Most importantly, I hope this finds you healthy and not too bored at home!
I have a few thoughts (plus some entertainment) to share with you! Like many of you, I have found the reactions and impacts of the Coronavirus to be interesting, particularly those related to Real Estate (go figure…ha!).
Before the Coronavirus, we had been seeing a number of disruptions to the Real Estate industry. I’ve been at the forefront of many of those changes, while also being sure to not throw out some of the best lessons learned of the past. However, over night, things have changed, and this pandemic has shed light on how we may not be as ready as we’ve told ourselves for disruption in Real Estate. Many “Proptech” companies are halting everything (i.e., iBuyers, see more below) and some are well positioned to lean into this (i.e., Unison). But, universally, everyone is scrambling to make necessary adjustments.
Have you noticed that there are significantly less homes for sale on Zillow or Redfin when you search now? Many agents are taking the homes that are for sale “off the market” and putting them on “hold,” even though most of those sellers still want to sell. However, Zillow and Redfin (or whatever tool you use) don’t have the capability to show you homes on “hold.” So, now, like in the old days (when you’d go into a real estate office to look through a binder of paper printouts of homes for sale), agents hold the “keys” to all of the listings. The only way you can see what homes are on “hold” is by going through an agent.
Then, you look at companies like Opendoor, Zillow Instant Offers, and the like – their models were built for a booming economy. Given the current economic landscape and the narrow margins in these iBuyer models, most have announced that they will not be making offers right now. So, once again, if you want / need to sell your house, many of the options that used to also be available to you in this era of disruption are gone, and you need to go through an agent.
All of this changed. Just. Like. That.
As we all WFH and rely on Zoom, Facetime, and so many other modern-day technologies, we’re forced to go back in time for buying and selling homes…
To the extent I can control things, I refuse to let that be the case, so I’ve gotten a bit creative, so you can still search homes for sale – whether you’re actively thinking about buying or someone who just likes to scan Zillow for fun (see at the bottom of this email). The Bay Area housing market remains healthy, which is one of the incredible things about it as a long-term investment! That said, moments like this can be a prime, once-in-a-blue moon opportunity for buyers, in particular.
Some of the things I know to be true today:
As always, if you have questions or would like to chat about your specific situation, I would love to talk to you! I remain very optimistic about real estate as a powerful long term investment option, and I’ll always do everything in my power to get you the latest and most accurate info.
I hope to be your partner always, but especially during times like this! Thank you for reading. This is a tough one to forecast, and things are readily changing. I’m keeping up to date on the latest situation, and I’m always here for you. Stay healthy and positive!
Zillow doesn’t include homes on “hold,” so I’m opening up the MLS for you. Enjoy!
These are all homes in San Francisco, but I can pull any search for you. Just ask!
