Welcome to our Blog!

At Perisson, we are always seeking ways of providing value for our clients and neighbors.  We hope this blog will become a great resource for others, as we delve into all things real estate, especially local market activity and community information.  Here is some of what we'll be covering:

  • Monthly market updates
  • Perisson seminars and other events
  • Interesting articles and videos on latest real estate news & trends
  • Community events
  • And more to come...

We hope you'll find this page useful and interesting.  Let us know if there are any topics you'd like us to cover!

May 22, 2020

Perisson Weekly Update (05/22/2020)

Weekly Snapshot

Here’s our weekly snapshot of key market data for the Week of Wednesday, May 13th to Tuesday, May 19th, shown as part of the trend since the beginning of March..


In both counties, we continue to see the number of new listings hold fairly steady and similar to what we were seeing before the Shelter in Place took effect. The number of properties in contract are also holding steady with Santa Clara County at the highest level for this year. The number of canceled and withdrawn listings is also staying steady, while the number of Closed Sales is about level, though somewhat depressed for what we would expect this time of year. This is no surprise as the number of new listings was significantly reduced in March and April. We hope to continue to see this number rise as SIP is relaxed and we see more sellers and buyers out there.

Posted in Weekly Update
May 18, 2020

Guide to 1031 Exchanges Online Seminar

Learn the basics of tax-deferred exchanges for real estate investment property, as well as more complex types of exchange transactions such as Improvement / Build-To-Suit Exchanges, Reverse Exchanges, combining 121 & 1031, seller financing, strategic 1031 investing and solutions for the most challenging transactions.  We’ll also be discussing how the COVID-19 situation has impacted the 1031 Exchange arena.

Speaker: Ron Ricard, CES ®, IPX 1031, Vice President

This will be held via Zoom, but please sign up to receive the link and reminders at: https:/bitly.com/perisson2020-1031exchanges.
 

Posted in Perisson Events
May 15, 2020

Perisson Market Update: April 2020 Recap

Takeaways from the data one full month after Shelter in Place orders took effect:

-    Median Sale Price: On a month-over-month basis, single family homes in San Mateo County experienced a moderate decrease of 6% with only a 1.4% decrease in Santa Clara County.   Interestingly, condos & townhomes experienced slight increases in both counties.  On a year-over-year basis, median sale price increased in all categories except for condos/townhomes in Santa Clara County with a decrease of 4.6%.  Considering the current situation, these numbers are actually very promising as they indicate a market that is still fairly stable (no major drop on the horizon).

-    The number of Closed Sales decreased in every category on both month-over-month and year-over-year comparisons, which is no surprise considering Shelter in Place restrictions from mid-May.

-    Likewise, the number of New Listings also experienced a steep decrease of about 40-50%, as many homeowners decided to hold off putting their homes on the market.  The hope is that many of these homeowners just delayed their plans rather than deciding not to sell completely, and most economists and real estate brokers are expecting the number of new listings to “rebound” as restrictions are loosened in the coming weeks and months.  We see this same effect on the Months of Inventory, which are still very low at around 2 months or so, which keeps us in “seller’s market” territory.

-    Days on Market:  This is a statistic that we are keeping for comparison but with a BIG caveat, as the Multiple Listing Service (MLS) stopped the clock from March 17th to May 16th, which means this data is going to be less informative for us.  So, if you’re happy (or stressed out) about the 7-9 days on market datapoint, keep in mind that it may not be a good indicator of what’s happening on the ground.

We will keep you posted with our weekly updates while the coronavirus situation continues to impact our daily routines.  If you are thinking to buy or sell in the coming year, please don’t hesitate to reach out to me to discuss your specific needs, as it’s more important than ever to be strategic in your real estate goals.

 

April 2020 Market Data
Posted in Market Updates
May 11, 2020

Online Seminar: Remodeling Tips & Trends (Wednesday, May 13th)

Getting Started on Your Project
Classics & Trends
Do’s & Don’ts in Remodeling


As all of us are spending more time in our homes, we’re probably thinking more about our homes and considering updates we’d like to make.  While residential construction is not allowed during the current Shelter in Place, it’s still possible to start the planning and permitting process.  If you’re thinking of remodeling in the near future, be sure to join us for ideas on how to get started as well as tips and trends to consider. 

Speakers:
•    Anders Fung, MAAN Global Development & Collaborated Design Group
•    Christine Lam, Christine Lam Interior Design

The seminar will be held from 6:30PM-8:00PM on Wednesday, May 13, 2020 and we’ll be starting with a brief update on the real estate market by Jean Joh, Broker of Perisson Real Estate, Inc.  This session will be held via Zoom, so be sure to sign up online to get the link here.

Feel free to forward this invitation to your friends and neighbors!

