Covid-19 Real Estate Checklist For Open House.
Governor Newsom Releases Updated Industry Guidance – Real Estate Transactions.
Please review PDF below that demonstrates what we as REALTORS are expected to do before, during and after we hold an OPEN HOUSE (by Appointment Only BTW) and what attendees can expect.
Here is the PDF:
Covid-19 Real Estate Checklist For Open House
Please contact me if you need any further clarification on how to view homes for sale during Covid-19
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Some Lenders Not Exercising Foreclosure and Granting Forbearance
Covid-19 CARES Act allows Forbearance on Mortgages
April 14th 2020
Reports from the MBA (Mortgage Bankers Association) say mortgage servicers are getting hundreds of calls from homeowners that are feeling the strain of COVID-19, unemployment and compromised household budgets. These homeowners are seeking temporary forebearance on their home loans. Please call my Lender Dean Wong at RPM Mortgage if you need assistance.
Before Covid-19 only 0.25 of mortgages were in “forbearance”. Now, we see the nearly 2 million loans have been granted forbearance which is 3.74% of all mortgages.
For relief check out this article that talks about the Forbearance provisions under the CARES Act
If you had plans to list your home in 2020, you still can. What changes can you expect though?
The main takeaway is your home may be very sought after since other sellers may have decided to hold off marketing their home.
Obviously you now want to deal with the number of people touring your home. You will want to restrict the traffic to 2 people at a time and make sure they feel healthy with out symptoms of Covid-19 including a temperature. You may also want to restrict tours to pre-approved and serious buyers only.
Realtors are also asking buyers to use hand sanitizer, wear booties and refrain from touching anything. As well, The California Association of REALTORS has these guidelines CAR Best Practices Covid-19
To assist you, C.A.R. has released two new forms: One is a Listing Agreement Coronavirus Addendum or Amendment (RLA-CAA) for sellers and listing agents to sign, and the other is a Property Viewing Advisory and Declaration (PEAD) that is to be given to and signed by the seller, buyer, agents and anyone else who will be entering a property.
The process will surely be a bit slower than pre Covid-19 also since there are so many components to close a sale.
The purchase agreement will have a closing date though some agents are writing clauses into the contract that basically foresees the possibility of a delayed closing due to Covid-19 issues.
How Will Coronavirus Affect The Santa Monica and Pacific Palisades Housing Market
Santa Monica, CA – March 23rd 2020 – Home sales and prices dropped last month in Los Angeles County, and authorities think the worldwide onset of the novel coronavirus may have rattled the market.
The county’s median home sales price dipped nearly 4 percent from December, the California Association of Realtors reported Wednesday. Statewide, the picture was even worse. California’s median single family home price dropped 6.5%. in a month.
Countywide, the median home price in January was $617,520, down from $641,340 in December. But year-over-year home prices remained solid at about 9% higher than in January 2019. A year ago, the median price of an existing single-family property was $566,010, according to CAR data. Home sales countywide also sank, dropping 22.3%. Still home sales were up 17 percent from the year before, according to CAR.
Statewide, the median price last month was $575,160, compared to $614,880 in December. In January 2019, the median price was $536,830, reflecting a year-over-year rise of 7%.
The median represents the point at which half of homes sell above a price, and the other half below it.
CAR Chief Economist Leslie Appleton-Young said that the real estate market was rattled at the beginning of the year, like other markets, by the worldwide onset of the novel coronavirus originating from China.
“With interest rates on a declining trend again due to concerns about the impact of the coronavirus, motivated buyers will have an opportunity to stretch their purchasing power in the housing market,” she said. “The economic outlook, however, is less clear than a month ago, before the outbreak of the disease, and we should expect market uncertainties to continue to linger on for the short term.”
The association’s Unsold Inventory Index for January indicated that the median time a property was on the market before it sold in California was 31 days. In Los Angeles County, it was 26 days.
The average price per square foot for an existing single-family home in California last month was $275 — $12 more than in January 2019.