Home sales locally and statewide dropped sharply in the month of April as the housing market felt the full impact of the COVID-19 pandemic stay-at-home lock-down order.

In its most recent monthly home sales and price report, the California Association of REALTORS^® (C.A.R.) stated that April 2020 home sales in San Diego County dropped 27 percent, compared to April 2019, and 15.9 percent, compared to March 2020.

Statewide, April 2020 home sales in California were down 30.1 percent from a year ago and 25.6 percent compared to March. Statewide year-to-date home sales were down 5.4 percent in April 2020.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 277,440 units in April, according to information collected by C.A.R. from more than 90 local REALTOR^® associations and MLSs statewide.

It was the first time for statewide home sales to drop below the 300,000 level since March 2008, and the month-to-month drop was the largest since at least 1979, when C.A.R. began tracking the data. Additionally, the year-over-year decline was the first double-digit loss in 15 months and the largest decrease since December 2007.

Sales in April reflect purchases that began in March as stay-at-home orders swept the nation. While fear of economic insecurity stopped some potential buyers, another likely major factor in the slowdown was that many skittish sellers took their houses and condos off the market to wait out the COVID-19 virus crisis.

Meanwhile, home prices themselves have remained relatively unaffected by the effects of the pandemic-influenced market.

The median price for a single-family home in San Diego County in April 2020 was $671,000, down 0.6 percent from $675,000 in March 2020, but still 3.4 percent higher than the $649,000 figure in April 2019.

April 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Statewide, the median price of $606,410 for an existing single-family home in April 2020 was 1.0 percent lower than the $612,440 figure in March 2020, and 0.6 percent lower than a year ago in April 2019, when the median price was $603,030.

While the median price remained above the $600,000 benchmark statewide for the second consecutive month in April, price growth showed signs of softening when compared to the past six months. The year-over-year price gain was substantially less than the six-month average gain of 7.8 percent recorded between October 2019 and March 2020.

“As expected, California home sales experienced the worst month-to-month sales decline in more than four decades as the coronavirus pandemic prompted stay-at-home orders, which kept both buyers and sellers on the sidelines,” said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR^® from Bakersfield, Calif. “While some economic activity will resume as the state gradually reopens, the housing market is expected to remain sluggish for the next couple of months as potential market participants deal with the impact of stay-in-place restrictions.”

“With the recession-level decline in closed home sales, the statewide median price was just barely able to avoid going into negative territory in April, in part because high-end homes saw the biggest sales declines,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Even with tight supply and low interest rates, home prices will continue to be tested by economic deterioration in the short term.”

Reflecting the dramatic change in market conditions, a monthly Google poll conducted by C.A.R. in early April found nearly one-third (29 percent) of consumers said it is a good time to sell, up from 26 percent a month ago, but down from 45 percent a year ago. The market uncertainty has not curbed the optimism for homebuying as much; 31 percent of the consumers who responded to the poll believed that now is a good time to buy a home, a figure sharply higher than last year, when 22 percent said it was a good time to buy a home.

 Other key points from the April 2020 resale housing report include:

• All major regions reflected a dip in sales by more than 25 percent from last year, with the Bay Area dropping the most at -37.4 percent, followed by the Central Coast (-31.6 percent), Southern California (-30.2 percent), and the Central Valley (-26.1 percent).

• Median prices were lower in April from a year ago in the Central Coast (-6.1 percent) and the Bay Area (-0.8 percent) but increased modestly in both the Central Valley (4.8 percent) and in Southern California (3.5 percent).

• Regarding California’s supply of available housing, the Unsold Inventory Index jumped to 3.4 months in April from 2.7 months in March and was unchanged from last April. The index calculates the number of months needed sell the supply of homes on the market at the current rate of sales.

• Total active listings continued to decline on a year-over-year basis for the 10th consecutive month, and the 25 percent decrease in listings was consistent with what was observed before the shutdown.

• The median number of days to sell a California single-family home fell significantly from a year ago, from 21 days in April 2019 to 13 days in April 2020. That compares to 15 days in March 2020 and 23 days in February 2020.

