Real Estate Trends
Apr 01, 2020 03:34PM
By Norma Flaskerud
Real Estate Trends
Spring Market, The Pandemic, Interest Rates
As we go to press, we are under a 3-week “shelter in place” order! We all hope this flattens the curve and allows the risk of the virus spreading to lessen and life as we know it to go on. For now, it seems insights about the real estate market, as it’s been, as it is, and as it may be, are appropriate. 2020 thus far has been a steaming hot seller’s market! Inventory remained low, so each house that came on the market got many offers, was bid up, and went pending very fast. Of course, most people do not sell in winter, so the number of new listings was low. We Realtors experienced a huge number of attendees at weekend open houses. 50-100 visitors was normal!
Then came the shelter in place order. But the buyers are still out there; they want to buy. The sellers still want to sell. As of this writing, we are not allowed to hold an open house or broker’s tour, as you can well imagine. Some sellers are authorizing their agents to market them OFF the Multiple Listing Service to see if they might attract a buyer or even get a purchase contract written “subject to the buyer seeing it in three weeks, or when shelter-in-place is lifted.” Not every seller needs a house to be given full market exposure. Many are happy if they get their fair market value; they don’t need multiple offers. We have ways to promote a house for sale off the MLS as long as the seller authorizes it and signs a required form. We can get it done; just call or email and we can make it happen! (If social isolation continues, this may become the temporary norm.)
We have been top listing and selling agents in Pleasant Hill for many years. What is it about Pleasant Hill people love? So many things. It’s a great central location; you can hop over Taylor Blvd. to Lafayette, BART, or Highway 24 to Oakland, Berkeley, and San Francisco. Or you can cruise along scenic Alhambra Avenue to Highway 4, which offers easy access to west Contra Costa County, the Richmond and Carquinez Bridges, Highway 80, or east county. You can merge onto Highway 680 north or south to places farther afield, or access our own PH BART Station!
And the shopping! It’s so easy to pop into Sun Valley Mall or over to Walnut Creek’s lovely Broadway Plaza. There are plenty of great medical options here, with hospitals in Walnut Creek and Concord. The schools are largely high performing and high scoring, with wonderful parent and teacher engagement. The recreation is great; award-winning Pleasant Hill Recreation and Park District is a leader in the state of all things park & recreation! And don’t forget the setting; what used to be an ancient sea-bed shore rises from the low land of Highway 680 up into the Briones Park hills, and we get to enjoy all in between, traversing it by bike or walking it via the lovely canal trail. Thanks for being amazing neighbors and making Pleasant Hill an awesome place to live!
Interest rates: The feds lowered the interest rate. We shortly saw 30-year fixed rates lower than ever, but they jumped up and settled in the mid 3% range and the rate market is volatile. More than ever before, you need a trusted advisor! Buyers are clamoring to buy a house and get low, fixed-rate loans. If you are such a buyer, know we will begin showing houses again soon, hopefully, by mid-April! Meanwhile, we know sellers are excited to sell; inventory should really jump up once the shelter in place is over!
The Flaskerud Team has signed listings ready to be sold. Stay in touch. Call us at 925-381-7276 (Erik’s cell). Our office is closed for a few weeks, but leave a message at 925-338-2980 or email us.
The Flaskerud Team
DRE#’s 00867031 NF 01881688 EF