I have been getting lots of questions about what's going on in our local real estate market in light of COVID19 and all that it has brought to our world. This is obviously evolving every day, but I thought I would give you a bird's eye view of both Moraga and the Lamorinda in the past 7 days:
This is normally our busiest time of the year and we typically do not have this many price reductions or withdrawals from the market. I am am also aware of properties which were supposed to come to the market this week and are now delaying. With the shelter in place order, brokers' tours and public open houses will be cancelled in the near term. My best sense is that when we return to "normal," our busy spring may turn in to a busy late spring and may even effect our normally slow summer. Interest rates should be very low for a while and the market factors which make our area so desirable will still be in play.
30 Years of Real Estate Cycles: SF Bay Area
Let's put this current disruption in the longer term context of Bay Area real estate. This chart is a very simplified, smoothed out look at Bay Area market cycles for higher-price-tier homes using data from the S&P CoreLogic Case-Shiller Home Price Index.
Experts suggest the best way to overcome cycles is to:
1) Buy a home for the longer term, one whose monthly cost is readily affordable for you now
2) Use a long-term, fixed-rate loan (refinancing to lower rates when that option opens), while keeping an adequate financial reserve for emergencies
3) Resist the urge to use one’s home as an ATM during times of significant appreciation.
Quoting a New York Times editorial, “Renting can make sense as a lifestyle choice... As a means to building wealth, however, there is no practical substitute for homeownership.”
(Scheduled for April 6, but currently a moving target!)
4 BD | 2 BA | 2,062 SQ FT | .23 Acre -- GREAT HOUSE!
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Many receiving this email know that my husband, Dave, teaches at the Haas Business School at UC Berkeley. He, like all his colleagues, has to teach online for the foreseeable future. He talked to his MBA students during the first class about two great keys to success -- resilience and persistence. A great reminder and we all get to practice our life skills right now. To make the most of things, he bought a "green screen" and can now even teach class from the White House :).
BROADWAY IN YOUR LIVING ROOM
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VIRTUAL MUSEUM TOURS
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May you each find unexpected blessings in this crazy time we are currently living in.
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.