• In San Diego County, the median number of days an existing, single-family home remained unsold on the market was eight days in April 2020, which compares to 10 days in March 2020, 12 days in February 2020, 23 days in January 2020 and 17 days in April 2019.

April 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The 30-year, fixed-mortgage interest rate averaged 3.31 percent in April, down from 4.14 percent in April 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 3.31 percent, compared to 3.75 percent in April 2019.

 In other recent real estate and economic news, according to news reports:

• Nationwide in April, sales of existing homes in the U.S. dropped 17.8 percent in a month-over-month comparison and 17.2 percent year-over-year, according to the National Association of REALTORS^®. NAR stated each of the country's four major real estate regions experienced a decline in both monthly and yearly sales, with the West seeing the greatest dip in both categories.

• NAR also reports that 77 percent of potential home sellers in the U.S. are preparing to sell once the stay-at-home orders end. According to NAR’s Economic Pulse Flash Survey, conducted May 3-4, nearly three in four (73 percent) of REALTORS^® currently working with sellers said their clients have not reduced listing prices to attract buyers. About 20 percent said buyers are expecting a five-to-10 percent decrease in home prices over the next 12 months.

• Home sellers are slowly returning to the market, according to realtor.com. After several weeks of nearly 40 percent year-over-year declines, new listings moved toward positive territory as evidenced by a 29 percent decline in a year-over-year comparison during the week of May 9. In San Diego County, new listings were still down 28.4 percent year-over-year during the same time period.

• Zillow reports after a 25 percent reduction in year-over-year web-page views on March 22, when COVID-19 was declared a global pandemic, San Diego County had experienced a 27 percent increase in year-over-year page views by April 15. Nationwide, both Zillow page views of for-sale listings and requests to be connected to Zillow agents were higher in April than in the same month a year ago.

• According to CoreLogic, San Diego home sales had their biggest annual drop in April 2020 since the 2008 Great Recession. There were 2,499 home sales in April, down 30 percent from the same time last year. The last time there was a year-over-year drop of that magnitude was March 2008. However, there was not a corresponding drop in home prices in April. The median home price reached $594,500, which was $50,000 less than the record high reached in November 2019.

• Redfin said there were 31 percent fewer homes for sale in San Diego County from April 6 to May 3. As of May 3, Redfin said there were 5,166 active listings in San Diego County, down from around 7,250 the same time last year
.

PSAR Helps Veterans / Active Duty Service members
with the Robert Calloway Memorial Housing Grant*

To celebrate Memorial Day 2020, the Pacific Southwest Association of REALTORS^® (PSAR) is proud to announce the launch of a special grant program designed to provide active duty, reserve and veteran military service members in San Diego County who are first-time homebuyers with closing-cost assistance.

In a joint partnership with the California Association of REALTORS^® (C.A.R.) Housing Affordability Fund (HAF), PSAR is providing 34 grants, each in the amount of $1,500.  These closing cost assistance grants are being made available to military families for a first-time purchase of a home in San Diego County.

The PSAR-sponsored program, titled “Robert Calloway Memorial Veteran Housing Grant”, launches June 1, 2020 and will continue for one year or until the available grant funds are exhausted.

“We are very excited to give-back to our military community and provide closing-cost assistance to our hometown heroes and their families who are searching to find a place to call home,” said Robert Cromer, 2020 PSAR President. “Our nation has thrived because of the courage, perseverance and resolve of active duty, reserve and veteran Army, Navy, Air Force, Marine Corps and Coast Guard service men and women. They have served and protected this beautiful country and our rights that have kept us free. Now it’s our turn to serve those individuals who have stepped up to protect the values and freedoms our country was founded upon. They fought for our homes, now it’s our turn to take action and help them with their first homes.”