May 6, 2020

Adjusting to the "New Abnormal"

Here’s our weekly snapshot of key market data for the Week of Wednesday, April 30th to Tuesday, May 5th, shown as part of the trend since the beginning of March.






In both counties, we saw an uptick in new listings last week, and it’s encouraging to see this as a sign of more sellers adjusting to the “new abnormal.”  The number of closed sales went down slightly in both counties, which is not surprising as this is more indicative of the reduction in new listings at the beginning of our Shelter in Place period.

We said we would cover April numbers this week, but we’ll actually be doing this next week in order to make sure the data is complete.  This should be interesting as it will be our first full month after the Shelter in Place restrictions took effect, so STAY TUNED!

Until then, stay healthy, and let us know if you need help with anything.  Wishing you good health, joy, peace and friendship in abundance!

Posted in Weekly Update
April 29, 2020

Perisson Weekly Update (04/29)

Trudging Forward with Shelter in Place

As you know, the Shelter in Place restrictions for our area have been extended through the end of May. While not surprising, we know it can be a bit daunting to think of another month of this, but hopefully, all of our efforts will help to keep as many people as safe as possible.
 
The new health orders, which were announced today, take effect on May 4th and go until May 31st, and include some changes related to real estate and housing projects:  
  • All construction projects will be allowed to resume as long as the project complies with safety protocols included with the order. 
  • All real estate transactions will also now be able to resume, but with continued restrictions on open houses and limitations on in-person viewings.  
  • Certain outdoor businesses can also begin operating again, and people can visit those businesses to perform work or obtain goods, services, or supplies. This includes wholesale and retail nurseries, landscapers, gardeners, and other businesses that primarily provide outdoor services as set forth in the order. 
  • Residential moves (and businesses that support them) are now allowed. When moving into or out of the Bay Area region, individuals are strongly urged to quarantine for 14 days.
You can read the actual order HERE:
Here’s our weekly snapshot of key market data for the Week of Wednesday, April 22nd to Tuesday, April 29th, shown as part of the trend over the last 8 weeks.



To summarize:
  • New Listings: Slight decrease in San Mateo county and slight increased in Santa Clara.
  • Under Contract:  Increase in both counties, as we continue to see buyers who are actively looking for homes and even submitting offers.  The low mortgage rates may be helping as well.
  • Withdrawn:  Stayed about the same.
  • Sold:  Slight increase in San Mateo County and slight decrease in Santa Clara County.
In general, we’re not seeing much of a change as people continue to adjust to our “new normal”.  Here’s a quote from Lawrence Yun, Chief Economist of National Association of Realtors (NAR), which seems consistent with what we’re seeing in the data and in our interactions with clients.
"The housing market is temporarily grappling with the coronavirus-induced shutdown, which pulled down new listings and new contracts.  As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.” 
Next week, we’ll cover the numbers for April, which should be interesting as it will be our first full month after the Shelter in Place restrictions took effect.  Until then, stay healthy, and let me know if you need help with anything.  Wishing you good health, joy, peace and friendship in abundance!
Posted in Weekly Update
April 24, 2020

Perisson Weekly Update (04/24)

Tracking Trends

Here’s our weekly snapshot of key market data to inform you on what’s happening in our market.  The following are critical market indicators for the Week of Wednesday, April 15th to Tuesday, April 21st.  For this week, we’ll take a look at the trends we’ve seen in the last couple of months.




Just a few takeaways from the data so far:

•    New Listings: Though we had a steep drop right after the Shelter in Place (SIP), we’ve seen the number stabilize in both counties, even almost doubling in the last in San Mateo County.  It may be that more sellers and listing agents are starting to look forward to some relaxation of the SIP standards in a couple weeks.

•    Under Contract:  YES, there are buyers still out there and putting in offers, and it seems the number of listings going into contract are keeping pace with the number of new listings. Of the 88 listings that went into contract in San Mateo County, 52 (59%) went on the market after SIP.  In Santa Clara County, 113 out of the 173 (65%) listings that went into contract were put on the market after SIP.

•    Withdrawn:  This number has pretty much stabilized after the steep increase that took place immediately after the SIP took effect.  No surprise there.

•    Sold:  San Mateo County closings are also holding steady, while Santa Clara County is actually seeing an uptick in the number of closings.  Out of 57 sales in San Mateo County, 10 were listed after SIP and 27 (47%) went into contract after SIP. Out of the 196 sales in Santa Clara County, 23 were listed after SIP and 95 (48%) in contract after SIP.

While things are far from being back to normal, the market is clearly continuing to move, so if you are thinking to buy in the near future, don’t just sit on the sidelines waiting for a glut of inventory or prices to fall.  And if you were planning to sell this year, don’t be discouraged as we are still experiencing a shortage of inventory and serious buyers are still out there.

Posted in Weekly Update
April 16, 2020

Perisson Update: The Coronavirus Blues?

