The SchifferLine 1 April 2020

The SchifferLine

Timely Real Estate……………………………………………1 April, 2020

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Checking In
First and foremost, I hope this finds you and your loved ones, healthy, safe, and sane. We are all undergoing stressful times with the “stay at home” orders and social distancing. It is easy for us to panic particularly as there are “tons of experts out there”, all with different views and information. My advice to you is to listen and read to the official reports from the responsible media to garner your information.
Please do let me know if I can assist you in any way, errands, friendly phone call, etc.310 471-2007

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Quarterly Update
In the past, for most of you I have created an update for the past quarter sharing with you the latest real estate news in your community and compared it to the activity for the same quarterly last year. Because the creation of this report would require both my assistant Viktoria, myself and other personnel to work in the office, I have decided to forgo that this quarter, and to make it a two quarter report at the end of June instead.

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Financial Overview

Changes are being made and legislation passed to help all of us deal with the medical, financial

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Is there still business being done? Are houses being listed and sold and escrows closing?
You bet!

Yes, business is slower, prices can be somewhat softer, but there definitely are buyers and sellers out there engaging in real estate transactions. Real Estate has been declared an “essential service” which is now dictating how we do our business.

How are we conducting our business?

 

Please know that things change every day, so what I am sharing with you today probably will be different tomorrow.

 

Showing Property – We are using virtual tours – creating videos using Zoom or other video products. Only 1 person to be inside the property at a time. No printed materials, brochures, etc. are to be left in the property. Everyone needs to clean off after themselves in looking at the property including wiping down counters, light switches, door handles and door locks.

 

Virtual Open Houses – using Zoom and Facebook.

 

Contracts – No personal contact -We are only using electronic signatures including the new forms particular to COVID -19.

Inspections – Once again being done virtually and individually – one inspection/trade at a time, i.e. physical, mold, termite, sewer line, termite, fireplace. Any issues should be dealt with via credits rather than repairs.

 

Appraisals – being done virtually – using photos, face time, seller disclosures, public records. Sellers are creating lists with information about the property. A reminder to be very detailed in listing the information about the property.

Staging – Utilize virtual staging. Any properties that are currently staged are having their contracts extended as staged items cannot be removed.

suspended their operations (my lender is still accepting those applications).

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Housing protections in stimulus bill…. 

The 880-page bill signed into law last week includes credit protections, foreclosure moratoriums and forbearance on some mortgages.A key provision of the stimulus package is aimed at avoiding a repeat of the havoc the 2008 recession caused in the housing industry.As millions filed for unemployment. due to COVID-19 (corona virus).  There are basically four major components of the bill that directly affect home and property owners.

Mortgage forbearance and foreclosure protections – a borrower with a federally backed loan can request forbearance through the loan servicer. A federally backed loan means that it’s either guaranteed or insured by the Federal Housing Administration, Department of Veterans, Department of Agriculture or purchased or securitized by Fannie Mae or Freddie Mac.  Once the request is submitted, forbearance can be

granted for a period of up to 180 days at the request of the borrower. No fees, penalties or interest beyond the amount scheduled can be accrued on the borrower’s account. It is imperative that you check with your lender before assuming that forbearance will automatically be granted. This holds true for car loans as well.

Protections for multi-family property owners – During the covered period, all of the protections extend to homeowners are being extended to owners of multi-family properties with Federally-backed loans as well. The loans are aimed at providing relief to the building owners who may be facing hardships – possibly due to the inability of tenants to pay. Again, you would need to prove that you have been impacted by the virus.

Increased tenant protections – For the next 120 days, the owners of any dwelling that participates in any housing program covered by various acts – including the low-income housing tax credit program, National Housing Act, Homeless Assistance Act, National Affordable Housing Act, rural housing voucher program and others – cannot begin any action to initiate eviction proceedings to re-take possession of a dwelling for nonpayment of rent, or charge any fees or penalties related to nonpayment of rent. The 120 days could potentially could be extended.

Credit protection – The stimulus package amends the Fair Credit and Reporting Act to allow more leeway for consumers that come to agreements with lenders on deferring, making partial payments, modifying a loan, forbearing delinquent amount and utilizing any other relief. It’s a measure designed at not allowing the tanking of credit scores of millions of Americans suddenly finding themselves out of work due to corona virus.

