The Santa Cruz County Health Agency declared a shelter in place order effective Tuesday March 17th(read the order here). This in turn has closed some local businesses until April 7th, while others are operating on a smaller scale. Many businesses remain open, specific to those deemed “ essential.” There is good news though, many are set up to work remotely. Let’s all be grateful for the amazing technology available to us and what we are able to accomplish.
What are some protections in place for consumers?
The California Association of Realtors® has been proactive and created an addendum available to add to contracts to protect the consumers in this time of uncertainty.I have uploaded the file here.
If your employment or business have been affected by the current shelter in place, there are resources available to you. There has been legislation passed to help business and workers, the National Association of Realtors developeda quick fact sheet you can read hereand there is aCNN article about it here.
For those in fear of foreclosure, President Donald Trump announced Wednesday that the Department of Housing and Urban Development is suspending all foreclosures and evictions until the end of April,you can read about it here.
As outlined in our first update regarding our new policies due to the COVID outbreak we are conducting business according to the social distancing and shelter in place policies. We are available to you via phone and video chats as well as virtually touring you through homes. With the SIP order in place open houses have been suspended throughout the entire county until the SIP is lifted.
Now, for your own personal health, if you can take this time to read, rest, exercise and spend time with your family DO IT. With the shelter in place - as long as you are healthy - you are able to enjoy things like walks and outside exercise - so fear not.
But how is the market?
In the last 6 days ( where I would argue some of the biggest changes have happened) there has been a lot of market activity. Of the 146 status changes here is the breakdown(I have the full stats here):
29 new listings
16 price reductions
5 transactions fell through
18 went into contract
18 went from in contract to pending ( contingencies released)
37 successfully closed
22 Canceled or Withdrew from the market
What this tells me is that buyers are seeing an opportunity in this market as properties are continuing to go into contract in strong numbers. What would cause pause is if the number of transactions falling through went up as well as the canceled or withdrew. So far, things are staying relatively steady as it appears buyers and sellers, while cautious, are still confident. This may be an opportunity for buyers to not compete with as many others as well as sellers not have to compete with the other sellers waiting to go on the market until this blows over. The coming days, as things seem to be changing hourly lately, will be more telling.
More updates are to follow, if you find these helpful please let me know. In this time of uncertainty it's important we are able to help each other since it can be overwhelming feeling like an island. We are here, so what do you need?