The joint partnership with PSAR and C.A.R. was initiated by the late Robert Calloway, who served as 2019 PSAR President. A military veteran, Calloway served in the U.S. Navy for 26 years, from June 1985 to June 2011, retiring as a Senior Chief Navy Counselor. He specialized in human resources and counseling for the Navy during 20 of his 26 years. In 2008, Calloway started selling real estate while still in the Navy. He joined PSAR at the start of his real estate sales career and was elected to the PSAR board of directors in 2014. Prior to serving as PSAR president, Calloway served as the founding president of the Veterans Association of Real Estate Professionals (VAREP), San Diego chapter.

Calloway passed away suddenly from heart disease on May 4. He was 54. At the time of his passing, Calloway was serving as a current PSAR board member and as a C.A.R. director and Vice Chair of C.A.R.’s Southern California Region 30.

“It’s great for our Association to team-up with C.A.R. and give back to our deserving veterans who have worked hard to protect our everyday lives,” said Rich D’Ascoli, CEO of PSAR. “We are committed to working together to enhance lives of our veterans over the long haul. We feel naming this grant after Robert is a fitting tribute to his legacy as a veteran and a member of the PSAR family of realtors.”

REALTORS^® are limited to one transaction in a year’s time. To qualify for the closing-cost assistance, the homebuyer’s mortgage loan must already be approved through regular Desktop Underwriting (DU) industry standards and have an executed Residential Purchase Agreement (RPA) in escrow. Homebuyers also must be using a Veterans Administration (VA) loan for their home purchase. If, for any reason, the transaction does not fund or close escrow, the $1,500 allocation will return to the PSAR grant program fund.

The Robert Calloway Memorial Veteran Housing Grant program is funded by HAF, a 501(c)(3) nonprofit dedicated to addressing California’s growing housing affordability crisis. The HAF receives donations from C.A.R. members, non-members and other institutions that are committed to addressing housing challenges in California. HAF donations are then distributed through local REALTOR^® associations who have submitted funding requests for local housing affordability and housing supply programs. For maximum impact, HAF funds are leveraged with local associations and their housing partners.

HAF was established in November 2002 to provide more options to first-time homebuyers. It was created by REALTORS^® who bore witness to working families being denied the American dream of homeownership. The HAF mission statement states the nonprofit plays an active role in addressing ongoing housing affordability challenges facing Californians

Perhaps the greatest impact of the Covid-19 measures is on open houses. Going forward, instead of group open-house gatherings, expect fewer open houses with smaller numbers, as well as private home showings, featuring social distancing and plenty of disinfectant, masks and hand sanitizers available at the entryway.

The adaptability and ingenuity of realtors have come into play and a better and simpler way to conduct an open house has been developed--  a virtual open house using a laptop or cell phone. 

“Covid has changed the way real estate is being bought and sold all over the world. It has created a lot of uncertainty as agents are unsure of what the new norms will be,” said PSAR REALTOR® member Anthony Manzon. “No longer can we have public open houses with hundreds of people in attendance. Gone are the days of aggressively pricing properties and getting every single person into the house to create bidding wars.”

Indeed, as the pandemic has spread across the country, many home sellers, spooked by an unsure economic future and/or the thought of buyers potentially leaving virus deposits throughout their homes, have taken their properties off the market.

“The more agents hosting virtual open houses means the practice will become standard in our profession, which is good for everybody,” said Manzon. “All agents will benefit as more buyers and sellers become comfortable and confident with high-level virtual open houses. We can show the public this is how we can transact in today’s market in a safe way.”

Manzon, who prefers using a laptop for his virtual open houses, has created a Facebook page, called “Realtors of the Virtual World,” that offers training and success stories about virtual open houses and other virtual industry tools.

According to Manzon, agents who become proficient at hosting a virtual open house will attract new clients, demonstrate how to be proactive and solution-based and will keep buyers and sellers and agents safe, thus reducing the spread of the virus.

“Be sure to have some sort of lead capture, provide more information than what the MLS provides and remember that with every virtual open house agents are interviewing for their next client,” Manzon said.

Clearly, the rapid migration to digital technologies driven by the pandemic will continue during the nation’s economic recovery and beyond. REALTORS® will need to keep pace. After the lockdowns end, this time will be remembered for the rapid deployment of digital access to services across nearly every business sector.

