The SchifferLine

Timely Real Estate News………………………19, 2020
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Happy Income Tax Day
I hope those of you who took advantage of the extended income tax day were able to send your taxes to the IRS. I had been able to get mine in on the original date. It will be interesting to see what the deadline or deadlines will be next year!
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Prices up, sales down…the more things change, the more….
During these very challenging times, the world of real estate continues the familiar path it has been on lately — prices are up and total sales volume is down. Not unexpected, this trend continues across America as we are all dealing with the Covid-19 pandemic.

In the five communities I report on each month, sales volume has seen a drop since the March 18 kick-in of the coronavirus lockdown. Total sales volume for these five communities is $1.507 billion through June 30, 2020, compared to $1.740 billion a year ago, a 13% decline. The biggest drop in sales occurred in Brentwood, which has seen sales volume down $175 million compared to last year at this time. Bel-Air/Holmby Hills is down $92 million, and Westwood/Century City is off $85 million since last year.

The big winner in sales through June was Beverly Hills Post Office, which was up $119 million over 2019, and Beverly Hills was up a modest $8 million since June 2019. But as we have witnessed so many times in the past, these numbers reflect only half the story still to be told as we move through another shutdown in Los Angeles County due to Covid-19.

Significantly, total sales volume for these five communities for June 2020 vs. June 2019, sales for last month was up 215% over the previous year, from $115 million to $363 million, a good sign that sales are progressing upward.
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Median sales prices are all up
Frankly, it is rare, but in all of my areas’ median sales prices are up through the first six months of 2020. This is a testament to the appeal and strength of our communities that continue to lead the nation and the world in attracting discriminating home buyers. Beverly Hills Post Office median sales price is up 22% at $3.400 million through 2020…Beverly Hills is up 6% at $6.612 million, Bel-Air/Holmby Hills is up 7% at $2.335 million. Westwood/Century City is up 16% at $2.510 million, and Brentwood is up 8% at $3.300 million.

What was surprising is the large sales jump in BHPO where the median sales price for June 2020 was $11,050 million, a 342% increase over June 2019 — the highest we’ve seen in the Westside for years. Beverly Hills was up 70% at $5.620 million for the month over 2019, and Brentwood was up 41% for June. Mind you as we have seen in the past, we have had some very large sales which impact the stats for a particular area.

As far as our real estate world is concerned, the Covid-19 shutdown has had an impact for sure, but houses are being listed and sold. There are buyers out there armed with mortgage rates near historic lows. Houses are selling IF they are positioned properly which includes being competitively priced, staged and well presented. Please remember the old adage about first impressions, with us being in a virtual world today, people are shopping on line and then if interested, setting up an appointment to see the property, and 85% of buyers have made a decision about the property before they even get out of their car!
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Mortgage rates are amazing….
MarketWatch, a publishing arm of Dow Jones & Company, stated “it should no longer come as a surprise that the pandemic continues to create never-before-seen circumstances in all corners of society. In the housing and mortgage markets, one of the first major manifestations of the crisis was a quick move to incredibly low rates. With record after record being set in close succession, the mortgage environment has been ridiculously good for most homeowners.”

As we are seeing every day, mortgage rates are moving downward. As MarketWatch said, it’s just been ridiculous. The 15-year fixed conforming hit 2.25% last week. Record low rates make a lot of sense given the economic outlook. In general, economic weakness coincides with lower rates, and there’s been plenty of that to go around. On the other hand, much of the economic weakness is assumed to be temporary.

We do know that smart buyers are getting their financial platforms in order so they can take advantage of these low rates. How long will they last? It is anyone’s guess|
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One-in-five Americans have relocated or know someone who has
The pandemic is having a noticeable effect on housing. According to the Pew Research Center, millions of Americans have relocated this year due to the COVID-19 outbreak. New data released this week shows that 22% of Americans either moved or know of someone who did.

