Cloud formations at Alameda Point, today.
……what’s going on with the real estate market (aka with the Corona Virus pandemic)?
I tell folks that I don’t read crystal balls…I don’t pretend to know what the future will bring….and while we can learn from the past….I have no idea how this will shake out.
I do give them items to think about….
-Buyers: How long do they anticipate living there? Is there a chance that they could lose a job (income)? Is there a chance that they could go through a job transfer to other areas, states? What happens if what they bought loses value, for whatever reason?
-Sellers: Why are they moving? Would it be better to rent out where they now live, instead of selling it? Do they want to downsize? Right-size? Get a single level house/townhome/condo? Do they need to consider an IRC 1031 exchange if they rent out that property now, does it have units that generates income? Cash-out? Leave on a boat and never come back?
I was selling Alameda real estate when we had the earthquake, when we were attacked on 9/11, when the Oakland hills fire decimated everything, and of course when the financial fiasco hit (2008).
Just some things to think about…..
MLS=Multiple Listing Service
AC= active contingent (the buyer needs to sell something before s(he) can complete the transaction. In this instance, another buyer might write a back-up offer. If the primary buyer can’t meet the contract deadlines, it’s bye-bye to the first buyer. And the back-up offer moves into the primary position. Be sure your agent explains all of this to you! You do NOT want to lose your deposit to the Seller.)
BOM=back on the market (could be that the buyer had some conditions in the contract that s/he couldn’t meet in a timely manner).
PCH= price change (seller either raised or dropped the price)
PSB=pending sale (seller & agent wants backup offers)
REO= Real Estate Owned by the lender (The seller may have stopped paying the lender, was behind a few months, etc. It’s a foreclosure!)This the first time in years that I’ve added this to our list!
Alameda Real Estate this Week
One of the things that I’ve noticed these 2 plus weeks, is that I smile at strangers more in these troubled times. And they smile back, genuinely. We are all working through this together. And I don’t want to lose sight of that.
Get a hold of me if you have questions and/or comments.