Pending home Sales, Housing Market status,

Signs of Recovery!

Hi, I’m Kim, certified probate real estate advisor and expert at helping executors and administrators with homes in probate. Welcome back to my channel. Today’s topic is pending home sales, housing market status and signs of recovery. Today, many people are asking themselves whether they should sell or buy a home in 2020. Some have actually shifted their plans, or put them on hold over the past few months, and that’s understandable under the current situations. Everybody is wondering whether the market will change and when or if the economy will turn around, if you’re trying to figure out what’s going to happen and what are the next steps for you to take… You’re not alone, if you’re involved in a probate, you’ve probably just experienced the San Diego probate courts being closed. Perhaps you had a court date in February, or March that has now been moved to August, or September. I’ve spoken with many clients that are frustrated by this situation, but there’s not much we can do until the courts opened up, which they have, and they start going through the cases that were pending back in February, March, April, etc.

It’s important that you know that traditional sellers, people that are actually living in their homes that have planned to move up or maybe even move down or have plans to move out of California, have pretty much put their plans on hold for many reasons. Of course, they didn’t want strangers in their homes with the COVID-19 situation, and so they have just waited to see what was going to happen, especially when California was closed, it made people very uncomfortable with the idea of having strangers come into their homes. But, in your circumstance, your loved one’s home is most likely vacant, so we have continued to put homes on the market as we could. Once our clients are actually appointed as the Executor or the administrator, and once the personal property has been addressed in any repairs that needed to be addressed for taking care of…

We’re still putting properties on the market and getting them sold in a timely manner. So, the people that are traditional sellers are starting to gear up to get their homes on the market, and now typically Spring and Summer are good months here in San Diego, we sell homes all year long, because we have a very mild weather, as you know, so we anticipate late summer, which we are getting into now, and fall to still be robust months for sales. What’s important for you to know is that the traditional sellers are now gearing, up and they’re going to be putting their homes on the market like they plan to do in spring or early summer, and so you’ll have a little bit more competition.

The great news is that the buyers are wanting to buy homes, they wanna take advantage of our record low interest rates, they wanna take advantage of the idea of having a stable payment for the next 30 years!

Including my daughter and son-in-law, they just recently purchased their first home, it was a house in a trust, and it needed a lot of work, we had quite a bit of deferred maintenance, but my husband and I are pretty talented people here when it comes to… Addressing deferred maintenance and doing updates, and so two months after they purchased this home, they moved into it and they already re-financed at a lower rate, so that they had a better mortgage payment for the next 30 years.

According to the National Association of Realtors pending home sales in May, we’re up 44.3%. This was registering the highest month-to-month game since January of 2001, so what exactly are pending home sales, and why is that important for you to even know pending home sales according to the National Association of Realtors is the leading indicator of the housing market, what’s happening in the housing market. Because, a home goes pending sale, usually around 30 days, sometimes up to 60 days before it sold, the pending home sales index leaves to sold sales within the next 30 to 60 days. Thus establishing what willing buyers and willing sellers negotiate for the sales, prices of homes, the pending home sales shows the relative strength of the market. So, here in San Diego, we’ve had a limited inventory, so our sales are quick when houses are priced appropriately for their condition, and in many cases, multiple offers on those properties because there’s more buyers than there are sellers.

So, why is this rebound important with the COVID-19 and ultimately the shutdown that happened? We saw a steep decline in pending and sold homes in May, however, that number increased, that means that the buyers were back in the market taking advantage of the inventory that’s still very low. Getting into a home with that probably around a 3% interest rate, this has been a spectacular recovery for the real estate market! It shows that Americans have that evergreen need to be homeowners, and we’re hoping that this bounce back of the real estate industry can lead the way to the broader economic recovery. Of course, in order for us to keep on this trend, we need more homes available for buyers to purchase… That’s where you come in.

The National Association of Realtors believes that as the year continues on, we’ll see more homes being built, brand new homes, so that will also help with the recovery. Here in San Diego, we don’t have very many new builds, our sales are typically involving previous homes, even homes that were built back in 1960. The lack of overall inventory is still a real big challenge here, and once you’re able to work with a real estate professional to help you to prepare market Ansell, your loved one’s home that will add to the inventory. And I think you’ll be very pleased with the outcome.

So, if you decided not to sell in the spring or you just couldn’t sell in the spring or early summer because you hadn’t been appointed yet as the executor or the administrator, now is probably getting close to the time that you should be speaking to someone, like me, who can give you the facts about your loved one’s home. Including the estimated market value of it, the timeline that homes are selling on, and any other information that you have questions about having to do with your loved ones real property. I also can help introduce you to an estate sale company or a company that can help to buyout the remaining personal property once your loved ones and you have taking things of value to them out of your loved one’s home.

I’m here to help!