DIGGS May Town Hall Meeting Recap
Mortgage Loan Update – Shea Case
- Very few changes if your loan amount is under $765,000
- If the loan amount is over $765,000 you must have at least 20% down payment
- Loans can be done in 30 days
- Interest rates are the lowest seen in recent memory
- Contact Shea Case, House America Financial, 818.469.8680
Economic Update and Forecast – Oscar Wei
- Retail Economy is down by 8.7% for March 2020 vs March 2019. The lowest one month drop in recent history was in the Great Recession and that drop was 4.5%
- April’s numbers will likely be much worse
- It is anticipated that 2nd Quarter will be down by 30% – 40%
- Unemployment is near 15% and expected to rise. However, the rate of job loss is slowing.
- Real estate activity plummeted in March, but statewide and Greater Los Angeles real estate numbers are improving each week
- Survey Says… 31% think it is a good time to buy – the highest in 3 years
- Survey Says… 29% think it is a good time to sell – March was lower at 26%. 2018 and 2019 the number was closer to 50%
- Price Reductions… sellers are not reducing prices any more than before COVID.
- Prices may be soft for the rest of 2020, but overall prices are expected to be flat.
- Prices and activity may not return to normal levels until Mid 2021.
- Download Oscar’s Slide Deck
Local Real Estate Market Update – Kendyl Young
- Glendale is picking up in activity with Month’s Supply of Homes still solidly in a Seller Controlled Market. It is performing the best against last years numbers of any city we track
- La Crescenta is also picking up with new listings far below the buyer’s appetite to buy.
- Altadena is faring the worst, relative to last year’s numbers with 14.7 months of inventory on hand.
- Examine the MLS Coronavirus Tracker for more information and detail.
- Showings are picking up as we slowly return to a “spring buying” season. Open houses are forbidden, and virtual or Livestream open house are the norm.
- Marketing an occupied home is possible but tricky. A best practice is to pre-determine times when the seller is out of the home for a block of time and schedule all showings during that block.
- Contact Kendyl Young to find out what is possible for your situation. 818.482.1885
Your Real Estate Situation is Unique
Let’s talk. I know it is uncomfortable to talk to a salesperson about your life’s plans, but you don’t want to make a big mistake.
Ask your question below or call/text me at 818.482.1885