National Association of Realtors Research Group released a study related to single-family home price gains by years of tenure. The study analyzed data from all U.S. regions and 177 metro areas from 1989 through 2019. Here are some highlights:
- Homeownership is an important source of wealth creation.
- Home prices change over time, and the longer the tenure, the greater equity gains.
- Home price appreciation for those owning their San Jose-Sunnyvale-Santa Clara home for 10 years gained 50.9%.
Don’t put your dreams of owning a home in the San Francisco Bay Area on hold. There are still things you can do while sheltering in place. We can set up an automated search, alerting you to properties that fit your wish-list criteria. We can also work with a trusted local lender to get you pre-approved so you’re ready to take action when the perfect property becomes available.
Real Estate Services Now Classified Essential
Governor Newsom amended the stay-at-home order guidelines. Real estate is now considered an essential service. Even so, the first priority is to keep everyone safe. To help you with your real estate needs, here are the guidelines I’m working within:
- Only vacant homes may be shown.
- Any home showing should be done virtually whenever possible.
- If your vacant home is currently on the market, all showings are scheduled by appointment only.
- If we need to meet in person, we’ll drive separately and practice social distancing while we meet. Don’t worry, you’ll recognize me… I’ll be the one in a face mask. 😉
- If a home is vacant, I can guide up to two people at a time from the same household to view the property. If others are needed to see the property, they will need to wait outside and observe social distancing.
- All activities should be completed electronically, if at all possible.
- All parties (e.g., sellers, buyers, and their agents) must agree to the risks of showing and visiting properties. Each individual will be advised of their responsibility pertaining to and following COVID-19 protocols.
Reach Out & Connect
As with most guidelines and best practices related to the Coronavirus, things are evolving. I remain available virtually via phone and videoconferencing. I remain committed to serving my clients and being your source of the most accurate and current information available. If you have questions, want to share helpful resources, or simply wish to connect, please reach out! We’re in this together!