The Real Estate Beat

Spring Lawn Care After Snow, Rain, or Drought

Well – since we’re all home…. let’s work on the house!!! (If you don’t have a house to work on – great time to plan and budget)… back to the house – let’s talk about that yard….

Winter can bring extremes to many areas of the country. Shelter in Place even more so. If’ you’re stuck at home – what better time to work on the house…

No matter what this winter was like where you live, your lawn is probably in need of a little TLC. Here is how to bring your yard back from the dead after rain, snow, or drought.

After Rain

If your area had a rainy winter, your lawn may be in very good shape. However, there is a point where there may have been too much rain and lawns can become waterlogged, especially if you have clay or heavily compacted soil. Waterlogging is caused when water sits on the soil surface and drains slowly, or fails to drain at all.

The Problems

Algae, lichens and liverworts
Moss
Clumps of rush may seed themselves, forming tussocks
Dry patches

The Solution

Sweep off any excess water.
Aerate your lawn with 1-inch deep holes for mild waterlogged lawns and 4-6 inches for more severe cases. This can be done by hand, or with power tools like a hollow tiner.
Fill the holes with a free-draining material, such as lawn top dressings or horticultural sand which will allow the water to flow from the surface to deeper, less compacted layers.
Remove moss and algae and spray with moss killer.
Fertilize.

Prevention

Spiking it every few years in autumn
Feeding in autumn with a lawn feed, rich in phosphorus
Install a drainage system
Replace your lawn using turf laid on a bed of sharp sand

After Snow

After the snow melts, you may find that your lawn is not in the best shape. To help your lawn return to the lush green it once was, here’s what you need to know:

The Problems

Dead foliage
Snow mold
Dry patches
Compacted soil
Frozen sections

The Solution

Wait for your lawn to completely thaw. Raking or mowing your grass before it thaws is likely to tear out grass and leave open patches in your lawn where weeds will find a home.
Rake using a thatching rake to clear debris and thatch.
Check for grey or pink snow mold; a cottony fungus which grows 6-12 inches in diameter. Though there isn’t a product you can spray to rid your lawn of snow mold, a deep raking will cure most mild cases.
For lawns with compacted soil, aerate and fill holes with free-draining materials.
Don’t water right away. Grass roots need to chase the water from the melting snow and spring rains. This will encourage deeper root growth to make your lawn healthier.
Fertilize.

Prevention

Preventing your lawn from dying after the winter starts with your watering method. To help your lawn stay healthy year round, you should water:

Deep
Less frequently – don’t water every day
In the early morning, never in the afternoon due to evaporation or evening due to fungus.

After/During Drought

Many areas in California, Florida, Nevada, Oregon, Texas, Utah, and Oklahoma are experiencing severe drought conditions. Keeping a lawn healthy in these areas can be a challenge.

The Problems

Lack of water
Unbalanced soil
Unseasonably hot temperatures

The Solution

Before you start treating your lawn during a drought, make sure you know if any drought water laws or regulations exist in your area and comply with them.

Aerate and fill holes with nutrient rich fertilizer.
Water deep, evenly, and infrequently with a garden hose or professionally-installed irrigation system instead of hose sprinklers.
Overseed or “seed and feed” to increase moisture retention and restore soil balance.
Reduce mowing frequency and opt for a push mower instead of a ride-on one as heavy equipment can damage the fragile blades. Don’t mow your lawn until it gets to 3 inches to allow for maximum nutrient absorption into grass blades, and don’t cut off more than 1/3 of the leaf blade.

Prevention

The best prevention for a drought-ridden lawn is a wet winter and sufficient water supplies. Until Mother Nature cooperates, you can:

Install a deep irrigation system if you don’t already have one
Keep a watering schedule

I read this article at: HERE

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The Economic Impact of Buying a Home

The Economic Impact of Buying a Home

We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

When you buy a home, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the extra labor it requires to build the home.

The report also breaks down the average economic impact by state:

As a buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

Bottom Line

Whenever you purchase a home, you’re an economic driver. Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you. We’re here to help – Contact The Caton Team at any time! Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654 | Email | Info@TheCatonTeam.com

I read this article HERE

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

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The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

Testimonial of the Day- From Tonton and Angela

Testimonial of the Day – 5 Star Review From Tonton and Angela on GOOGLE.

“The Caton Team were absolutely excellent. They are quick to respond to any issues or questions that I may had. They personally found places that were right for me in the places that I wanted to live in. I ended up buying a place at a much lower price than I initially thought I would have to pay. You can’t do wrong with them.