The reasons vary, researchers say, such as college students moving out of dorms as schools closed abruptly, homeowners and renters leaving communities perceived as unsafe, and people moving from housing they could no longer afford. The findings are based on a survey conducted in early June of nearly 10,000 people.

Young adults have been the most likely to move. Thirty-seven %of those ages 18 to 29 said they either moved, someone moved into their home, or they knew someone who moved because of the pandemic. One of the other reasons people are moving is that after having spent the last number of months in their homes people are finding that the make up of their homes no longer works for them. For example, one of the trends we have had the past number of years have been to have open floor plans of one’s home. However, after now having spent most of their time in their home generally with the entire family there, we are finding that people want to go back to the separated areas in the house for privacy, work space, etc.

Overall, 28% of those who have moved during the pandemic say the most important reason was to reduce their risk of contracting the virus. An additional 23% say it was because their college campus closed, 20% said they wanted to be with family, and 18% said it was a financial decision driven by either a job loss or another money-related reason.
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High-end market is picking up….
Here is some really good news: The high-end market has picked up, and we are ahead of last year in sales of $10 million-plus homes, but slightly behind in the $5-to-$10 million-plus homes. There have been 219 sales of $5 million-plus homes so far this year, versus 246 at this time last year, which is down 11%. Of these, 70 were $10 million-plus sales, and there were 67 $10 million-plus sales at this time last year, meaning we were up 4%.

There were 19 $20 million-plus homes sold this year, versus 16 a year ago, up 19%. Nine of these sales were $30 million-plus this year and there were eight at this time last year. Five $40 million-plus this year and there were three at this time last year.

The future? There are 76 pending sales of $5 million plus. And 10 are $10 million plus while three are over $20 million. Of the 19 sales of $20 million plus this year, the buyers are mostly America — 14 are American, (84%). The other three buyers are two Taiwanese and one Chinese. 6 of the 19 sales of $20 million plus were not officially listed when sold.

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What does the Real Estate Market Look Like Toda
After a hiatus of a month or two of not working, I am back at it full time as I mentioned and am finding lots of prospective buyers and sellers to keep me busy. I am still playing catch up with everything, and trying to stay on target with everything also. Most likely I will not be sending out the quarterly update again for the 3rd quarter as I also missed the 2nd quarter update as well. Stay tuned. Some general comments:

1. Inventory is low – This is not new, but is particularly low now. With the second phase of closing business in Los Angeles, I am not sure what impact this will have on inventory.
2. Given what the interest rates are today, buyers are hoping on the purchase train to take advantage of the low rates. They are somewhat frustrated with the low inventory, but we do seem to be finding properties that will suit their needs and requirements.
3. Sellers are somewhat concerned about the safety of showing their property, with good reason. That is why each potential buyer is being encouraged to view the virtual tour of the property before making an appointment to actually physically go to the property. Open houses are pretty much only being done virtually as well. We are not sure as to when these practices will revert back to the way things were done before Covid, but it doesn’t appear it will be any time soon. Once we have an appointment, there is a release form that the buyer must sign and strict guidelines have to be followed with only three (3) people allowed in the property at a time.
4. I am finding that home inspectors (physical, mold, fire place, sewer line, termite and geological – I have my buyers do all except the geo on every sale I do) are booked a full week in advance, which is an indication of the strength of the market.
5. Are agents working in their real estate offices or at home? For the most part, the majority of the 100 agents in my office are working at home. For now, I am working in the office as I have a new assistant, Antonie and am training him, which basically requires that the two of us be in the office. Sometime in the next few months, my office is being remodeled. When that happens, we will be working out of my house, but for now, the best way to reach me is to call 310 442-1384 or shoot me an email at ceschiffer@gmail.com
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   US heading for hottest year on record….
   We can all agree, we’ve seen some hot weather lately, and as we approach the “dog days of summer”, will probably have more. U.S. government data shows that so far, 2020 is the second-hottest year on record globally. trailing only 2016.

The National Oceanic and Atmospheric Administration estimates 2020 has a 36% chance of becoming the hottest year on record. NASA scientist Gavin Schmidt thinks the odds are even worse, giving 2020 a three-in-four shot of overtaking 2016.