Congratulations to all of us on making it through a month of Shelter in Place!  I hope this email finds you and your loved ones in good health and good spirits.  Our office has been conducting meetings and seminars via Zoom, homes are being shown by virtual tours, and we’re all rediscovering old recipes, old hobbies and even our own family members and pets in some cases.  Obviously, though, we’re all looking forward to a time when we can meet in person (from six feet, of course).

This week, we’ll be going back to our monthly newsletter format and recapping the market activity for the month of March.  In San Mateo County, the median sales price for both single family homes and townhomes/condos experienced increases on a month-over-month AND year-over-year basis.  This was also the case for single family homes in Santa Clara County, while townhomes/condos had no change on a month-over-month basis and a moderate decrease compared to last year.  In general, these prices reflect homes that were listed on the market prior to the Shelter in Place directive, so it’s not surprising to see them holding fairly steady or even doing better, as we knew the market was looking very strong in February.

As expected, the number of new listings decreased significantly in March in all categories except for townhomes/condos in Santa Clara County.  As the Shelter in Place directive took effect on March 17th, many sellers chose to hold off going on the market in hopes the situation would improve by late spring or early summer.  Those who have been reading our weekly updates will know that though the number of new listings has decreased significantly, they have not stopped entirely.

“What do you think will happen to the real estate market?”  That is always a hard question to answer, but now even more than ever, as it will all depend on how things progress with the coronavirus situation and the short and long-term impacts on the economy.  But two things are clear:

  1. The fundamentals of the housing market were strong before this started and are still strong. Those who are worried about a recession and still have PTSD from 2008 should be clear that we are in a very different environment now, as many homeowners have significant equity in their homes and as there have been stricter lending standards in place since the last recession.
  2. The concept of “supply and demand” will continue to dictate the market.  Before the COVID-19 situation, demand was very strong and we were seeing multiple offers over asking on the majority of listings in our area in February.  Taking a look at inventory levels in both counties, we can see that they were in the 1-1.5 month range for March, which is still quite low.  So even if some buyers may need to hold off or cancel their plans to purchase a home, the number of listings has also gone down, creating continued low inventory levels, which means fairly strong home values.

March 2020 Market Data

 

How “Essential” is Real Estate?

Of course, we at Perisson think real estate is absolutely essential to life and society.  After all, the three main necessities of life are food, SHELTER, and clothing.  Although not originally included in governmental directives, the federal and state government later upgraded residential real estate to “essential” status.  The Bay Area counties have been under stricter guidelines, and on March 31st, revised the order to include residential real estate “under very limited circumstances.”

The main question to consider is:  Is the sale of a particular property ABSOLUTELY NECESSARY during this time?  For example, is it a reverse-mortgage that must be sold in a matter of days? Is the sale of a home for a doctor, healthcare professional, or emergency personnel who was transferred into or out of San Mateo County? Is the sale for someone moving back home from overseas or some other equally essential situation?  If so, then a sale can be considered “essential.”  

There is nothing barring a home from being placed on the market during this time, and some activities for preparing a home for sale, such as photography, are allowed while residential construction is not unless crucial to maintain the safety and habitability of a home. We’re seeing different brokerages handle this differently, but making sure to keep social distancing protocols no matter what.  

What about viewing homes?  In all cases, virtual showings and open houses are strongly advised.  If necessary, showings of vacant homes may take place by appointment only if no more than two people from the same household are in a home at one time.  Showings of occupied homes may NOT take place under any circumstances, even if the owners leave the home for the day. 

These are the current measures required of all REALTORS® in the Bay Area right now, but we are hoping to have more flexibility and adjustments in the coming weeks.

 

Call for Action – Protect Property Owner Rights

In general, we try to stay away from comments on political issues, but this is one that could have a major impact on the rights of property owners.  While we definitely understand the plight of renters who are going through financial difficulties, there are already tenant protections in place, while there are many “mom and pop” landlords for whom their investment property represents their retirement and legacy to their children, and it’s important to protect them as well.  Even if you don’t currently own investment property, if you own property at all or are thinking to do so in the future, we encourage you to be aware of legislation that may have an impact on your rights as a property owner.

On April 8, Assemblymember Phil Ting (D-San Francisco), along with Assemblymember Kevin Mullin (D-San Mateo County) and Senator Scott Wiener (D-San Francisco) introduced language in the State Legislature dealing with COVID-19 that would be extremely detrimental to small property owners. AB 828 says that property owners must reduce their rents by 25% for the next year, due to the COVID-19 pandemic. It also makes it virtually impossible to evict tenants, even for cause.

The stated intention of the law is to protect tenants who are financially affected by COVID-19, yet it has no requirement that tenants prove that they have actually experienced financial hardship.

