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Home buyers looking to move to smaller cities & towns

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According to a new report by Redfin, 27 percent of prospective homebuyers say they are looking to move out of their current metro area. New York, Los Angeles, and San Francisco all saw a net outflow of homeowners in April and May.

Certainly, the pandemic and work-from-home opportunities are primary factors as well as the high cost of living in many coastal cities.

Analysts point out that the trend out of expensive metro areas had already started before the arrival of COVID-19 but current conditions have accelerated the trend.

Home improvement increasing

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As the United States slowly reopens, an increasing number of homeowners think that it’s a good time for home renovation. In a June poll by Civic Science, 38 percent of U.S. households are planning a major home improvement project in the next 6 months.

And of those making improvements, 41 percent say they are going to do the work themself; 26 percent are going to hire a professional; 33 percent will combine DIY work with the help of a professional.

Finally, Home Depot is the choice of 53 percent over Lowes (48 percent) as the current big outlet where customers are most comfortable shopping.

Is this a good time to upsize?

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If your family is growing or working from home has made condo or starter home feel a little cramped, now may be a good time to upsize. Interest rates remain low and, while there isn’t an abundance of inventory, higher-end home can often be had for a bargain.

Of course, selling your current home for the right price might be a challenge but renting it, at least temporarily, might be a good option.

Finally, given the uncertainties of the current economy, it makes sense to be a bit cautious. However, if you can afford it, this could be a perfect time to upsize.

Bay Area home sales down by 50% in May

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The latest report by the California Association of Realtors confirmed what many suspected: home sales in the Bay Area dropped by 51.1 percent compared to May 2019 and prices declined by 2.5 percent. Since it takes 30 to 60 days for a sale to close after an offer has been accepted, many sales went into contract in Apil when the state was still on strict lockdown.

Analysts remain optimistic that as the state slowly reopens and the economy rebounds, pending sales will start to creep upwards. Meanwhile, restrictions remain: open houses for realtors and the public are not allowed, while one-on-one showings are permitted if a virtual showing is not possible.

Most realtors report that they continue to get calls from San Francisco residents looking to move to the suburbs as they continue to work from home and the lure of the city is no longer as strong.

Median prices RISE

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Despite the recession, pandemic, and social unrest, realtor.com reports that median prices rose year-over-year by 4.3 percent for the week ending June 6. granted this is lightly below the 5-6 percent increase normally seen this time of year, but it far exceeded many analysts’ expectations.

There are two major reasons for what is going on: lack of inventory and a sizable portion of eager buyers, drawn by record-low interest rates (2.94% according to Mortgage News Daily).

Experts say to expect a competitive buyers market this summer with multiple bids except, perhaps, in the high-end market where inventory remains strong.

Bay Area renters still paying

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Despite all that’s going on in the Bay Area and the world – the coronavirus, high unemployment, social unrest – approximately 90 percent of Bay Area renters made their June payments or at least a partial payment. With nearly 5 million Californians out of work, stimulus payments, supplemental unemployment benefits and simply prioritizing rent seem to have gone a long way.

However, with some federal benefits due to end in July, there is considerable concern over what’s ahead. Currently, California lawmakers are considering allowing landlords to receive tax credits in exchange for forgiving rent. Tenants would have years to repay the debt and some may be eligible for debt forgiveness.

While many cities and counties have enacted eviction moratoriums to protect the most vulnerable, many of these measures are scheduled to end soon.

COVID-19 & the Real Estate Market in CA

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Not surprisingly, Californa experienced the worst month-to-month sales decline in April 2020 in over 40 years. The Bay Area saw the biggest decline in California with sales dropping 37 percent. While virtual tools have come in to play, the shelter-in-place orders and the lack of open houses has severely impacted Californa real estate.

Home prices dipped slightly although the difference between April 2020 and April 2019 is statistically flat. Most of the biggest declines were in high-end homes. Even with low inventory and decline interest rates, analysts expect home prices “to be tested” by the economic challenges currently facing the region.

Home office space now in demand

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As millions of Americans shift to remote work, the majority don’t have a dedicated home office but it’s now at the top of their wishlist. With the possibility of working from home even after the pandemic subsides, many homeowners are realizing that a repurposed dining room or bedroom is just not ideal.

According to Zillow, the number of online searches for home office space has increased by over 50 percent since May of 2019.

Likewise, sellers are emphasizing home office space in their lists 8.2 percent of the time, an increase of 10 percent over 2019.

Buyer’s or seller’s market going forward in 2020?

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The short answer is: who knows?

While many predicted 2020 would be a very strong seller’s market, the coronavirus has turned everything upside-down and all bets are off.

On the one hand, loss of income and the threat of more losses could keep the buyer pool much smaller this year. Since mortgage rates continue to be very low, this could indicate a buyer’s market for those comfortable taking the leap.

On the other hand, housing inventory continues to be low and home prices have not come down.

Seller’s market?

Some analysts see potential buyers delaying their decision for many months. If the demand does increase, expect prices to eventually rise 3% to 5%.

Real estate showings during a pandemic

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As the current pandemic continues to affect all sectors of the global economy, the overall effect on real estate has yet to be determined. To date, home listings have decreased by approximately 30 percent while asking prices have continued to decelerate. On the plus side, mortgage rates have dropped to an all-time low.

With a pause on open houses and in-person showings, real estate agents are using technology more-and-more to show properties. Video is now a dominant tool whether it’s virtual reality hoe tours, virtual neighborhood walks, and drones to convey a strong sense of place. Agents also use live streaming through social media to create excitement about a property. Virtual listing appointments can also be scheduled using Zoom.

Finally, a smart lock system allows buyers to visit a property when no one else is present by using one-time access codes through a smartphone. This can greatly increase the number of house showings.