Recently, Rich D’Ascoli, CEO of PSAR, facilitated an online discussion about virtual open houses with several REALTORS®. Here is a sampling of their comments: 

• “In my opinion, virtual open houses are the wave of the future,” said Amber Tannehill. “The ability to show a client a home virtually will assist us in identifying the buyers who are serious and ready to make an offer. As we adapt to what appears to be a new normal, we will certainly have some obstacles to overcome, but I find that buyers and sellers are understanding and appreciative as we make these adjustments." 

• “Open houses are still happening, but with virtual open houses, we’re just filtering the effort through a different process,” said Jason Lopez.

• “Because of the restrictions, traditional open houses may be a thing of the past. But, in some ways, virtual open houses are a better way to get the word out,” said Denisse Roldan Newell. “It’s becoming more important to become tech-savvy, and it’s not that difficult. It’s how we embrace change.” 

• “If you aren't willing to adapt as the market changes, then you will quickly learn what it’s like to be irrelevant,” said Sarah Heck. “Virtual open houses and new safety protocols are now the standard of care for our industry.” 

• “Virtual open houses are the wave of the future and, as REALTORS®, we need to learn it because it’s an important listing tool. Otherwise, we might lose the listing,” said Jacklyn Lamkin Dougan. “We need to be fearless and embrace change and be willing to do whatever it takes.”

• “It might take a few practice runs, but I think clients are very understanding and excited about virtual open houses as a new technology,” said Patty Nesbitt. “It’s better than watching the news. We need to bring happiness and normalcy to people’s lives.”

• “I’m excited about virtual open houses because it will be one of the great real estate game-changers that comes out of the pandemic environment,” said Elaine Boyd. “Virtual open houses are a win for all sides. The sellers love having fewer people wandering through their homes. Great for agents, too. We can do as many or as few VOHs as we like. Even if you do just one, you can post it on YouTube, then anyone can “walk” through the home any time. The 3D imaging is key for getting a true sense of walking through the home. It’s the wave of the future, just amazing. The Virtual Open House is so more than a bridge for these strange days of Covid-19. It is a new style of open house that benefits us all and it is here to stay.” 

Here are some general tips on hosting a virtual live open house.

To prepare for the virtual open house, first, select a time and date as you would for any open house. Allow 30-45 minutes to tour the property and answer questions from participants. 

Next, select an online meeting platform, such as Zoom, Google Meet or others.  Decide on a “private” open house private with a select group or streaming it to a platform like Facebook to be promoted widely. 

The following live web conferencing services are currently allowed on CRMLS Paragon: BlueJeans, bluejeans.com; Facebook Live, facebook.com; GoToMeeting, gotomeeting.com; GoToWebinar, gotowebinar.com; Google Hangouts,  hangouts.google.com; Google Meet, meet.google.com; Join.me, join.me; Livestream, livestream.com; Periscope, periscope.com; Skype, skype.com; Microsoft Teams, teams.microsoft.com; Webex, webex.com; Whereby, whereby.com; YouTube Live, youtube.com; Zoho, zoho.com; Zoom, zoom.us.

Facebook is popular because it allows you to create an event from your Facebook business page. Under the “Events” tab create a new public event to share.

To drive traffic to your virtual open house, include the link in a shared event via Facebook and other social media platforms. Also email your client list and agents who will bring interested buyers.

On the event day, prepare the house as you would for a typical open house.  Make sure it’s clean, presentable and properly lit.

If the home has a fast WiFi Connection and you feel confident with mobile technology, live streaming from the property is an option.

Another method is to prepare content like Matterport, video clips, and other multimedia in advance and review the content live from a home office.

Start the tour by opening your Facebook app on your smartphone, go to your business page, open-up the event you’ve previously created. Go to the “Say Something” option, click the “Live Video” option and then click “Start Live Video.” You’re on: “Hello, Facebook friends, thanks for tuning in to this live virtual open house.” The recording can then be posted on your Facebook timeline. And, don’t forget to follow-up with your viewers.

