The Most Commonly Delayed Home Repairs

 The most commonly delayed home repairs

Source: Sears Home Services
Seventy percent of homeowners of about 1,000 recently surveyed say they have delayed home repairs since the start of the COVID-19 pandemic, according to a new report from Sears Home Services. Some consider those home repairs “critical,” too. Furthermore, nearly 60 percent of homeowners surveyed say they felt it’s acceptable to put off critical home repairs in the pandemic.

Many homeowners may be delaying home repairs due to their finances, the survey finds. Homeowners under financial stress are the most likely to report postponing repairs to broken appliances (34%), water damage (31%), electrical issues (30%), and roof repairs (29%), according to the survey. These postponed repairs, however, could result in pricier fixes later on or even dangers.

 

To see the whole report click here.

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Francis

Silicon Valley real estate
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Gov. Newsom Signs New Eviction Protections Lasting Through January

Gov. Newson signs new eviction protections lasting through January.

From: Source: Los Angeles Times – Full article by Patrick McGreevy.

California state lawmakers passed a plan to protect tenants from eviction through January as long as they pay 25% of the rent due starting with the month of September.

This minimum of 25% of the rent can be paid each month, or it can be paid in delayed payments as long as all of it is paid by January 31, 2021.  Gov. Newson signed the legislation Aug.31^st. 

Tenants are still responsible for paying unpaid amounts to landlords, but other than the 25% of the rent due beginning in September, any rent unpaid between March 1, 2020, and January 31, 2021, because of a COVID-19 related inability to pay cannot be the basis for an eviction.

Landlords will be able to recover this debt in court, however, beginning March 1,2021, and small claims court jurisdiction will be temporarily expanded to allow landlords to recover these amounts.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
Price your home with my online valuator.

Most Common Home Improvements During the Pandemic

More than three-quarters of about 1,000 homeowners surveyed this month say they have carried out at least one home improvement project since the start of the COVID-19 outbreak, according to a new survey fromPorch.com, a home remodeling website. 

According to the survey, homeowners have spent a median of $17,140 on improving their homes since the pandemic began, with an average of five improvement projects per household. To fund these household projects, 38% dipped into savings, 23% used credit cards, and 13% used their government stimulus checks.

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Francis
Silicon Valley real estate
Trends: Local prices and graphs.
A noteworthy local non-profit:  Community Services Agency - in Mountain View

Silicon Valley's Market Continues Its Upward Pace

Some news from the trenches, as of the 2nd week of June:  
At the Los Gatos-Saratoga District Virtual Breakfast Meeting this week, C.A.R. President-elect Dave Walsh was upbeat because weekly market stats he has tracked show the market is continuing on an upward pace. Sellers are returning to the market and buyers are even bidding on homes.

Walsh's data for Santa Clara County shows sales since March have been increasing to an average of 200 a week. Sales dropped to a mere 99 the week after county Shelter-in-Place order was imposed. 

Walsh said, "Our REALTORS® are very good at pulling buyers and sellers together no matter what the situation is, even in a pandemic. Our market is recovering faster than any other market in the state. We all are fortunate to be in Silicon Valley."

Many areas are hot. South County has been "on fire" with its affordable, expansive housing. Walsh said a reason for this is people are gravitating to larger open areas, away from cramped units in cities.

Milpitas has been hot from the start, according to Walsh. Santa Clara, Central San Jose and Sunnyvale "have never retracted and have stayed unbelievably hot with a zero slowdown." Santa Clara had 13 sales last week; its 4-week average is 10 sales. Central San Jose had seven sales last week; its 4-week average is five sales. Comparing last week's sales to their 4-week averages, these cities have exploded: Sunnyvale 19 sales (avg. 7), Cupertino 13 sales (avg. 7), Los Gatos 10 sales (avg. 6), Saratoga 8 sales (avg. 3). Positive changes are seen in Willow Glen, which had 17 sales last week (avg. 7) and Mountain View, 9 sales (avg. 3).

Since Santa Clara County's March 16 Shelter-in-Place order, 2,369 properties have been put under contract. Of those properties, 1,968 were priced below $2 million, 122 were priced over $3-7 million, and six properties sold at over $7 million.

