Bay Area Real Estate Tech Talk Monday Morning Show May 11th
The Bay Area Real Estate Tech Talk, evolved from a single stream with one host to 3 Host and from multiple locations, and multi-stream. The panelists were a total of 5 from all the way in Pittsburgh, Bryan Wilson with Realcomm, to locally in the San Francisco Bay area. We had Real Estate coaches from Contra Costa County Joe Kehrig, from The Kehrig team and Deborah Zacharatos-Reeg, at Keller Williams Walnut Creek. We also had Virtual Tour Cafe, the CEO Tim Denho (click here for product review) and author of Real Estate at a Crossroads, Gregory Charlop.
The initial shutdown left uncertainty throughout the industry about their current economic situation. The panelists volunteered to have a live discussion and to keep a positive view and by making pivots and sticking together, we will pull through this, and Joe and Deborah both shared that homes were still selling over asking price and buyers are still getting great deals. This week's episode we discussed the acceptability of technology, the importance of virtual staging, and the calls that we need to make to be more on the empathetic side, whether that's realtors and our affiliates, but more importantly our current client base.
We started the conversation discussing What is Virtual Staging and the importance of today and moving forward. (To read more about Virtual staging stay tuned for this week's Tech Tool Virtual Tour Cafe CLICK HERE) During some technical difficulties, our panelists discussed, how now more than ever is it important to implement virtual staging, 3D and Virtual tours. Joe Kehrig and Deborah spoke from personal experiences out in the field and the change moving forward from going out to look at multiple homes, to watching a virtual tour first. Staging has been very difficult to implement, however virtual staging gives the potential customers the idea of what it can look like staged, while taking the virtual tour gives them exactly what the home would look like.
Gregory asked a great question: Will there be a fluctuation of homes on the market after the SIP is lifted?
Joe mentioned that even though we are in this market, he ran data from homes that are still selling in San Ramon Danville areas for 101%. There’s no discounting going on right now. With interest staying low, we can expect to see a flood in the next few months. He also feels we should be in a great place by Jan and Feb just like we say this year.
Deborah mentioned that she is also seeing that buyers can ask for a little more, and she is still seeing multiple offers. That educating your buyers is important to do right now, there isn't much inventory, we can ask for credits, repairs, etc, but there is still opportunity in this market.
To sum it up, whether you are a buyer looking to buy your home, you have options, there isnt much inventory on the market, but you can still get some great deals out there, working with the right agent. If you are selling, it’s still possible to do that, and homes are still seeing multiple offers and closing a bit above the asking price depending on your market.
“There's no foreclosure, if we see a foreclosure, it's from someone who didn't pay their mortgage in the last 7 years, and they finally foreclosed on them.” Says Joe who has been doing this for 42 years.
We discussed the rise in unemployment rate and impact on real estate. The Service industry is what is really impacted, and unfortunately, they are not the ones buying homes at this time. There will be movements throughout the Bay Area, but regardless of what happens, the housing market is going to continue to stay strong.
Watch the video to find out more!
Bay Area Real Estate Tech Talk
www.BayAreaRETechTalk.com
707-726-1718
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