Civility and Silliness

I am part of a closed Facebook group only for Arizona real estate agents. Yesterday, after Governor Ducey said the State was now closed except for "essential" businesses, a conversation ensured. Most of the chat was surrounded around whether or not we could continue working. The answer is, probably not, but it wasn't definitive. I am sure we will find out soon.

However, there were several--and I mean, I think half of the real estate agents in the State of Arizona--had to make a comment or two about politics. Then others had to chime in. And then some fools had to wish illness upon their fellow humans because they don't like our current president, because that's useful.

Obviously there are too many children practicing real estate these days.

Attention You Three

Just a quick public service announcement. The stimulus package allows for mortgage companies (at their discretion) to offer a forbearance for your loan payments. This is different than a deferment.

So if you happen to have a mortgage, know that if you take advantage of this program, your skipped payments quite possibly are due in full after this quarantine is over. The mortgage company does not have to make the loan payments due at the end of your loan.

In other news, I am so glad I am not a landlord right now.

A Peaceful Life

Last week I was talking with Bliz. I told her I was so relieved not to be a landlord right now. I wouldn't want to deal with this craziness AND deal with everyone else's craziness too. Besides, with some of the tenants I had at one time, they would be looking for reasons not to pay rent, even if they could.

I don't miss that life.

The State of the Real Estate Market

Yesterday's real estate data class was enlightening. Essentially, everyone should take a chill pill and calm down. The world isn't ending. The housing values aren't plummeting. To give you perspective, there are now a whopping total of 12,000 units on the market--that includes everything from condos, mobile homes to mansions. We have currently 2.387 buyers for every unit for sale.

Last week, in the entire Phoenix metro area 5 percent of all home escrows fell out. And of those 5 percent, three percent went back into escrow. So, take a breath.

There are some positive results of this crazy time. Investors and Ibuyers (like Zillow, OfferPad, Open Door) have completely withdrawn from the market. They aren't buying or selling. That means, for buyers, there are less multiple offers. For sellers it means they might have their home on the market for a week instead of a day. Also, a seller might have to fix a broken widget or two. But it doesn't mean prices are crashing or foreclosures are rampant.

Could all this change if we have more uncertainty? Sure. I don't have a crystal ball. But as of today, it is still a good time for my seller to sell their home.

Pandemic Business

The Arizona Governor has declared real estate an "essential business" and therefore people are allowed to buy and sell homes right now. From what I am hearing business is hot. I am not sure I actually believe that. However, I know agents are writing contracts and houses are getting sold. I also know my errors and omissions insurance will not cover me being sued from someone getting sick at an open house right now. How's that for a funky rider in an insurance policy?

I have my (now online) monthly Trusted Advisor meeting today where we will go over the current state of the market. It is one thing to hear "business is booming" from fellow agents, the Trusted Advisor meeting will give me data to back that up.

I need this data because I have a listing that is supposed to go active in a few days. My seller needs to move. But I want to make sure I have the right expectations set for her. Will it be on the market for more days? Will I need to lower the price to get it sold (inventory is still super-low)? 

I have already confirmed I can get my photographer to take pictures. I also hope my sign company is still working, because I do not want to dig a hole myself. I prefer sign companies. Plus, it keeps the small businesses moving. I have a note to my graphic artist to see if I can get flyers made--how I will get them printed is anyone's guess, given I don't know if the print shop is open. But we shall see. 

A Happy Story

Yesterday, amidst a quarantine and thunderstorm, my clients had their final walk-through. Everything in the home looked great. Per a gentleman's agreement, the pool table stayed with the property (we couldn't put that in writing). It was there. Along with, I am told, some tournament-quality pool cues. As I know nothing about pool tables or cues, I will just have to take the word of my buyer.

After our walk-through we went to the title office. The power went out about 39 nanoseconds after we arrived, so we moved our signing to a table by the window where the title officer gave us copious amounts of hand sanitizer. Then, when we were done and parting ways, they promised to find me next month and give me a long-overdue hug. I would settle for a glass of tea at their new home, but that's just me.

Today the sale closed without incident. It is a low-drama, happy story for my super-nice folks. I really like these clients. I am glad I got to help them buy their first home.

Quarantine Mems

Not to make light on what is happening around the world, but let's face it, what all can we do other than worry, make light or totally ignore?

Monday, I was at the grocery store buying produce (nobody is picking through the fresh produce and meat, instead stocking up on frozen dinners?) when a woman approached me with two packages of toilet paper. "Do you want these?" she asked. Actually, I did want her rolls and I had already looked on the shelf. There was none left. My brother's family missed the memo stores were running out and so were they. In fact, Little Brother had been canvassing stores that morning since 5 a.m. looking for a roll or two and had taken to swiping napkins at the local Quik Trip so they could make it through the day.

The toilet paper came with a heavy price. The woman clutched it tightly, telling me how a different president would never have let this happen. Maybe, we don't know. I am 51 and this is my first self-quarantine pandemic. So, I have no reference. Nor do I care at the moment. Taking care of ourselves and others is more of my priority.

In other news, my six year old nephew will now have a spot-clean bottom.

Here's a bit of levity, all from the Face Book Real Estate Forum.