The Centers for Disease Control and Prevention states more than 600 people in the United States are killed by hot weather each year, but the true death count is almost certainly much higher. Last month, a new study estimated heat contributes to an average of 5,600 deaths in the U.S. each year — and that is just in a few hundred counties making up three-fifths of the country’s population.
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What do you think? Solar or not
I have just started doing the research on installing solar panels on my house. Have you done so, and if so, what differences have you noticed in both your utility bills and the heating/cooling in your home since the installation? I have also been told that upgrading the heating and air conditioning systems I have will in effect accomplish the same thing as having solar panels. Some of the arguments is that it will take a number of years to see the cost benefit of having solar panels, where the cost benefit for the heating/ac system change will cost itself out much sooner.

It is very difficult to find unbiased information as to the benefits of each change so if you have comments and/or opinions and want to share that knowledge, I would greatly appreciate it.
Please give me a call at my office 310 442-1384.
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Thank you
After my own illness in recent weeks and the passing of my mother last month, I am back in the saddle and business is robust. It feels really good and I also want to acknowledge and thank all of you for your messages of condolence about Mom. It really meant a lot. THANK YOU!!!!

I hope you are fairing well with all of the stress, changes and challenges we are facing. As we have said from the beginning, we are all in the together, and will get through it, it seems more difficult at times than others. Communication in my opinion is key to getting through it.
Please be safe, smart and careful.
I CARE!!!!!!

Carole
310 471-2007 – home office land line
310 413-3680 – cell
310 442-1384 – office land line

The SchifferLine

Timely Real Estate News……………………… 8 July 2020

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Missed communicating with you
Sorry you have not heard from me in the past month or so. I have been ill and then with the loss of my Mom, have not been working much.

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Celebrating a wonderful life…

It is with great sadness that I share the news with you that my beloved mother, Ruth “Kelly” Schiffer, peacefully passed away June 15 due to old age (she had just turned 98!) at her home in West Los Angeles. She lived a marvelous, energetic life that focused on her family and over her lifetime, on her many contributions to the arts in Los Angeles. Mom was an elegant, lovely woman and she was my best friend, companion, biggest fan, and guiding star. One cute bit of information about her, she would never leave ANY room without lipstick and was a See’s Candy lover to the end!

Born in New York City, Mom grew up with a keen, sophisticated eye for fashion, design and valued giving back to her community. When she was just 20 and with World War II raging across the globe, after meeting on blind date, and just three short months later she and my Dad, Clifford Schiffer eloped on Valentine’s Day, 1942, informing her parents she was married on their cross- country trip to California. Mom and Dad were happily married for 61 years.

Raising two daughters, Mom and Dad encouraged and imbued each to enrich themselves in the arts and get an education as well as a strong sense of self, esthetic and design. We were taught to be the best we can be.

Mom devoted much of her life to learning and teaching about art and culture, which included her serving 45 years as a docent at LACMA…she was president of the Far Eastern Arts Council, an active member of the Decorative Arts Council and for many years, the only docent for LACMA’s famed glass collection (students from schools all over the city where brought to the museum to hear her lectures about glass including its history and the different ways in which it is made) . In addition, she was very passionate about music (especially show tunes) and theater, serving as President of the Center Theater Group Affiliates which is the fund raising arm for Children’s Programs for the Music Center as well as a member of The Blue Ribbon, which is the primary fund raising arm for the Music Center itself

Mom leaves Carole and her daughter Melanie & son-in law Lawrence Fisher, and Kim, husband Dr. Bob Sims and daughter Morgan and son Connor, and their respective partners. She was an incredible person and Mom, and we all will miss her lust for life, style, guidance, council and elegance, her family and grand kids, and the arts. What a long, purposeful life she lived…we should all be so lucky..
You have left me with millions of wonderful memories.
Thank you Mom, I will miss and honor you for the rest of my life.
Carole

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What has Covid-19 done for our real estate market?
There has been a lot taking place in the real estate market these days…. not all bad, some good comes along that gives us hope. The reality is that mortgage rates are at historic lows and could go lower, and that is encouraging sales…buyers remain hungry.

