Local Realtors shared their reaction to the pandemic and the current housing market at a Silicon Valley Association of Realtors virtual meeting last week. The panel included C.T. Harris with Sereno Group, Amy McCafferty with Golden Gate Sotheby's International Realty, and Greg Simpson with Keller Williams Luxury Estates.
The Realtors said like everyone else, they, too, were caught off guard when the coronavirus hit and the county shelter-in-place order was imposed in mid-March. They reached out to their past clients and regularly checked to see how they were doing.
McCafferty said for her, the biggest surprise was how the market strongly rebounded just a few months later. Simpson said as the shelter-in-place order dragged on, he observed that many families are assessing their situation and making changes. He pointed to the drop in buyer interest in the condo market and speculated that the tight living quarters and health risk on being around too many people in an elevator has made them consider buying a house instead. Both McCafferty and Simpson noted there is heightened interest in the second home market since many people can now work from anywhere.
Harris cited the overall resilience of the market. "At first it was anyone's guess where the market would go. With inventory staying really low, I'm seeing multiple offers in all price points."
The panel consensus is buyers are mostly local, from around the South Bay, the Peninsula, and San Francisco. They are looking at places in lower priced areas located in the outskirts of local centers.
"It's happening. It's ultimately a big surprise, and now the market is robust, strong and healthy," said Harris.
Lessons the panelists learned from the pandemic experience are: always continue communicating with clients and be creative. Simpson said the experience has taught him to "be solutions-oriented and no matter what, to move forward."
"We're having to operate our business in a different way. It's now a different showing experience. It's important to stay in touch with your clients," said Harris.
Since traditional open houses are banned, Realtors have transitioned to a virtual format with limited private showing of homes in accordance with the health and safety guidance in place. McCafferty said she takes pride in the PEAD (Property Entry Advisory Declaration) form and praised the industry "for putting a good system in place to allow Realtors to stay on top of everything" during the pandemic. She added this is a time to be sensitive to everyone.
The Realtors advise new agents to work hard, know the statistics, be an expert on the market, write down their goals and have someone to whom you can be accountable. Those with few connections can explore teaming up with busier agents who may need help.
The panelists lamented on the absence of broker tours. They said broker tours are a valuable tool that allows Realtors to network and interact with agents from other brokerages. The ability to personally preview a home enables agents to recommend a home to qualified buyers. The MLSListings Board of Directors has so far voted against broker tours taking place.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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