"This tells us there is a lot of confidence in our marketplace, confidence in our consumers that work and live in Silicon Valley, confidence in employers and their stock portfolios. I cannot emphasize it enough. Our market is hot, our market is strong. If you price it correctly, it will sell." Walsh told members.

Thank you for reading,

Francis

Silicon Valley real estate

Trends: Local prices and graphs.
A noteworthy local non-profit event:  Community Services Agency - in Mountain View

Prices May Stay Pretty Stable in 2020

Prices may stay pretty stable in 2020?

Many clients ask me which direction prices will trend this year with the pandemic.

Some expect prices to go down, while others encounter multiple offers, at least here in the Silicon Valley.

For now, and just considering our local area, one thing is sure: the number of transactions has been cut roughly in half. But how prices will fare will depend mostly on the job market in both Santa Clara and San Mateo County.  And what we see a lot of is remote work, not so much lay offs (although unfortunately we will see some of that happen way too much).

In this article from Clare Trapasso, senior news editor of Realtor.com, the prediction is that prices will remain steady in 2020, because the inventory of homes has also gone down dramatically.  In the Silicon Valley where properties are still fairly scarce, my experience is that prices are currently soft, but this is compared to an early expectation of a strong price increase at the beginning of the year.  It is also not the case for prime, very desirable properties (i.e. very remodeled, or excellent location, or large lots, or just "rare finds").
Diana Olick, from CNBC, also reports a surge of multiple offers nationwide, with a majority of offers being made in a competitive environment in many local markets, from the East to the West.

Thank you for reading,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Be sure to check this fabulous new listing in Palo Alto at: 3228 RossRd, near Midtown! Select "view full screen" at the bottom right for the best experience.

Impact of the Current Situation on Real Estate Activity

My clients ask: what is the current impact of the current situation on real estate activity?

The California Association of Realtors issued an update on the impact of Covid 19 which is pretty comprehensive.  This being said, many of my clients are asking me what is the impact locally.

The situation changes day to day, literally, with new changes in the regulations and limitations.

As of now, real estate is deemed an essential activity at the Federal level, and also at the California level, although many aspects of the regular activities of a Realtor are very strictly regulated.  Without going into the details, interactions with the public are to be limited to the extreme, the essential, and when they happen it has to be with all mandated precautions – which is of course very good, and welcome.

The market? About the same at this point: there are much fewer properties on the market now, but there are fewer showings for obvious reasons.  It is an excellent time to sell a property, and also a good time to be actively looking for a home.  Precise protocols have to be put in place so that all parties are comfortable with the ways to proceed, and follow the advisories.  Will prices suffer or not?  A little too early to tell in my opinion.  I do expect the number of transactions to be smaller in April though.

What is also good to know is that nearly everything can be done virtually if you are seeking to sell your property, or if you are thinking of a purchase. Facetime or call or text me should you have any questions regarding the process in this new environment.

Thank you,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   - low, with a lot of volatility.

Finding Ways to Stay Positive in these Challenging Times

Dear friends, clients,

In these challenging times, I have personally set a goal to stay positive and spread kindness, as everyone goes through some kind of anxiety. Here are a few simple, effective ideas to make sure we see the silver lining each day.

• Get outdoors. Walk, garden or just take time to reflect and smell the roses.
• Use FaceTime, Teams or any other social media way or communication, or pick up the phone to check in on friends, family, neighbors and colleagues.
• Spread some kindness each day. Nextdoor lets you see what others in your community may need. Give back – helping others helps you too.
• Have a laugh! Share some jokes or funny videos to alleviate stress and lighten up with laughter.
• Be grateful. Leave a reminder in your phone each day to give thanks for all the good in your life.
• Schedule some downtime from social media and the latest headlines. Quiet time is essential, and you might find a break from the headlines brightens your day.

Remember, today's issues are temporary, and hopefully will bring long lasting lessons. How can we help bring a better tomorrow? I believe we can stay strong and persevere. Please feel free to contact me for any reason – whether you have real estate questions (yes, most things can be done remotely), or you just need someone to talk to. We'll get through this together!  


Thank you for reading, and stay safe!


Francis

My Home Valuation tool
Detailed, local trends etc...
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