The Caton Team were absolutely excellent. They are quick to respond to any issues or questions that I may had. You can’t do wrong with them.” – Tonton

Tonton and Angela – it was our pleasure to help you two buy your first home – the same week as your wedding! You two were troopers. Thank you for the kinds words – you two were equally as awesome and together we are grateful to have turned your Real Estate goes into reality. We wish you all the best and years of happiness in your new home!

Know of anyone who needs a hard-working, full-time, dedicated Realtor – let us know! We’d be happy to take great care of them!

To read all our testimonials visit The Caton Team Testimonials and Yelp!

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

Americans Are Still Optimistic About Buying

Americans Are Still Optimistic About Buying

Cities may be putting more social distancing measures in place to control the spread of COVID-19, but physical distance is not lessening consumers’ views on buying a home in the future. A new survey released by Point2 Homes, an online real estate marketplace, shows that home buyer sentiment remains resilient despite the global pandemic.

Point2 Homes surveyed 2,900 visitors to its site from March 23 to 26 to learn their views on the short- and long-term impact the coronavirus will have on their home search. Researchers found the 45 to 54 age group is the most optimistic about buying at this time. Fifty-five percent of respondents said they are still looking to buy a home, regardless of the outbreak. Respondents over age 65, on the other hand, showed more reluctance. Twenty-seven percent of respondents over the age of 65 said they have halted any actions in purchasing a new home at this time.

Overall, 34% of respondents said they are determined to buy a home in the next six months, and 25% said they plan to over the next year, the survey shows.

Concerns over the coronavirus aren’t derailing many home buyers’ plans either. Forty-one percent of respondents said they have no major concerns about buying a home during this time. However, 31% said they do worry about their financial situation and how it might change what they can afford. Twelve percent also cited other issues, like worrying about the limited number of homes that will be available. Sixteen percent cited health and safety concerns over house hunting during this time.

Thirty-five percent of prospective home buyers said they were no longer actively searching for a home but keeping an eye on the market and waiting until the coronavirus outbreak comes to an end, the survey showed. Nineteen percent said they are determined to buy as soon as they find the right home.

Screen Shot 2020-03-31 at 4.08.11 PM

More than a quarter of respondents said they’ve started looking for cheaper properties, while 42% of respondents said they haven’t made any changes to the homes they’re looking for, the survey shows.

Many are continuing their house hunt but using virtual tools to do it. Forty-four percent of aspiring buyers say they’ve put their focus on online tools to continue their search, such as putting more emphasis on property pictures, descriptions, and virtual tours.

“The reality at the moment is that many Americans are keeping their eye on the market, or are even actively searching for properties online,” Point2 Homes said in the study. “At the current pace of change, it remains to be seen how many will succeed and how many will put their plans on hold for the time being.”

Source: “Flash Survey Homebuyer Sentiment: U.S. Still Optimistic Despite Outbreak,” Point2Homes (March 26, 2020)

I read this article HERE

TOGETHER WE’LL GET THROUGH THIS

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

4 Ways Coronavirus Could Impact Housing Long-Term

Hi Caton Team Friends, doing my part to stay educated and safe during this Shelter in Place. I am reading as much as possible and will share articles here. Thank you for reading! – The Caton Team

4 Ways Coronavirus Could Impact Housing Long-Term

The COVID-19 outbreak will undoubtedly have a long-lasting influence on Americans and the housing market moving forward. Housing analysts are already weighing in on what those changes could be.

In a new report, Apartment List highlights a few of the long-term changes they foresee coming from the COVID-19 pandemic:

Mobility will initially be low before spiking.

“Geographic mobility generally declines during downturns, when a lack of job opportunities catalyze fewer long-distance moves across market or housing upgrades,” the report notes. Evictions and foreclosure moratoriums will also help slow mobility. But housing analysts are predicting a spike in moves once the COVID-19 outbreak eases. “Many upgrade and downgrade moves will be postponed rather than canceled, creating a reshuffling of households throughout the recovery,” researchers note. The future wave will include those relocating for jobs, moves to be closer to family, and young adults forming their own households. Also, those who still hurt financially even after the pandemic lessens likely will need to move too.

Affordable housing is likely to become even more difficult to find.

Affordable rentals and homes for sale were already in short supply prior to the pandemic. “Fewer people moving means fewer homes available,” the report notes. “With both pandemic and policy keeping people in place, affordable units will become even more rare through the 2020 peak season.” Luxury apartment inventory, on the other hand, may be abundant.

