Bay Area has been experiencing rapid movements in the buying and selling of houses during the period of this lockdown. These tech-driven areas have recorded a sudden hike in the prices of listed inventories, especially between March and April. The reason for this has been linked to the reluctance of buyers to list their properties, because of the fear of the infection spreading into their homes when interested buyers come in for inspection.
This is why real estate agents in the Bay Areas are making use of 3D virtual technology among other improvisation in getting the visuals of listed houses to intended buyers. However, the reluctance from sellers has caused buyers to become more interested in the market, causing homes to sell fast in these areas.
The prices of single-family homes in areas such as Santa Clara and Alameda County experienced a significant increase in April, with median prices of $1.27 million and $940,000 respectively. Prices rose by lesser percent in other smaller counties such as San Mateo, Contra Costa, Marin and Napa counties. San Francisco experienced a median price increase of about 3.6%.
Home sales have also considerably reduced in Bay areas around this period because of the fear of spreading the infection. Listings have reduced by up to 22.9% in San Mateo and 10.7% in Contra Costa. Alameda and Santa Clara have experienced 27.6% and 21.4% respectively, while San Francisco is presently reducing to almost have of the original listing number.
Homes now spend a shorter time on listings as different as Bay areas are recording record sales within a short time. Union City and Moraga homes now spend approximately seven days on the list, while homes in San Leandro spend only nine days. Hayward houses spend less than a week in the market before deals are closed on them.
Home touring in Bay areas are now taking another turn, with most sellers and agents making use of recent tech and social media in showing potential buyers rounds. Sellers now moderate close groups on Facebook and other social media platforms where they send in pictures and videos of the available home for buyers. Buyers can also ask questions, which will be attended to appropriately by the sellers and other moderators on the group.
Some sellers and agents also make use of 3D virtual technology in showing buyers around the home. Next-gen tech and applications are now being developed which, when installed, can make buyers feel like they are right inside the house they intend to buy.
Some sellers still allow buyers who would love to do offline touring to do so. However, this is under the clause that the house is empty or the homeowners are stepping out during the period of the inspection. There is also a rule made by sellers in Bay Areas that only a maximum of two persons can tour at once.
Bay Area inventories are enjoying massive increase in price, and investors can maximize this opportunity. It is unlikely that the prices will reduce even after the pandemic because most buyers are beginning to adjust to the new market system.