McKae Properties Real Estate Market Commentary

It is so easy to let fear in without carefully examining the situation.  Yes, housing prices are coming down, yes housing prices came down in 2006-07, yes they came down in 1987.  Had you purchased at those times look what happened.  Home prices rebounded and went even higher. I had written in my inaugural letter that the stock market leads the real estate market.  Since records have been kept the price of homes have followed the stock market average.  Whether the average be the Dow Jones or the Standard and Poor 500 or any other index created.  Why?  The averages are economic measurements of our economy.  With every reaction down there was a rebound up and those rebounds kept going onward and went beyond the lows that created the concept of "crash".  10 years from now all those who went back to their rental or their under sized house will look back and regret not moving forward. How can one make a mistake?  Interest rates are at historic lows. There will be a new norma

Harley my Old English Sheep Dog looked up at me as I waited for cocktail hour to begin and said, "Now you know why a chew on furniture". We now are looking forward for the Governor to decide on the resumption of our economy.  Good Political play from POTUS.  If it is successful he wins and if it is a failure the Democratic Governors who opposed him making the decision are left holding "The Bag".   A stinky bag it will be.  Redwood City has declared that all walking outdoors must now wear a facemask.  Isn't this locking the barn door after the horse is stolen? Homes for sale declined 15.7% in March and so far this month the results are: Atherton: 6 new listings, 3 cancels, 2 cuts Menlo Park:  13 new listings, 6 pending, 7 sold, 1 withdrawn,1 expired, 3 cuts Palo Alto:  17 new listings, 9 pending, 9 sold, 3 expired, 4 cancelled, 3 cuts Woodside:  5 new listings, 1 pending, 5 sold, 1 withdrawn, 1 expired, 0 cuts Portola Valley: 2 active, 3 sold, 1 withdra

The new thing appears to be emails from all those we know and have known with their various jokes on being too long in Solitary.  "Going out this week? What should you wear to take out the garbage?" In Santa Clara County list prices of Single Family Homes have had a -2.88% fall in a 30-day trend, Luxury Home list prices have had a -10.78% fall in a 30-day trend.  Importantly, the average sales prices for single family is +8.10% and Luxury Single Family +0.28%. In San Mateo County Single Family list prices have a -5.66% 30-day trend and Luxury Single Family have had a -2.10% 30-day trend.  Average sales prices for Single Family homes are +11.27% with no statistics available for Luxury Homes in the 30-day trend. Watching the daily summary of listings of Atherton, Menlo Park, Palo Alto, La Honda, Redwood City, Woodside and Portola Valley the only trend I can see is that there have been a number of cancellations, expired and withdrawn properties in the Luxury Markets of Woo

LIFE AND HOME SALES DURING THE COVID 19 PANDEMIC, WEEK 3 We are now finishing our 3rd week with the Shelter at Home orders by Governor Newsom .  Cities and Counties have followed up with their orders .  It does not appear that the order will expire until after May at this point.  Next week is the height of deaths and infections per the medical community advising our governmental leaders. STAY AT HOME! The California Association of Realtors have put together forms that require full disclosure of potential issues to protect both the buyer and the seller of real estate in California.  The first is a Quick Guide to Real Estate Transactions in a Safer at Home Environment for Covid 19 .   Buyers and sellers should review this link as the realtor must comply.  Being self-informed is far better than word of mouth.  For the seller there is the Listing Agreement Coronavirus Addendum or Amendment.  Whether you are presently listed or planning to list this is an essential form for comple