I was part of a panel of like-minded realtors in San Diego for the Real Talk: Real Estate Debate. I wanted to share with you my episodes and briefly summarize how I believe the market has been affected by the Pandemic, why there is still so much activity, and how I measure my success in the business.
Please watch below and let me know your thoughts. I love sharing brief snippets like this with you and hope you enjoy it as well.
How has the Pandemic affected the Real Estate Market?
When we first had the first shelter in place orders, I did have a few cancellations because people were thinking the market is going to crash, everything is going to go down. And then slowly but surely people realized – wait, nothing is changing, interest rates are at an all-time low, inventory levels are down 60% compared to last year and it’s incredible. I have had 14 offers on a recent listing that went almost $100K over the list price; this is reminding me of 2005 again.
What I will say is I have noticed more and more people, because they are working from home now and because they are realizing how important their space is, that is why they want to move. They maybe need a bigger space or a home office, maybe working full time now from home regardless if things start going back to normal. It is really interesting seeing these changes, but just keeping up with the demand is unbelievable. The real estate market really is on fire right now.
Why is there so much activity in the San Diego market?
You do have a lot of cash buyers here in San Diego. I don’t think we are anywhere near like San Francisco or where Seattle or Portland are starting to head in those directions, but I think it is becoming more of the norm, and people are going to have to accept it. You know, we also have such a strong military community too. Most of those buyers want to use their VA benefits, right? And I mean, you’re up against a cash buyer versus a VA, no money down. It is just, you know, how do you compete? Unless of course, the seller has a heart for a VA buyer.
I think we are definitely headed in that direction. I don’t foresee it happening in the next year, but I definitely see long-term 5, 10 years to be similar to that.
What about your business allows you to always flourish?
I am always a firm believer of the basics, hard work, good work ethic, communication, follow-up. I think it is really important to be in the whole virtual aspect of things, meaning like – a 3D video, 3D matterports for all my listings, I do drone footage. Really stay on the edge of technology in any market, whether your in foreclosures or short sales or the Pandemic or working with buyers or sellers. Just be on top of where you need to be and always communicate and have a high level of professionalism. And that is always how I’ve been since day one. I really just think that is what helps you excel above the rest; just be in front of it instead of following it. Be a leader instead of a follower. And that is really what makes a difference to get ahead each year.
If you have any questions about my segments, please do not hesitate to reach out.