Connie Foley
Coldwell Banker Realty 408.580.6219

Questions During COVID-19

We are currently navigating uncharted territory during the COVID-19 Shelter In Place. I want to reassure you that I am still working, though virtually instead of in person, as are my partners in lending, title and marketing. Fortunately, our technology allows us to be innovative in creating new ways to work in this changing environment. As a buyer, seller, or anyone looking for help during this time, please reach out to me and I will answer your questions or point you to someone who can. Thank you, stay well, and I'm still here to help! Connie

COVID Report

Should I Buy Now? 

While our lives have changed suddenly and drastically, and we are all being extra vigilant during this tumultuous time, the decision-making factors associated with buying a home remain the same.

  • Buyers will still be impacted by life events, personal finances, job relocation and stability, available housing supply and mortgage rates, to name a few. 

  • What also remains the same is that, from a long-term perspective, the benefit of wealth accumulation, positive intergenerational effects and social gains of homeownership are undeniable. 

  • The current crisis has not undermined the long-term value of owning a home in California. 

  • In addition, the current low-rate environment offers first-time homebuyers a unique opportunity to get their foot on the property ladder at a historically low cost.

  • For those in the financial markets, many potential buyers will have seen their wealth negatively impacted, which could reduce their willingness to purchase and/or the amount they are able to offer on a home. Alternatively, they could be incentivized to invest in real estate as a strategy to protect their assets from further financial market turbulence.

  • The bottom line: Each individual homebuyer should consider their own specific personal and financial circumstances and understand that while the risks from coronavirus as this ‘new norm’ are certainly more elevated, the economy and housing market will recover and housing in California will resume its upward trend.

Should I Sell Now? 

If the time is right for you, the time to sell is now. 

  • If a seller’s personal and financial circumstances help make them comfortable pulling the trigger, then selling in today’s ‘new norm’ can prove fruitful.

  • Housing demand is high, as homes in California were selling quickly in February with minimal discounts. Plus, there is currently a dearth of homes available for sale with pending sales down and active listings falling by more than 20 percent in recent months. 

  • Therefore, in terms of market fundamentals, sellers are poised to sell their homes quickly and near to their full asking price.

  • We do caution our seller clients that they should balance these positive market trends against the unknown impacts of a worsening coronavirus outbreak like economic uncertainty and the potential for recessionary job losses, as well as the risks of infection during the physical process of selling their home that come from open houses, listing appointments,and other personal interactions.

  • The bottom line: California’s chronically undersupplied housing market should keep some upward pressure on home prices as demand far outstrips available housing supply. 

Should I Refinance Now? 

It depends: Conventional wisdom says if you’re able to reduce your mortgage interest rate by at least 1 percent, then a conversation with a lender is worth pursuing.

  • When you sit down with the lender, make certain you ask about refinancing costs, as they can be higher than the initial mortgage and can take years to recoup. 

  • The good news is that mortgage rates remain at historic lows and last March, they fell to an all-time low. However, with the market buzzing, the rates quickly shot back up as loan originators struggled to keep pace with the demand. 

  • The bottom line: From a macroeconomic standpoint, rates are near historic lows, which presents a significant opportunity to save money over many years.

Meet CONNIE FOLEY

Connie Foley - Realtor

Connie, born and raised in the Santa Clara Valley, is a 2nd generation Realtor* with a deep love and knowledge of the San Francisco Bay Area.  She has gone through the local public school system and attended San Jose State University.  She is passionate about home ownership and is well aware that this is one of the largest investments that you will ever make. Her personal goal is to create and manage a smooth transaction throughout both the listing and the buying process. For those thinking of leaving the Bay Area, she can help with a step-by-step Exit Plan.

Hard working, focused, and dedicated to her clients, Connie strives to represent the best in the Real Estate industry.  A personal touch and commitment to excellence has resulted in a clientele that returns for service.  Connie’s proven marketing strategy, coupled with strong negotiating skills, will provide the service and results that you expect from a real estate professional. 

More about Connie

 

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