The 30-year fixed-rate mortgage averaged 3.07% last week, the lowest ever recorded by Freddie Mac since it began tracking such data in 1971. “Mortgage rates continue to slowly drift downward, with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3% later this year,” says Sam Khater, Freddie Mac’s chief economist.

“On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks, with modest declines in consumer spending and a pullback in purchase activity.” Freddie Mac reports average commitment rates, along with average fees and points, to reflect the total upfront cost of obtaining a mortgage. But some of the good news, too, is that 4.2 million jobs were added, and while we are seeing a spike in Covid cases, economists expect the market and job market to improve. But — there is always a “but” — the recent crackdown in LA County has dramatically hurt the restaurant and small businesses. Our lives are exactly getting back to normal. Safe distancing, masks are the ‘order of the day!. Stay safe!!!

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Forbearance requests during Covid-19 declining….
The number of borrowers in government and private sector coronavirus-related mortgage bailouts just fell by the largest weekly volume since these plans were put in place. There are, however, warning signs that the programs could swell again.

As of June 30, 4.58 million homeowners were in forbearance plans, according to Black Knight, a mortgage data and technology firm. This represents 8.6% of all active mortgages, down from 8.8% the previous week. Added up, all the loans in forbearance represent just under $1 trillion in unpaid principal ($995 billion).

Many of these loan forbearance requests were made in late March and early April and will expire in mid- to late-June….and that is when we will get a better read on what is happening with forbearance claims.

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Protecting our homes from fire – important please read
Standard Mesh Vents, even 1/8” mesh vents create openings for flying embers. They do little to nothing to protect your home from flames, heat and burning embers. During a wildfire, winds can carry flying embers up to 4 miles from the head of the fire. This can result in the ignition of combustible materials inside your attic and subfloor when get blown through your mesh vents. Once a home catches fire inside the attic or foundation, there is little to nothing that can be done to save it. This is why flame and ember resistant vents are now part of the building code

What you do to help protect your home?

You can install WILDFIRE RATED VENTS. There are 4 types of vents, Foundation Vents, Gable Vents, Fire Plug, and Dormer Vents. I just had them installed on my house and feel so much safer and am thrilled with the job. They installed a custom Gable vent, 8 Dormer Vents, and 2 Custom Foundation Vents (they matched the paint color for the house also). A few of us organized a group to have it done on the same day and received a group discount.
Please contact me for more information and the name of the company I used. I highly recommend them.

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Summer gardens can and should brighten your day
We are all getting frayed at the edges with the Covid-19 plaguing us daily, but perhaps there is some “peace and quiet” right in your own backyard.

Here are some handy tips to ensure that you can fully enjoy your gardens this summer: #1 Rejuvenate your pots…allow for ample drainage…recycle old soil and re-arrange compacted roots so they can ‘breathe”. #2 Start a compost pile…. keeps kitchen and garden waste out of landfills, transforming into soil-building amendment. #3 Help the bees…. plant some African-blue basil in a pot or in the ground. #4 Plant some flowers…favorites. #5 Deadhead...take clippers in hand and cut back spent blooms from your roses and other plants to encourage a new set of flowers. #6 Weed…knock those weeds down before they take over your garden this summer (it is great therapy). #7 Visit your plants daily…really try to enjoy your garden every day…stroll through it with your morning cup of coffee. Love your plants, and they will love you!

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Pandemic making buyers more eager
The pandemic is not scaring off home buyers. More than half—or 53% of about 1,000 home buyers recently surveyed—say they are more likely to buy a home in the next year due to the coronavirus outbreak. First-time home buyers and millennials may be the most eager to buy within the next 12 months, the survey from LendingTree shows.