Housing inequality could increase.

Higher earners will likely take advantage of low borrowing costs for refinancing to lower their payments as well as have more choices with the growing luxury rental inventory. On the other hand, lower-income households will likely struggle due to a sluggish economy and face increased competition for limited affordable housing. “As shelter-in-place orders cover a growing share of the nation, those who are able to work remotely are at a distinct economic advantage,” the report notes. “Unfortunately, a correlation between income and the ability to work from home reveals that the lowest earners will be hit hardest by these measures. Fifty-two percent of full-time workers who earn more than $100,000 annually say they can work from home. But only 15% of workers who earn less than $25,000 are able to work from home.”

Sight-unseen housing is likely to accelerate.

Some households may need to make a move sight unseen into their new home or apartment. “Many apartment communities are already enabling virtual tours in response to the pandemic, and many renters and owners alike may soon be evaluating their next home through a tablet screen,” the report notes. “Mainstream adoption of sight-unseen moves will bring both opportunities and challenges for the housing market.” In the rental market, sight-unseen transactions may prompt elevated levels of rental fraud, Apartment List notes.

I read this article HERE

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

The numbers are in for 4.6.2020 – 4.13.2020

Hello Caton Team Friends. Each week I plan on updating us on real time market stats. Here are the numbers for 4.6.2020 – 4.13.2020. I also included the stats for March 2020.

Lender Update: Jumbo loans are currently on lock down too – as many banks are shying away from that price point. To obtain a mortgage your Credit Scores must be at 700 and 20% is needed for the down payment. There are loan products that offer some downpayment assistnace and work arounds so it’s best to check with several lenders and shop for your home loan. Let us know if you need any help or have any questions. Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654 | Email Info@TheCatonTeam.com

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

The Best Remote Working Essentials for Your Home Office Space

The Best Remote Working Essentials for Your Home Office Space

Being cooped up in a home office all day may not seem like the best way to inspire productivity. But, with the right atmosphere and essential office supplies, you can stay on task and make the best of your work-from-home situation.

Accepting that your home office is the real deal is the first step—that includes having a morning routine that resembles the one you were accustomed to when you were commuting to an office.

“Even though you are in a remote environment, it’s super important to get up and dress the part,” says Nellie Akalp, CEO and founder of CorpNet, in Westlake Village, CA. “Shower, eat breakfast, brush your teeth, and get ready just as you would for your office. Doing all of that instead of staying in pajamas can really affect mood and productivity.”

Next, it’s time to spruce up your professional base of operations to get you going for a productive day of work.

Work-from-home basics

All pre-pandemic remote workers already know a home office isn’t an office until you bust out all of the essential office supplies, all of which can be ordered online.

“For my team who has all gone remote to get through this trying time, we’ve stocked them with some good old-fashioned supplies: pens, pencils, notepads, and sticky notes. I live for sticky notes!” says Akalp.

A stylish notebook can make taking notes during Zoom meetings or Google Hangouts more enjoyable. We love this one with a cheeky message ($12, Amazon), this elegant version with a leatherlike cover ($17.27, Amazon), and this glam one with a marble pattern on the cover ($15.99, Amazon).

Lighting is also important and can set the right mood for the workday and productivity. Akalp recommends setting up your remote office in a room where there is plenty of light so you don’t feel gloomy. Whip open those blinds and curtains!

“A desk lamp ($28, Target) or some other kind of warm lighting helps make the room feel more comfortable than an overhead light,” says Brie Weiler Reynolds, career development manager and coach at FlexJobs.

Work smarter

If possible, you don’t want to just work from your laptop propped on your bed. You want your tech workspace to be comfortable and functional.

“A full-size keyboard and mouse are an ergonomic choice, and wireless versions ($49.99, Amazon) won’t clutter up your office space with more cords,” says Reynolds.

She also recommends a second monitor ($200, Best Buy) to provide relief to eyes and posture, which can help increase productivity.

“Ask your employer what they might be able to provide you,” says Reynolds.

And with everyone working virtually, conference calls are going to be more of a necessity to help keep workers connected (and sane). Friends, too. For situations where you need long videoconferences, you may want to go beyond the camera on your laptop and get an external camera, which frees up your workspace and provides better video quality at the same time ($70, Best Buy).

Reynolds recommends using headphones with a microphone ($16.55, Amazon) for conference calls, instead of holding your phone or using your computer’s microphone, which doesn’t offer the best audio experience for those on the receiving end. Bluetooth headphones or AirPods with a solid microphone ($159, Apple) will also work.

