Weekly State of the Market

by kevinjones on March 30, 2020

in Latest News

Weekly State of the Market – Realty Professionals  805-473-0300

I am focused to bring you the truth, so that you can trust your intelligence and make your own decision.  My purpose is to bring you education, to empathize with your current situation and to serve you in any way that I possible can.

Here is our Weekly State of the Market and Mind for March 30th 2020 by Kevin Jones.  So this week we have had a lot changes, it literally has been changing by the minute in many cases.  We have to be in the mindset to accept the change in front of us and be able to PIVOT quickly as these changes come up and modify our course of action and thought processes.  Our number one rule is your SAFETY for you and your loved ones!  Second we will to continue to MOVE FORWARD in everything we do to keep you informed so you can make the best decision possible. Third is thinking of something that we want to do when this is over, like a carrot dangling out in front of us that would be a great reward after doing our part in this event.  What is your carrot? Think of a few things that you will do and celebrate for continuing to move forward during this isolation period.

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This past week we have been on over 10 hours of conference calls, mastermind groups, webinars, here are the best take-aways from some of the top leaders in Country:

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Real Estate: Deals are still happening, escrows are opening, escrows are closing, houses are being listed and sold!  They are just being done in a different manner, we are doing virtual showings through the computer and all the documents have been online for quite some time now.  Loans: The statistical data is showing that 88% of the loans for the current escrows will close, some changes are a FICO score requirement change, in many cases the FICO requirement has been raised to 680, Jumbo and Super Jumbo loans will have some limitations also and Non QM loans will be the most difficult but that is the smallest percentage of loans and affect the least amount of people.

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Economy: No one has a crystal ball, we just want you to know we are here for you to help you get through this and we can do it together, this is what America is all about.  The way these leaders explained this situation is like a storm and it will surely pass, there may be some damage but we always come back and history proves that we will emerge stronger!  #1 question: How bad will this financial get?  Overall prediction from the top people is not as bad as 2008 but similar to 9-11. Supporting facts are the in 2008 borrowing against real estate was out of control, where today 31% of homes are free and clear, 52.4% have 50% equity or more and the debt against homes in America today is 25% of what it was in 2008.  We have to keep in mind that the last cycle is still an open wound for many and this type of event can bring back that fear.  Looking at 9-11 many people said they would never fly again and they were in Hawaii a year later.

 

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Real Estate in America makes up 17% of its GDP and knowing that 5 of the last recessions real estate increased in 3 of those cycles is a great statistic proving that the stock market or bonds does not predicate the rise or fall of real estate. What we are hearing not is that many investors are removing money from the stock market to park their money in real estate for the time being until this market rides itself out.  Goldman-Sachs is what the very wealthy are watching and the great thing to remember is that no time in history did real estate stop. In my time in real estate even with the 1994 Northridge earthquake and 9-11, again it slowed and both times in those events just like now it will come back even stronger than before!

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What should I be doing now? First: Safety, lets get past this curve of the virus and keeping yourself those around you safe. We need to help elders around us safe, check on them and provide assistance in anyway we can like if you go to the store get an extra milk and veggies for them so they don’t have to go out. Secondly we should be preparing for this changing market and how the recovery will happen.  More millionaires are made in these times than any other.  if you are looking to invest, understanding that right now there is less demand so there are is great opportunity. If you want to discuss further (805-473-0300) we can set up a video call as we are not meeting clients face to face but a video conference call is our new normal for our strategy sessions to get you what you need to achieve.

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If you are a business owner lets strategize how we can make this a win-win for you and the community, we are already doing this with several business owners in our local community.  Call today 805-473-0300.

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County of San Luis Obispo changes this week:  Morro Rock parking lot closed, Pismo Beach Pier closed, Oceano Dunes SVRA closed, Beach parking lots are closed, basically the leadership here in the County, Supervisors etc. are shutting down the tourism to stop the travel into our County to slow or stop the spread of the virus to our area which is a good thing, so basically all things tourist related are or will be closed here shortly is the theme.

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Something to think about:  The news will only sell you on more news. They sell negativity, I will provide you the bare bones truth.  Haven’t watched the news ever and one of the first things the military taught me was that the news is not your friend and that just solidified it. So lets keep a clear mind, positive mindset aka PMA a Positive Mental Attitude or as Zig Ziglar used to say “A check up from the neck up” in a very Texas Country voice.  To speak with Kevin Jones you can reach him at 805-473-0300.

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Even though the Real Estate agents have been told by Homeland Security that we are an essential service and are allowed to work as of Saturday March 28th, we here at Realty Professionals feel that it is vitally important to protect you, the consumer and to continue to operate our business from a distance and keep the trend going to where this virus can level off and we can all be protected.  We understand that it may not make us sick to the point of a bad outcome but someone we know or love might be put at risk.  We can do virtually everything over the internet and will keep you safe. We will be doing a live Video call on Friday April 3rd at 4pm on another update for this week and we invite you to join and take part in this information sharing and strategy session.  For more information call Kevin Jones 805-473-0300

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Kevin Jones, Lic#01128892
Realty Professionals, Lic#01892221
805-473-0300 Office

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Post by Kevin Jones

Realty Professionals 805-473-0300 791 Price Street Suite 191 Pismo Beach Ca 93449

Kevin has written 452 articles.



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