If you click on our Past 7-day New Listing Seach, you’ll see something that appears to be the first indications of virus on our local real estate market. Past 7-day MLS Listing Search
The BOM means Back on Market. This is when a listing goes to another status (like Pending Sale) and then goes back on the market as an Active listing. If usually happens when a Buyer (or Seller) cancels the purchase agreement. If you click on the date range on the bottom of this report, you’ll see the previous 7-days. You can go back as far as 28 days ago to see how things are changing.
What you’ll see is the the BOM’s have significantly increased this week. Also, if you see an address that doesn’t have a hyperlink to display the details, this means that property has been removed from the MLS (such as when the Seller withdraws/cancels the listing). This is true across all our Real Time Listing Searches.
The Past 7-day Pending and Price Change searches will also give and indication on what is happening in our local market as we move forward.
With our current need for social distancing, the MLS is removing Open House info from listings. Today, the next-generation of Visual Tours is only being used for a very small percentage of Central Coast listings, I think we’ll see more Buyers wanting the best Visual Tours when things get back to normal.
The graph below shows the Months of Inventory for Avila Beach, Pismo Beach, and Cayucos. A value of 6 is considered a neutral market. Values above 6 are a buyers market, less than 6 is a sellers market. This time of year we usually see a dip but Avila Beach is really low due to very few homes being on the market right now.
Here’s a graph of Active Listings for Single Family Homes to go along with the graph above.
Zillow recently released a survey they did on how selling a home can be stressful on a relationship. Following are some things they found.
A large percent of Millennial sellers, aged 25 to 39, argued with a significant other over selling a home (85 percent) while a smaller share of baby boomer sellers, 55 years and older, argued about the home selling process (54 percent), indicating that life experience – and a higher likelihood of being a repeat seller – may help couples weather the tension that can come with a home sale.
Of couples who argued over the home selling process, a majority (69 percent) fought about at least one of three financial decisions: what price to list the home for, whether to drop the price and whether to accept an offer.
Many also argued over the following hassles of a traditional sale:
- Whether or not to make repairs (24 percent)
- Strangers walking through the home during open houses (24 percent)
- Keeping the house clean for showings (23 percent)
- Uncertainty over whether the house would sell or not (21 percent)
Previous Zillow research found more than one-third of home sellers cry when selling a home, and more Americans are stressed out by selling a home than they are by planning a wedding or getting fired. Zillow also found uncertainty caused sellers more stress than showings and repairs.
Time to set your clocks ahead 1 hour when you go to bed this Saturday. Or I should say…time to set your clocks that don’t automatically reset themselves. Like the microwave and wall clocks.
There is a new California law about granny units (aka accessory dwelling units (ADU)) that took effect this year. The major points of the new law are:
- No minimum lot size.
- Owner won’t have to live on site.
- Building height can reach 16 feet, even if it means blocking your neighbors’ view.
- Owners can build a “junior ADU” within the primary residence measuring up to 500 square feet – even if there’s already an ADU on the property.
- Garages can be converted into ADU’s.
- Local government must review a completed application within 60 days (previously 120 days).
I went to do an Agent inspection of a home I’m representing the Buyer (outside of Central Coast). The listing only had flat photos so I created a Matterport tour for her so she could start thinking about where she wants to put things.
I also took some 360 degree photos of the exterior using my “silent drone-like camera”. The two photos below show two perspectives of the backyard for the Buyer.