Since you’re going to be in your home office all day, you might as well make it your new 9-to-5 happy space. This means adding everything from freshly cut flowers to artwork to office plants ($8.99, Amazon).

“Greenery in your office has several benefits,” says Reynolds. “They act as a mood booster, an oxygen cleanser, and have some of the similar benefits as getting outdoors can have, including reduced stress, increased energy, and a feeling of calm.”

Since the home office will be your new normal for a while, Reynolds suggests taking advantage of the situation by decorating your office with anything that energizes, inspires, or gives you a happiness boost.

“Opt for lots of photographs of outdoor spaces, your friends and family, and other scenes that are important to you,” Reynolds says. Hanging photo holders ($25.99, Amazon) make it easy to display these cheerful scenes on the wall.

Take a break!

So now that you have your little home office up and running, don’t expect to spend all of your time with your head down. Working from home requires a lot of discipline, and that includes learning when to take a break. If you’re easily consumed by your work and need a little reminder to breathe every now and then, there’s an app for that.

Reynolds recommends Time Out, Self Control, or Workrave.

“Or just set the time on your phone to go off every hour, reminding you to get up a stretch,” she says.

By Ana Durrani | Mar 27, 2020

I read this article HERE

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

How Record Unemployment Claims Will Affect the Housing Market

As businesses across the United States have been mandated to close their doors in a desperate effort to slow the spread of COVID-19, people have been losing their jobs left and right. Now, we’re seeing the first unemployment report since the first “shelter in place” orders, and it’s far more grim than anyone had expected.

A record 3.28 million Americans filed for unemployment support in the week ending March 21—the most claims ever filed in a single week.

“Normally, when an economy goes into a recession it develops slowly over time,” says realtor.com® Chief Economist Danielle Hale. “That’s not happening this time around. … It’s pretty clear that the economy is grinding to a halt pretty suddenly.”

It will also be a tough blow to the already wobbly housing market, since those who lost their jobs are not likely to be buying a home anytime soon. Even the millions of Americans who haven’t been laid off or lost work yet are likely to hold off on a major purchase, fearing for the stability of their employment. And while ultrawealthy buyers may be insulated from the downturn, they may still balk at plunking down millions of dollars on a property they can’t even walk through. In response to this lack of demand, many sellers will likely pull their properties off the market until the crisis passes.

However, folks shouldn’t expect home prices to plunge by the double digits as they did during and after the Great Recession. In the last downturn, there were many more properties for sale, due to an overabundance of construction and mass foreclosures, than there were qualified buyers.

This time around, there is a severe shortage of housing for sale. Builders haven’t been putting up enough homes to meet demand for years. And there isn’t likely to be a huge wave of foreclosures because borrowers are in better financial shape. Plus, the federal and many state governments, along with some banks, are rolling out forbearance and other programs to help Americans who’ve lost their jobs stay in their homes. This is all likely to stabilize prices.

“Price growth will slow, and it’s possible that prices could decline” in certain markets, says Hale. “Folks expecting price declines to happen like they did during the last recession are going to be disappointed.”

The hardest-hit areas will likely be those with the highest percentage of jobs in tourism, leisure, and hospitality, the industries most affected by the novel coronavirus. But even in these areas, Hale doesn’t expect prices to go down more than 5%.

However, sales will slow down as there are simply fewer buyers and sellers in the market. Plus, it’s harder to transact remotely.

“We will see a shocking drop-off in home sales in a very short period of time,” says Hale.

They’re likely to rebound when the virus is under control, but there will almost definitely be fewer sales this year than anticipated before the pandemic.

“We don’t know when things will get back to normal,” she continues. “But when they do … we might also see a really strong bounce back.”

But Americans should expect things to get worse before they get better. Jobless claims will likely remain high until the crisis abates—and that timeline is still unclear. But the federal stimulus package expected to pass, which includes $1,200 checks to most Americans, could help to steady the markets.

“All the incoming data will also be off the chart for a few months,” Lawrence Yun, chief economist of the National Association of Realtors®, said in a statement. “The key is whether the stimulus package can reverse all these damages by the second half of the year.”

By Clare Trapasso | Mar 26, 2020

I read this article HERE

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

Home Selling in the Age of Coronavirus: It’s a Whole Different World

Home Selling in the Age of Coronavirus: It’s a Whole Different World

THIS ARTICLE POSTED AT AN EARLIER DATE – Please adhere to new County Safety Standards.