AB 828 places a tremendous burden on property owners, some of whom recently purchase their property and have exceedingly high expenses and other who have already been under rent control for decades and don't even receive enough in rent to maintain their properties.

If this concerns you, we encourage you to contact your State Legislators and the Member of the Assembly Public Safety Committee today and ask them to oppose AB 828.  Here is the contact information for your reference:

     Assemblyman Phil Ting (D - San Francisco) - assemblymember.ting@assembly.ca.gov

     Assemblyman Kevin Mullin (D - San Mateo County) - assemblymember.mullin@assembly.ca.gov
     Senator Scott Wiener (D - San Francisco) - senator.wiener@senate.ca.gov

     Assembly Public Safety Committee
     Reginald Byron Jones-Sawyer, Sr (D - Los Angeles) - assemblymember.jones- sawyer@assembly.ca.gov
     Tom Lackey (R - Palmdale) - assemblymember.lackey@assembly.ca.gov
     Rebecca Bauer-Kahan (D - San Ramon) - assemblymember.bauer-kahan@assembly.ca.gov
     Tyler Diep (R - Huntington Beach) - assemblymember.diep@assembly.ca.gov
     Sydney Kamlager (D - Culver City) - assemblymember.kamlager@assembly.ca.gov
     Bill Quirk (D - Hawyard) - assemblymember.quirk@assembly.ca.gov
     Miguel Santiago (D - Los Angeles) - assemblymember.santiago@assembly.ca.gov
     Buffy Wicks (D - Oakland) - assemblymember.wicks@assembly.ca.gov

 

In addition, last Monday, the California Judicial Council, the policy-making body of the California courts, made all evictions illegal - regardless of cause - for 90 days after the COVID-19 Shelter-In-Place Order is lifted.

Here is an article from last Tuesday, April 7, that explains the 90-day ban on all evictions, regardless of cause.

 

SAVE THE DATE: Remodeling Seminar (May 13th) and 1031 Exchanges (June 17th)

Be sure to SAVE THE DATE for our upcoming seminars:

Tips & Trends in Remodeling – Wednesday, May 13, 2020         

1031 Exchanges – Wednesday, June 17, 2020          

More information to follow, as we may be holding these virtually via Zoom depending on the coronavirus situation.  These will most likely be held in the evening around 6 or 6:30pm.  

Be sure to check out our Youtube page for recordings of our past seminars!

April 8, 2020

Perisson Weekly Update (04/08/2020)

The Market Continues On
Here’s our weekly snapshot of key market data to inform you on what’s happening in our market.  The following are critical market indicators for the Week of Wednesday, April 1st to Tuesday, April 7th and a comparison with both the week before as well as the same time period last year.

market indicaters

Despite anxieties and concerns about a drop in the real estate market, it’s clear that people who were thinking to buy or sell before this all started are still out there and are choosing either to go ahead with their plans (albeit adjusted) or delay for the next month or so.  The number of pending/contingent listings seems to be fairly consistent with the expected decrease in inventory, and San Mateo County even had MORE new listings come on the market last week than for the same time period in 2019.  The median sale price for single family homes in both counties also experienced a 9-10% increase compared to last year as well, which is not so surprising since we entered this season in February with brisk activity, low inventory and high buyer demand.

There are a TON of articles out there, so it’s easy to get swept up with rumors and fears sometimes even perpetuated by real estate agents.  If you are thinking to buy or sell a home in the near future, it’s important to be aware of what’s happening in your local market and to be strategic in terms of timing, pricing, terms and more.

We’ll continue to keep you posted. Stay healthy, and let me know if you need help with anything.  Until next week, wishing you good health, joy, peace and friendship in abundance!
Posted in Weekly Update
April 1, 2020

Perisson Weekly Update (04/01/2020)

As the Shelter in Place has been extended another month, I hope you and your loved ones are keeping healthy and in good spirits.

Here’s our weekly snapshot of key market data to give you a better sense of what’s happening in our market.  (Hint: things are actually STILL moving in real estate)

The following are critical market indicators for the Week of Wednesday, March 25th to Tuesday, March 31st.

Interestingly, the number of new listings last week didn’t change significantly from the week before.  Perhaps these sellers are all seeing some benefit to having less competition and some “free” marketing time.  San Mateo County saw a 2.5X increase in the number of canceled or withdrawn listings while Santa Clara County saw much less.  It’s possible that this number will continue to stay the same or decrease as most sellers have decided to withdraw or cancel already or else will be “staying the course” during these Shelter In Place times.

What’s even more interesting is the number of homes that have gone pending or contingent, which tells us that there are still people out there looking for homes and making offers.  We’re needing to be a bit more creative about showings through uses of 3D virtual tours and Zoom open houses, which will probably be here to stay long after the coronavirus threat is diminished.  Buyers are still definitely out there – some that are actively looking and ready & willing to write offers and others who are just delaying their plans.