Like most businesses we have continued to work as we find our “new normal.” As of today California Association of Realtors (CAR), has received approval for Real Estate Brokers to be considered “essential.” Although we are now considered essential our job description and abilities are still limited to help do our part to flatten the curve. As many of us, we are following the instructions and guidance of our local, state, and federal government and as of now the information we have is that we will remain in this current state of the “stay at home” directive until April 30th.
Due to uncertainty over the last two weeks the market has inevitably slowed as people focused on immediate family priorities. This was expected and is OK! With the new date being 4 weeks away from any sort of normalcy, we do expect people to find a “new normal” which will lead to an increase in real estate activity from over the past two weeks. While some people have the ability to be patient and wait some buyers and sellers do not have that luxury and are pressing on. In fact many buyers have more time than ever before to search online for real estate. Across the nation online traffic on real estate websites is up with a much higher engagement. As a whole for Coronado below is some information on the recent activity.
Looking back over the past 7 days here is the real estate activity in Coronado (92118)
5 new listing (3 in Village, 1 in Shores, 1 in Cays)
2 price reductions
3 properties went under contract (2 in Cays, 1 in Village)
4 properties sold (3 in Village, 1 in Shores)
31 single family homes for sale in Coronado Village
In our experience 90% + of all existing sales are continuing on and simply evolving as needed with time frames and extensions to accommodate. Aside from people having effects on their personal income and portfolio losses, the biggest factor that could effect real estate deals in Coronado are changes to jumbo loans. Some jumbo lenders/investors have not honored rate locks and or are no longer offering financing. In many cases qualified Coronado buyers will switch to a new lender; however rates have increased over the last 2 weeks which has caused a few transactions to cancel due to rate lock not being honored. While mortgage rates are typically tied to FED decisions and bond prices for patterns to increase and decrease, currently they have been moving against the normal indicators. All industry experts expect rates to settle down over the coming months but in the short term they will likely stay higher to manage demand due to refinances and also strengthen quality of buyers submitting new applications.
Regardless of the length of this current situation and economic recession we are very confident in real estate and the Coronado market. With inventory nearing all time lows and demand continuing strong we expect Coronado to continue to be very stable. Historically buyers and investors have always seen stability in Coronado and we expect to see an increase in cash sales as people move more money into real estate.
For now we will continue to work in our “new normal” which includes the following ways of conducting business.
No in person meetings for new listings or showings
All showings will be completed virtually via one of the many technological resources we have access to
Updated procedures for listing a home
New photography, videos, and 3D Tours can be completed in vacant or currently not occupied homes only ***unless alternative arrangements are required by clients***
Digital Signatures and completion of all real estate related disclosures and documents
Listing appointment completed with virtual meetings and seller walk through
Escrow, title, lender business will continue via email/call/text/virtual meetings while facilitating any and all transactions
Home inspections, contractor request, termite reports…etc will all be handled and scheduled case by case depending on buyer and seller circumstances
Updated marketing plans for the sale of a home in the current market
Weekly guidance on the changing interest rates and how they may affect you
An accurate assessment of your home’s market value as needed
Real time housing statistics in our local markets
All existing marketing has continued with increased social media presence
If you have any questions and or would like to have a conference call or Zoom meeting to discuss the real estate market please feel free to reach out at anytime. We are here to support you and your family in anyway possible. Even if you are bored at home and just want to say HI! 🙂