Nearly 85 percent of California REALTORS® surveyed between 3/14/20 and 3/16/20 expect the coronavirus to have a negative impact on their business. The biggest areas of concern include open house traffic, where roughly 80 percent expect negative effects. In addition, California REALTORS® expect adverse impacts to sales and the expected time on market it will take to sell a home. In addition, nearly two-thirds expected less supply on the market, and more than half expect to run into problems during the closing process. More than half of REALTORS® surveyed have already experienced buyers holding back on a purchase due to the coronavirus. Less than 45 percent of REALTORS® had experienced a seller holding back due to the coronavirus, however more than 10 percent of respondents have experienced a seller removing their home from the market completely due to the outbreak, which will likely depress housing supply even further.
From a macroeconomic standpoint, housing demand is likely to be negatively impacted at the top end of the market due to weaker demand from potential buyers who have recently lost wealth in the stock market. However, low rates will likely attract buyers who rely heavily on debt financing to purchase their home. On net, C.A.R. expects that economic uncertainty, a lack of available inventory, and slowing demand to result in fewer home sales in California this year. C.A.R. expects lower home sales this year than the 393,500 annualized rate it initially forecasted last fall.
Every where I turn these days I see signs or large billboards advertising selling your home for quick cash. The signs say, “sell your home UGLY” with the cartoonish Caveman. Often I think to myself, “why would anyone sell to these hawkish investors”? Whenever someone sells out of necessity or they need cash fast, do they ever get a fair price for their asset? For example, do you ever receive top dollar for anything sold at a pawn shop? The answer is easy. NO! No matter the circumstances, selling a house quickly and “UGLY” is never a good idea. In today’s market of extremely high priced houses, why would anyone sell without first consulting with a professional about getting TOP Dollar for their home. My point is this, it’s OK to sell quickly in a must need fast cash scenario, however, sell wisely and speak with a real estate professional first. I see so many investors taking advantage of homeowners by giving them pennies on the dollar because they need a quick sale for immediate cash. If this is you, let’s talk first. I propose we sell your home for TOP Dollar by me HELPING-YOU-FLIP your home for maximum profit to the seller, not the investor! Makes sense right? Dont sell your “UGLY” house for pennies on the dollar. Let me help you fix or repair your home so it can become a FLIP house and sell for TOP DOLLAR!
The end game here is simple. Don’t sell you home UGLY and miss out on the record high housing market. Let’s talk first. Let me HELP-YOU-FLIP your home for maximum profit.
With homes prices going up and no price relief on the horizon, lenders are coming up with new ways to get buyers into houses. My lender David Wood of 20 years has a new loan program for income qualified buyers short of a large down payment. See below for details.