When using a smartphone, keep it in a horizontal position, not vertical, so participants see a wider view of the home as you’re touring. Put yourself on the other side of the camera and imagine how the audience is viewing the screen. Slowly move the smartphone and try not to shake it. There are gimbals available online for less than $100 that help to stabilize live video.

During the tour, think of your ideal buyer. Anticipate the questions they might ask and discuss the features they would find interesting. Some agents respond live to questions by looking at specific points of interest in a home.

About Robert  |  Photos of Robert and Colleagues  |  Services  |  Share thoughts about Robert

The Pacific Southwest Association of REALTORS® (PSAR) has lost a dear friend, Past President, CAR Region 30 Vice Chair, and current board member. It’s with much grief and sadness to report that Robert Calloway has passed away at the tender age of 54. He was found at his home on Tuesday, May 5. The cause of death was determined to be heart disease.

The theme for Robert’s year as 2019 PSAR President was “Salute to Service.” He said in a February 2019 PSAR blog post, “I have learned that nothing is more refreshing than to serve and giveback, and by getting involved. It’s your attitude that is most important. There’s something very authentic in participating with the desire to help others: Nothing to prove; nothing to lose.

“PSAR’s mission is to empower our members. Our mission statement states: `We empower our members to flourish while being accountable to each other, our clients and our community.’ Our members are self-empowered to take control of their own destiny and careers.

“I encourage everyone to get involved by volunteering and serving in their community. Don’t just show-up, volunteer. Find your passions, utilize your strengths, be a participant, not just an observer, and you will get more out of life. You will develop your skills, advance your career and the experience will be rewarding to you both personally and professionally. While no one is capable of doing everything, everyone is capable of doing something.” 

Following the conclusion of his term, Robert said in a January 2020 PSAR blog post, “Thanks to all of you who participated and were dedicated to this theme. It was a year when our members definitely stepped up and served our Association by committing themselves to service and to our mission of Empowering Our Members.”

According to Richard D’Ascoli, CEO, PSAR, the entire San Diego-area real estate industry has lost a true leader.

“I can honestly say that the overarching theme in Robert’s life was his commitment to service,” said D’Ascoli. “He lived a life of continuous and unrelenting service. In the Navy, he served our country, he retired and served the disabled veteran community by promoting VA benefits to those in need,  Then, he began serving his real estate profession as president of our association. At the same time, he was serving the faith community at his church. His life will be remembered as an example of service. We will miss him greatly.”

During his 2019 term as PSAR President, there were many highlights. Here are a few:

• 190 training classes, 23 unique events and 600 marketing sessions
• Expanded membership by 10 percent
• Expanded services by opening a third PSAR Service Center in Clairemont Mesa, 4340 Genesee Ave., Suite 203, San Diego, called the Central San Diego Service Center
• Launched a new weekly property marketing pitch meeting, called “City Pitch,” held at 9 a.m., every Tuesday morning, at the PSAR Central San Diego Service Center
• Expanded access to more technology and listing data by joining the California Regional Multiple Listing Service
•Added Glide 2.0 and SavvyCard as new member benefits
• Awarded $13,500 to four local nonprofits, including South Bay Community Services, Unity 4 Orphans, Meals on Wheels and San Ysidro Health Center, as a result of fundraising at two PSAR events, including the PSAR 2019 Realtor Games, held in June, and the PSAR 2019 Zombie Run-Walk, held in October
• Published a new Local Area Disclosures (LAD) publication covering San Diego County in partnership with the North San Diego County Association of REALTORS® (NSDCAR), the new LAD contains disclosure information relating to properties in the San Diego region
• Recognized at the El Cajon City Council for a grant that created a website featuring resources and information to assist homeless people in the East County;
• Assisted the City of San Diego in writing  the “Companion Unit Handbook,” a  helpful 38-page guide to help homeowners better navigate the process of constructing on their property a companion unit, also known as granny flats or accessory dwelling units (ADUs)
• Provided input to the La Mesa City Council, City of Chula Vista and San Diego County Board of Supervisors about ADUs in support of property owners and as a way to address the region’s housing supply and affordability crisis
• Promoted the CRMLS/Mexico MLS data-share as a presenter at the AMPI (Asociacion Mexicana de Profesionales Inmobiliarios) national convention (AMPI is Mexico’s counterpart to the National Association of REALTORS®)
•Solidified relationships with Baja Associations through meetings in Los Cabos and La Paz

Robert was especially proud of the recognition given for his efforts to help veterans with homeownership. In 2018, Robert was invited by Ernest J. Dronenburg, Jr., San Diego County Assessor-Recorder-Clerk, to serve as an advisor to the Assessor’s Office on providing property tax relief to disabled veterans.