The top two motivators for buying soon are to take advantage of record low mortgage rates (67%) and being able to save for a larger down payment due to reduced spending (32%). Also, the perception of reduced home prices (30%) and being confined in a smaller space during stay-at-home orders have made homeownership more appealing, the survey found.

The pandemic is not only prompting more people to pursue homeownership, it is also influencing their home shopping. For example, the majority of respondents say the coronavirus pandemic has affected how much money they plan to spend on a new home. Forty-four % plan to buy a less expensive home while 21% want a pricier home. Broken out, 28% of first-time buyers say they will purchase a pricier home compared to just 17% of repeat buyers.

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Coronavirus may spark more moves….
The economic fallout from the coronavirus outbreak is having a continuing effect on mobility, encouraging some to find less expensive housing while persuading others to stay put a little longer.

In its latest survey, some 46% of Americans say the coronavirus outbreak has influenced their moving plans in some way, according to a new survey from ApartmentList. Over a recent series of surveys by the site, reflecting 10,000 responses over the past three months, the population segments most likely to move are renters (25%), those who live in dense urban areas (29%), and those who have been laid off (32%).

“Many low-income Americans will be moving out of necessity, and for them, affordable housing options will be difficult to find,” the newest survey notes. The U.S. mobility rate has been falling for the past 35 years, but the coronavirus may change that, economists say.

More employers may embrace remote working for the long haul, which could untether more Americans and let them move anywhere they wish. Also, following months of sheltering in place, urban dwellers may desire more space to spread out. Further, millions of Americans have lost their jobs and may need to move to a more affordable living situation. Bottom line: We are not through this Covid pandemic….it is becoming clear that we are continuing to see changes in our market and most importantly, in our daily lives.

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New FICO Index may help expand mortgage lending
For many, this could be extremely helpful in buying your future home. Fair Isaac Corp., the creator of the widely used FICO credit score, released a new credit index last week that could help more borrowers qualify for a mortgage. The FICO Resilience Index, created to supplement the FICO score, is aimed at helping lenders assess a borrower’s ability to withstand an economic downturn, even if they have a low credit score.

The index culls personal financial information from before and after the Great Recession to measure a person’s chances of paying bills on time during economic volatility. Measuring on a scale of 1 to 99, lower scores indicate greater financial resilience in an economic downturn while higher scores indicate more sensitivity to economic shifts.

“Our hope is that it will allow lenders to continue to be able to make prudent loans,” says Joanne Gaskin, vice president of scores and analytics at FICO. “Lenders are going to feel more comfortable continuing to approve borrowers rather than denying them.”
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Back at Work!
After basically not working because I was sick and then Mom I am back at work and very happy doing so. I have a number of new clients, both Buyers and Sellers. I will share our adventures with you as we go along. Please let me know how I can assist you with all your real estate needs.

Looking forward to hearing from and seeing you

Carole
310 471-2007 – home office land line
310 413-3680 – cell
310 442-1384 – office land line

 

 

 

 

 

 

 

The SchifferLine

Timely Real Estate News………………………1 June 2020
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The Highs & Lows of the High-End Market During Covid-19
The entire Real Estate market took a dramatic drop in April and the high end here in Los Angeles was no exception. This drop was across the entire country. A significant drop in high-end sales since the pandemic started in mid-March was not unexpected as we are seeing sales of home of $5 million-plus down 44% for the period of March 18 through May 25, with 57 closed sales versus 101 a year ago. As you will see below, it has changed dramatically for the month of May.

Of these, 21 were $10 million-plus versus 27 at this time last year, which is down 22%, four were $40 million-plus this year, versus two in 2019, up 50%. Please don’t forget these numbers are from the Multiple Listing Service, and do not reflect any private sales, of which there were two in Bel Air Crest (1 for $8,000,000 and another for $6,000,000).

Sales from January 1 through May 25 of homes $5 million-plus were 180 versus 200 for the same period a year ago, down 10%.

