To Our Friends, Clients, and Colleagues:
First and foremost, we wish to send our love and support. Please let us know if there is ANY way we can assist you and your family at this time. We have put together resources for working from home, maintaining a positive mindset and can also help you with groceries or inexpensive food delivery options. We remain committed to keeping you informed about today’s market but are here for you however we can be.
Click on the video above for this week’s market update discussion with Chris Ristau!
- More turmoil is expected in the market. We are experiencing panic selling of both stocks and treasuries as investors move to cash. This may start to settle down once the stimulus packages are executed. Once this does calm down, we should start to see the 30 year follow the 10-year note like history shows.
- California Association of REALTORS® released a Coronavirus form to protect consumers. Since real estate contracts are strongly based on performance of deadlines, contingencies, etc., this form allows buyer and sellers to postpone deadlines due to inability to perform/risk of nonperformance. Close of escrow can also be postponed or even cancelled if income has been affected to the point that the buyer can no longer afford the home. This protects the buyer from losing their deposit due to this unforeseen circumstance.
- Recession doesn’t mean a real estate collapse
- Unlike the market meltdown in 2008, there are a lot more people with equity in their homes instead of being leveraged to the max like before.
- The Goldman Sachs GDP Forecast released last week indicates that although there is no growth anticipated immediately, gains are forecasted heading into the second half of this year and getting even stronger in early 2021.
- The safety and health of our clients, team and their families is always at the forefront of what we do. In our best efforts to keep everyone in our community safe, we are standing by the shelter in place initiative during this time and will not be holding open any of our listings or showing any properties.