What’s Going On With Real Estate?


How are Property Showings done during SIP?

Virtual showings are highly encouraged if possible. If not, viewings of properties are still allowed under the SIP order.

– No more than 2 buyers from the same household can attend the showing with one Realtor practicing social distancing. If the property is occupied, occupants must not be present.

– Masks and other protective equipment are recommended.

In order to confirm a showing, Realtors are required to have the Coronavirus Property Entry Advisory and Declaration (PEAD form) signed for each showing of each house. Sellers sign to confirm and accept the showing. In addition, it has become common for Sellers and their Realtors to request buyer pre-approvals and proof of funds as part of the request for showings. This is to limit the number of showings, thus keeping all parties safe! Feel free to contact me for details.

Interest Rates this Week

Rates are mostly unchanged. 3.25% on 30 Year Conventional Loan with 20% down.

What’s on the market?

Alameda Homes For Sale

Market Activity

This week in Alameda, 4 properties have Sold (all for above the list price).

This same time last year, 17 properties Sold (3 below list price, 2 at list price and 12 sold above the list price)

This is perhaps the most striking data yet to show the affect of COVID 19 on the Real Estate Market. While several properties are Pending, there are many delays due to the pandemic. In some cases, transactions are canceling due to employment issues experienced by buyers. Closing only 4 properties in the span of a week during our typically very busy home selling season is highly usual.

How are Home Values holding strong despite the volatility in the job market and overall economy?

Home prices are holding steady because inventory continues to be low. While some buyers have pushed pause on their home searches, other buyers have continued to stay in the market and buying the few homes that are still available. We won’t likely see a price shift until we see supply outpace demand.

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