I’m sure you’ve been wondering how the housing and stock markets are being affected by COVID-19 (Coronavirus). I’ve been getting some questions so I wanted to take a moment to address the current situation and provide some market data.
In Santa Clara County, a Shelter-in-place order has been issued directing all individuals to shelter at their place of residence except to provide or obtain essential services. This order is in place from March 16 through April 7, 2020 unless otherwise extended, rescinded, superseded or amended by the Health Officer.
If you do need to leave your home, be sure to practice Social Distancing by staying a minimum of 6 feet away from any person around you.
At this time, Real Estate is not considered an essential service, so I have decided to cease all in-person appointments to protect the health and safety of my family and my community. I know there are some agents out there that are still showing properties, but I would encourage you to think twice before meeting someone face-to-face as COVID-19 is highly contagious and symptoms could remain dormant for days before giving you any indication that you are ill.
While I will not be meeting in-person, I am happy to speak to you over the phone or via FaceTime.
Short-Term Market Update:
If you are like most people who began their home search before the shelter-in-place order, you are probably still looking for a home! This is where things become a little challenging. There are still homes for sale. The market is still hot. The problem lies with being able to see homes. My team is working diligently to figure out a workaround to this problem. If you find a home that you are interested in, let me know!
Here are some quick data points for a few of the more popular surrounding cities. The current bidding climate here in the Bay Area is still currently hot. Even with the COVID-19 situation, we have been writing offers! In the South Bay we are still being met with multiple offers per home and the accepted bid price has been over list in almost all cases.
- San Jose has seen a 5-10% market price increase since the tail end of November.
- Santa Clara has seen a 4-8% increase prices since November
- Sunnyvale is seeing a 3% increase
- Fremont is seeing a 4-5% increase in prices currently
As your realtor and friend, I want to assist as much as possible, whenever possible. Please reach out to me if you or an elderly or immunocompromised loved one needs any essential items. I would be happy to help coordinate a delivery of supplies for you.
Stay healthy and keep your spirits up! I look forward to being able to assist you again soon.
– Mike Ramos, DRE #01766367