The Quiet Before the Storm
The data from the first quarter (Q1) of 2020 ostensibly indicates that we are headed into one of our strongest years to date. Median sales price (MSP) is up (1); the number of sales in Q1 is better than that of Q1 2019, and the percent of list price received is soaring (2).

Of course, we know that 2020 is shaping up to be unpredictable. Shelter in place went into effect on March 16th, and we all strapped in for the ride. Because most homes take 2-4 weeks to close after an offer is accepted, March finished strong. In April, we will begin to see the real effects of the mandate.

What is Happening in the National Market?
On April 12-13, the National Association of Realtors conducted a flash survey among a random sample of their 86,699 members. Here are the results:
* 88% of respondents are in a state that has declared a state of emergency.
* 81% of respondents work in a market where there are presumed or confirmed cases of COVID-19.
* 25% of respondents cited being able to complete nearly all aspects of transactions while respecting social distance.
* 60% of respondents reported buyers delaying their home purchase for a couple of months.

What is Happening in California?
In California, Realtors were certified as “essential workers” on March 28th. However, the San Francisco shelter in place mandate continues to limit the ways in which a Realtor can do business:
* No open houses or agent tours
* No in person showing of owner or tenant occupied properties
* Showing may be conducted virtually through cell phones or 3D property tours online.
* No property prep work (such as painting or remodeling)

Innovative Agents are Keeping Business Rolling
We have compiled some strategies that innovative agents are using right now to keep their businesses going strong:
* Mobile notaries facilitate signing paperwork.
* Electronic deeds can be recorded at City Hall.
* Transparent Pricing (3)
         * We will likely see a dramatic change in the percent of list price received in the coming months.
* Virtual tours make buyers and sellers alike feel the luxury of a listing.
         * Your Corcoran Global Living Realtor can now create stunning virtual tours with their Corcoran Global Living kit and their smartphone!  

Good News for Buyers
If you are looking to buy, now is a great time. Contact your Corcoran Global Living Realtor to access all of the off-the-market property that is not yet posted online. Your dream home might well find you while you shelter in place!

(1) The MSP of single family homes is up 22.31% since 2017, and that of condos is up 4.3% in the same timeframe.
(2) The average percent of list price received is 111%
(3) advertising a property at or near the actual price at which the seller would accept an offer rather than anticipating that the list price will be bid up.

As the Bay Area continues to Shelter-in-Place, many restaurants and grocers are working hard to ensure food is accessible for all.  And while many of us have decided to cook more with our additional free time, many Bay Area chefs have shared some of their favorite recipes. If you aren’t sure who is still delivering or you need some inspiration on what to cook next, this list will have the answers. Read More »»

With the recent celebration of Earth Day’s 50th anniversary, we are reminded of the importance of taking care of our planet. While we are limited on travel, which has temporarily helped clear the air, we still should think about the additional ways we can reduce our carbon footprint while staying inside. This list has 17 ways you can help fight climate change from the coziness of your own home. Read More »»

Now, more than ever, the importance of giving back, if you can, is prevalent. Many Bay Area based brands have come together to support restaurants, healthcare workers and others who have been affected by coronavirus. These brands are leading the way and we can help support them support others. Take a look at how these brands are creatively giving back to the community.   Read More »»