The good news is that we are seeing a lot of pending sales in this market, which is running contrary to what is happening elsewhere in the U.S. While some homes have fallen out of escrow since March, there are now 56 pending sales of $5 million-plus and 12 of these are $10 million-plus and two are $20 million-plus. There are 13 buyers of the $20 million-plus homes this year — mostly American (11), and two are Taiwanese.

What this is telling us is that, yes, sales are down, but we’re still making sales…, the prices are holding, and that’s the important fact to keep in front of us. With mortgage rates near or at historic lows, buyers are anxious to make a deal now, and if you’re thinking about putting your home on the market after this Covid-19 phase loosens up, sellers will be facing much stiffer competition. My advice: Buy or sell now.

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Real estate fighting Covid-19 headwinds in April
It’s no surprise the pandemic is negatively impacting our real estate market. The latest existing-home sales numbers show a housing market facing the headwinds of the COVID-19 pandemic in April. Existing-home sales fell 17.8% last month compared to March, marking a two-month decline in sales, the National Association of Realtors reported last week.

Still, home prices remain resilient in the face of the pandemic. The median existing-home price for all housing types in April jumped 7.4% compared to a year ago ($286,800). All four major regions of the U.S. saw annual gains in home prices, too.

However, total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and co-ops—fell to a seasonally adjusted annual rate of 4.33 million in April. Sales were down 17.2% compared to a year ago (5.23 million existing-home sales in April 2019). Existing-home sales are at the lowest level since July 2010. ”

This has turned around in May. We are seeing an enormous increase in activity for May with multiple offers again (20 for a house here in Brentwood listed at $2,750,000, (I am not sure what is it in escrow for). Most everyone in my office, myself included is busy. The thinking is that we are all tired of being “cooped up”, and along with thinking about the changes we want to make in our current homes, want to take advantage of the interest rates, and the lower inventory:  buyers are starting to make those purchases now. We all know that as things open up more from Covid – 19, there will be more inventory, and more buyers = more competition. Why not take advantage of the situation now?!?

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Home dwellers get creative, upgrades coming
If ever there was a positive outcome of the Covid-19 pandemic and Stay-at-Home order, one of them would be that homeowners discover that “we’ve got to make some changes.” And changes they are doing.

Homeowners are prioritizing remodeling projects centered around home offices and master bedrooms during the pandemic, according to a new survey of 1,000 consumers by a home renovation and resource site.

While consumers put off some remodeling projects when the coronavirus outbreak first began in the U.S., they were less likely to put off projects related to those two areas of the home. Also, outdoor remodels and improvements have been prioritized during the pandemic, as have more involved projects such as a kitchen renovation.

The survey finds 79% of homeowners surveyed say they’re now considering major home remodeling and design projects after spending more time at their home during the pandemic.

They also expressed their desire to change the home’s decor, upgrade or add lighting, add storage, and improve home office space. The list goes on…suffice it to say that camping out at home appears to have some spin-off benefits.

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Remote workers say: We want to continue working remotely
In a recent poll, more than 80% of employees working remotely, want to stay working from home if at all possible and given the opportunity. Guess what? Some employers are embracing this concept for the most part.

Remote work was on the rise well before the coronavirus pandemic. In 2018, the latest figures available, some 24% of those employed worked at least part of the time from home, according to the Bureau of Labor Statistics. Under the Covid-19 quarantine, that percentage has surged. Even senior executives, long reluctant to leave the Executive Suite, now realize they can work from home and, economists predict, some may want to keep that option, changing homes and floor plans of the future.

Home listings that include the word “office” have increased every year since 2017, according to real-estate listings website Realtor.com. On average, homes with an office sell nine days faster and fetch a price-per-square-foot premium of 3.4%.

“It is highly likely that going forward, there will be a premium on residential environments that provide a dedicated quiet workspace,” says Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA.

This also has major ramifications as remote working relates to the future of commercial office space, traffic, commuting, and suburban property values.

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Go suburban, young man, go suburban
What the pandemic has wrought appears to be a transformation in how people view their work and where they do it. More than 50% of Americans in New York, Seattle, Boston and San Francisco said they would move if they could work remotely according to a recent poll last week.