In the not so distant past, Seattle open houses were packed with home buyers eagerly poking their heads in closets, perusing spec sheets, munching on snacks, and offering bids above asking price in this ultracompetitive market.

Then on Jan. 20, a Washington state resident became the first confirmed case of the coronavirus in the U.S.—and slowly but surely, everything changed.

According to Seattle-based real estate agents, open houses are now significantly more guarded affairs, and some have been canceled outright. Attendance of the open houses that are still taking place has been noticeably lighter than it has been traditionally, and attendees seem to be less interactive—most are doing their best to keep their distance from one another, and don’t dare crack open a closet or touch a countertop without clenching an antiseptic wipe.

“We are seeing a lot more hand sanitizer and Clorox wipes at open houses,” says Wes Jones managing broker with Keller Williams in the Seattle suburb of Bellevue, WA. “We also make sure to wipe down the front door handle a number of times throughout the open house. It also appears that not shaking hands at all is quickly becoming acceptable.”

Meanwhile, more home sellers leery of the potential health risk of strangers at their open houses are refusing to host them.

“We did have one client decide not to have us continue with their public open houses,” Jones says. “We will continue to show their property by appointment only.”

He’s also seen more home buyers pulling out of the market and putting their searches on hold for now. But “the worst-case scenario is that we go from a really hot market to a more normal market,” he says of Seattle.

“I am not naive enough to believe that the overall economy may not be impacted short term by this scare,” he continues. “What could happen next? That remains to be seen.”

How the coronavirus is changing how people sell homes

Welcome to the reality of selling a home in the era of the coronavirus. Anxieties abound, not only about catching the virus that causes COVID-19, but also the volatile stock market, the shaky economy, and general fears of a coming recession—all of which could plunge the U.S. real estate market into a forced hibernation right when it’s supposed to leap into overdrive this spring.

While Washington state may be coronavirus ground zero with the earliest known cases, and some of the highest levels of infection in the U.S., (according to the Centers for Disease Control), the panic is being felt nationwide by real estate agents who’ve noticed a drop-off in the number of home buyers and sellers willing to mingle and make a deal.

“The coronavirus is leading to fewer home buyers searching in the marketplace, as well as some listings being delayed,” says Lawrence Yun, chief economist for the National Association of Realtors®. “In the latest flash survey, 11% of Realtors indicated a reduction in buyer traffic and 7% are reporting lower seller traffic when asked directly about the coronavirus impact on the market. The stock market crash is no doubt raising economic anxieties, while the coronavirus brings fear of contact with strangers.”

Ironically, this downturn comes at a time when buying a home is more affordable than ever. Just last week, Freddie Mac reported that interest rates hit a near 50-year low, at 3.29% for a 30-year fix-rated mortgage.

“The dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions, but it is too early to assess whether lower interest rates can overcome the economic and health anxieties,” says Yun.

Nonetheless, he continues, “in the short term at least, home sales will be chopped by around 10%, compared to what would have been the case, due to the spread of coronavirus.”

Seattle’s housing market: A harbinger?

As for what could happen next, many are looking for clues in the Washington real estate market. It’s still strong, but due to the double whammy of the area’s virus exposure levels and plummeting stock portfolios, experts are watching it closely for signs of decline.

“Anytime you have local stocks like Amazon and Microsoft experiencing a 15% drop, that is a lot of perceived wealth that has been taken out of the market,” says Nick Glant, founding broker at Compass in Washington. “That said, some buyers and investors are looking at housing as a safer asset class than equities given the recent volatility.”

Glant’s biggest worry is whether the virus forces certain areas of Washington to go on lockdown.

“The only thing I would see as a detriment to selling in a significant way would be a larger-scale quarantine situation,” he says. “It will also be interesting to see what happens to relocation buyers should more travel restrictions be put in place. Tech relocation is a significant driver of our market, and if people cannot easily come out to tour properties in advance of taking a job here, they may be more apt to rent in the short term.”

Meanwhile, home buyers in other areas hit hard by COVID-19 (like California and New York) are feeling nervous, too.

“Concerns just started this week,” says Janine Acquafredda, a broker at House n Key Reality in Brooklyn, NY. “So far, homeowners haven’t voiced any concerns with regards to showings, and sellers are still listing without restriction. But I do have buyers and sellers reluctant to attend closings if it involves taking the subway, and one closing was postponed by an attorney because his client was very ill—exhibiting flu-like symptoms—and didn’t know what she had. He said, ‘I’m not going to put myself in that position.'”