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Property Tax Payment Deadline
Unfortunately, the property tax payment deadline for Los Angeles, San Diego, Ventura, Orange, San Bernardino, Santa Barbara counties cannot be extended. It remains April 10, 2020.

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February pending sales reveal healthy demand

Prior to the understanding of the total impact or the virus, pending home sales, a forward-looking indicator based on contract signings, rose 2.4% month over month and 9.4% year over year in February. All four major regions of the country saw an increase in pending home sales last month, and into the beginning of March.

However, the downward pressure on those numbers is expected moving forward, as NAR’s latest housing data reflects a time period before the nation began adopting social distancing measures to control the spread of COVID-19.

“February’s pending sales figures show the housing market had been very healthy prior to the coronavirus-induced shutdown,” says NAR Chief Economist Lawrence Yun. “Numbers in the coming weeks will show just how hard the housing market was hit, but I am optimistic that the upcoming stimulus package will lessen the economic damage, and we may get a V-shaped robust recovery later in the year.”

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Are we in recession? UCLA now says we are
Revising a forecast published March 12, UCLA Anderson Forecast economists say the U.S. economy has entered a recession, ending the expansion that began in July 2009.
The revised forecast, which incorporates data reflecting a rapidly changing U.S. economy, together with a review of the 1957-58 H2N2 influenza pandemic, is for the recession to continue through the end of September.
This marks the first time in its 68-year history that the UCLA Anderson Forecast has published an updated forecast between its regularly scheduled quarterly releases.
After the economy had experienced a solid start to 2020, the escalating effects of the coronavirus pandemic in March have reduced the first-quarter 2020 forecast of GDP growth to 0.4%. GDP for the second quarter of the year is now forecast to slow by 6.5%, and by 1.9% for the third quarter.
With the assumption of an end to the pandemic and repaired supply chains by this summer, the Forecast predicts the resumption of normal activity in the fourth quarter of 2020 and a GDP growth rate of 4.0%.

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Do you know about the Teddy Bear in the window campaign?

Teddy Bears are appearing everywhere along streets made empty by the coronavirus
They’re fair game for bored kids turned hunters.

The stuffed animals are appearing in windows around the world in global “Teddy Bear Hunts” for children – uniting neighborhoods and giving children an exciting, social-distancing-safe scavenger hunt activity during coronavirus lockdowns.

The hunts are inspired by Michael Rosen’s 1989 children’s book “We’re Going on a Bear Hunt,”

which opens with the lines, “We’re going on a bear hunt/We’re going to catch a big one/What a beautiful day!/We’re not scared.”

Play dates might be on hold but seeking out the stuffed animals is the new bearable activity.
I personally don’t have a teddy bear but do have a puppy dog in one of my windows. What about you?*********************

What about me? How am I doing?

  Like everyone else, I am spending more time here at home then I ever have. I have a few projects that I have been putting off for a while, like cleaning out my closets, etc. that I am getting into. I am also exercising more both here in the house and taking walks outside and reading a few books that I have been wanting to get to. I am also watching more TV than I generally do, and honestly am staying away from watching the news too much.. Enjoying long phone conversations with clients and friends is also part of my days’ activities.

Fortunately, Coldwell Banker has created a number of classes and meetings that we can take, at least 2 a day. This has required me to learn how to use Zoom (still working on that one as I have been having both phone and computer issues!). My office has technically been closed for 3 weeks, so we are having all of our meetings online. These classes and/or meetings have not only been a god send in keeping me busy, but also teaching me new things on a daily basis.

How is my sweet, cute Mother doing with all of this? Fortunately, she remains good and I and her care givers are working very hard to keep it that way. I just admit that I have been visiting with her, which makes both of us happy and also for the most part
doing her grocery shopping.  She will be celebrating her 98^th birthday in late May, and it looks like it will only be she & I and her caregivers celebrating together as my sister & family cannot come here from Canada to join the celebration.

Please let me know how I might be of assistance in any way, and please get in touch with me and share any creative ideas you have to not only stay safe and comfortable, and any ideas for making your own masks which they are now advising we wear when we do venture out.

ceschiffer@gmail.com or 310 -471-2007  home number.

I CARE!

Carole

Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com  www.caroleschiffer.com

CalBRE  00677619

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