The survey showed a “seismic demographic shift towards a desire for smaller cities,” citing remote work trends as a result of Covid-19. Roughly 40% of respondents were not working remotely before the shutdowns but were able to during the shelter-in-place orders. Twenty-eight % of those respondents said they expect to continue to work remotely or have that option.

In my conversations with clients and other agents, I have noticed that ‘locals’ are not looking to move away from the Westside — “we love it here”, but they are re-thinking the whole ‘working remotely’ option. Tall buildings may have challenges…. time will tell. We are seeing that searching in the Multiple Listing Service is much higher for single family homes, and lower for condos as people feel safer and more secure in a home.

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Fire season has never left us…but it’s worse now
The Los Angeles County Fire Department has issued warnings about protecting your home from wildfires, but is now also pointing out the need for families practicing Safer-At-Home guidelines during the Covid-19 period that every home needs a fire escape plan, too.

As we have learned in the last couple of years, fire season is now lasting 12 months, and while we are aware of precautions for preparing your property for wild fires, the Fire Department is now stressing the need to have an Escape Plan that does not include traditional kitchen and living room exits (where doors are located). They recommend you locate windows that have no obstructions as one the prime requirements for your escape from fire and smoke.

As we do each spring, the Schiffer Line points to these tips on how to prepare your property for a potential fire:
* Clear leaves and other debris from roofs, gutters, and decks
* Remove flammable materials like firewood stacks and low-hanging trees around your roof to create a defensible space around your home
* Prepare your family’s “Ready, Set, Go!” wildfire action plan;
* Protect vents near eaves and consider installing double-pane windows;
* Make sure your address is visible to firefighters.

It’s imperative you review your family escape plan — for both in-home and out-of-home. Fire season is always with us.

They are also warning us that due to the additional staffing needs dealing with Covid, fire and emergency personnel availability are being stretched.

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Mortgage applications decrease but are ahead of 2019
Mortgage applications decreased 2.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2020.

On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 6% from the previous week but was 160% higher than the same week one year ago.

Applications for home purchases continue to recover from April’s sizeable drop and have now increased for five consecutive weeks. Purchase activity – which was 35% below year-ago levels six weeks ago – increased across all loan types and was only 1.5% lower than last year.

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How am I faring in all of this craziness?
As I have shared with you in the past issues of the Schiffer Line, while I enjoy the comfort and convenience of working at home, I must admit that I miss going into the office and seeing all of my colleagues. Lately I have been working at the office more than at the house. I also have gotten quite busy and since I seem to have on-going computer/phone issues, it has been easier to work at the office. At the moment I am working with a few potential sellers, as well as buyers. I have previously mentioned the guidelines that we are all under in both showing and selling property today, and those guidelines in some ways change every day. It keeps you on your toes to make sure we all follow them and get the necessary signatures on the proper form. In addition to making sure you take all of your vitamins to stay healthy, one really needs to take them to keep your energy up!

Personally, I am also very busy. My darling Mom turned 98 last weekend! We had a mini party for her as I was/am the only member of the family here with everyone else stuck in Canada or Oregon. One of her caregivers hired a 6-piece Mariachi band (3rd year in a row) and they came to her house for a 45 minute concert. The same caregiver who has worked in various different capacities for over 40 years also has a darling 2 year old grandson, and he joined us dressed up as the 7th member of the band. We all really enjoyed the concert, and the baby with his hat and guitar and dancing to the music. The chocolate cake was yummy too!
We are all very fortunate that we are all fine, healthy and safe.

If you are at all thinking of buying or selling, please do not miss the opportunity to act now. I am here to answer any questions you have as well as assisting you with all of your real estate needs, anywhere on the planet!

Also, as my office is still basically closed I am still not sending either the Schiffer Line or quarterly update except via email. If you know of anyone who would like to receive it in this manner, please ask them to get in touch with me at ceschiffer@gmail.com