How home buyers and sellers can limit their exposure

Ultimately, determined home buyers and sellers will find a way—it may just look a little different than before. For one, the days of lavish, party-atmosphere open houses with finger food or baked cookies may be over, at least for a while.

“I do think agents may rethink hosting large open-house events with spreads of food and drinks where people are picking up plates, napkins, and plasticware along with pouring drinks out of bottles,” says Cara Ameer, a real estate agent in California.

Another way home buyers and sellers are limiting their exposure is by opting for virtual tours.

“As a virtual tour provider in Washington, DC, we are seeing an uptick in demand for video and more elaborate virtual tours so homeowners don’t need to have an open house,” says Roman Caprano at Sky Blue Media. “In our market, homes sell in days, so many agents typically only invest in photos, but now they are purchasing more content.”

“These virtual tours work like Google Street [View] within a house,” says Jones, who uses Matterport software to give buyers a 3D, multidirectional spin through a property.

While it can’t completely replace an in-person showing, says Jones, “a virtual tour can help them understand the house better. For those that are concerned about the virus, this allows them to make a more informed decision about the property and whether to get out and go see it.”

Nonetheless, “the reality is real estate is a contact sport,” says Ameer. “And that means exposing yourself to a lot of potential germs from shaking hands, interacting at open houses, and touching all sorts of doorknobs and light switches multiple times a day.”

As such, she adds, “I think we need to adopt a new normal of practices during this period of time.

“I now carry a canister of disinfecting wipes in my car so I can wipe my hands and the steering wheel after being in and out of houses,” she says. “I have also wiped down lockboxes, light switches, and doorknobs on my listings, and encourage customers to do the same. While you don’t want to make anyone feel uncomfortable, it is better to err on the side of caution rather than worry about exposure. You can never be too careful.”

By Erica Sweeney | Mar 12, 2020

Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, and other publications.

I read this article HERE

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U.S. Suspends Most Foreclosures Amid Coronavirus Uncertainty

U.S. Suspends Most Foreclosures Amid Coronavirus Uncertainty

There is plenty to worry about as the number of COVID-19 cases in the U.S. ratchets up, a prolonged recession becomes likelier, and more Americans’ jobs are in jeopardy. But to ease some of the pressure, many folks won’t have to fret about the immediate prospect of losing their homes.

The Federal Housing Finance Agency announced on Wednesday that Fannie Mae and Freddie Mac would suspend foreclosures and evictions for at least 60 days for all borrowers who can’t make the monthly payments on their single-family home loans. The suspension applies only to Fannie or Freddie loans, which make up about half of all residential mortgages, or 28 million borrowers.

The FHFA had previously announced that the mortgage giants would provide payment forbearance to homeowners affected by the coronavirus who are struggling to make good on their loans. The forbearance can last up to 12 months.

Fannie Mae borrowers won’t have their late payments reported to credit bureaus when they participate in a forbearance plan. They also won’t incur late fees. When the forbearance ends, borrowers will work with their mortgage servicers to come up with a plan to to reduce their payments or receive a loan modification.

Fannie and Freddie borrowers “tend to be middle-class borrowers, and many of them will be hard-pressed,” says Mark Zandi, chief economist at Moody’s Analytics. “Many of these homeowners are going to lose jobs, they’re going to lose hours, and they’re going to lose pay. So they’re going to need help quickly.”

During the Great Recession, when foreclosures were rampant, Fannie and Freddie suspended foreclosure sales from Nov. 20, 2008 to March 6, 2009.

But foreclosures had plummeted in recent years thanks to a strong economy, high home prices, and many homeowners building up equity in their properties as a result. About a third of homes are owned outright with no mortgages,

But the spread of the COVID-19 virus has since upended the economy, cratered the stock market, and led to widespread business closures and layoffs.

Suspending foreclosures is “a good policy in these uncertain times,” says Lawrence Yun, chief economist of the National Association of Realtors®. “For people who are suffering income losses, it gives them time for unemployment income to come in and the federal stimulus money to come in.”

Homeowners worried about falling behind on their payments should contact their mortgage servicers as soon as possible to make arrangements, say FHFA officials.

The policy will allow folks “to stay in their homes during this national emergency,” says FHFA Director Mark Calabria.

By Clare Trapasso | Mar 18, 2020

I read this article HERE

Got Real Estate Questions? The Caton Team is here to help.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email | Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

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