Real estate is considered an “essential” business by local and state authorities, so properties are still being bought and sold. In fact, it has been one of the hottest markets in memory. However, in order to stay safe and abide by legal regulations, the real estate process has changed and can be confusing. We welcome you to use this document to understand how to move forward during the time of COVID-19.

 

Yes! The East Bay real estate market is thriving. Based upon an analysis as of February 2021:

 

• Prices are up 25% compared to one year ago

• Homes are selling on average 13% over asking

• There is an average of 6 offers on each Red Oak transaction

There are fewer transactions, but that is because there are fewer homes on the market. There is strong buyer demand for properties.

 

Yes. Prospective buyers are encouraged to first view the property online. This can include online profiles (on Zillow, RedOakRealty.com, Redfin, etc.) and virtual showings through their agent via Zoom, FaceTime, Instagram Live, etc. If they want to see the property in person, the buyers must sign a PEAD-ALL form (Coronavirus Property Entry Advisory and Declaration) which is an acknowledgment that they don’t have COVID-19 and have not recently come into contact with someone who has the disease, and recognition of the risk associated with entering a property. Buyers and agents are asked to wear masks and observe social distancing protocols.

 

Open Houses are once again permitted, however buyers are required to sign in, wear a mask, and the number of people allowed in a property at any one time is regulated.

 

If you have questions, please contact us.

 

Yes. Escrow officers are working and county recorders remain functional. There can be delays due to virtual working environments, virtual notary options, and limited staff.

 

Sellers who were considering selling this year should seriously consider starting the process now. Why? Because buyer demand remains strong and you can prepare your home for buyers using methods almost identical to the time before SIP:

 

• Construction and landscaping are again permitted.

• Staging is again permitted.

• Professional photography is allowed again. This also includes professional videos (Red Oak has a videographer on staff) and 3D tours like Matterport are available to help buyers “see” the property.

Open Houses are also permitted again, however everyone entering must sign in, masks must be worn inside, cleaning protocols are in place, and the number of people entering at any one time is regulated.

 

This could be a good time to buy. You still need to expect to compete with other buyers and often pay over list, but interest rates are at historic lows. Be sure to keep your long-term financial health front and center in your decision and make this move only if it is right for you.

 

This is an unusual time with almost no frame of reference. However, after a year of helping our clients buy and sell property during a pandemic, we feel we have found a way to work safely, while still representing our clients’ best interests.

 

If you have questions, feel free to reach out.