Under Robert’s leadership, a number of homeownership initiatives were introduced that helped disabled military veterans achieve homeownership, stay in their homes and save money on their property taxes. As a result, the Assessor’s Office has assisted more than 10,000 local disabled veterans since 2018.   

Robert’s efforts to help veterans resulted in PSAR and the Assessor’s Office receiving a Golden Watchdog Award from the San Diego County Taxpayers Association. In addition, the California Board of Equalization (BOE), a state agency, also recognized Robert for his efforts to help veterans.

“Robert Calloway led a life of service,” said Dronenburg. “Starting in the Navy and ending as a super professional in the real estate industry serving as the 2019 President of the Pacific Southwest Association of Realtors. He played an important role helping over 10,000 veterans in San Diego County as my advisor on tax breaks for disabled veterans. While he was recognized by the State of California for his leadership helping veterans and as the PSAR President, he will most be remembered as a joyful industry leader that made San Diego a better place to live.”  

Robert also enjoyed serving at Bayview Church in San Diego as a leader within the deacon ministry and a facilitator in Studies In Christian Living (SICL) Bible Study classes. According to Sherman Metcalf, Chairman of the Deacon Board at the church, Robert was an active member of Bayview for 14 years.

“Robert Calloway was a devoted Christian and servant of the Lord,” said Metcalf. “Within the first year of membership at Bayview, Robert joined the Hospitality Ministry and had continued to serve faithfully in this capacity until his passing. In December 2014, Robert was ordained as a Deacon at Bayview where he dedicated his life to supporting the Senior Pastor who ministers to the congregation and community. Robert spent much of his time serving the church elders as well as a fellow Deacon who fell to a life-changing disability. Robert was the type of person whose presence enhanced whichever ministry he was a part of. He will be sorely missed.”

Robert Daniel Calloway III was born on Dec. 12, 1965 in Atlanta, Georgia.  He enlisted in the U.S. Navy at age 19. “I enjoyed traveling and the Navy sounded appealing,” he said. “But, I never expected to travel that much.”

His Naval career included 13 deployments on six different ships. One of his most memorable experiences was watching his ship sink an abandoned Italian destroyer. “We towed his ship to an area near the international boundary with Libya,” recalled Calloway. “Our purpose was to show our military might to Muammar Gadaffi. It was very exciting to watch the ship blow up. Muammar stayed pretty quiet after that.”

Calloway served in the Navy for 26 years, from June 1985 to June 2011, retiring as a Senior Chief Navy Counselor. He worked in human resources and counseling in 20 of his 26 years.

Robert met President George W. Bush aboard the aircraft carrier USS Abraham Lincoln. It was on May 1, 2003, when the President declared “Mission Accomplished” regarding the end of major combat operations in Iraq in a nationally televised address.

“The President was very friendly and grateful and thanked us for our service,” said Robert. “He was interested in our opinion and was a good listener about what we had to share. It was impressive to watch him land on the flight deck co-piloting the jet.”

Robert started selling real estate in 2008, while still in the Navy. He joined PSAR at the start of his real estate career and was elected to the PSAR board of directors in 2014.

Prior to serving as PSAR president, Robert served as the founding president of the Veterans Association of Real Estate Professionals (VAREP), San Diego chapter. The chapter was launched in July 2013 and he served as its president until October 2015. He also served for three years as VAREP’s Southern California State Director, overseeing the six chapters stretching from San Diego to Los Angeles. Headquartered in Corona, Calif., VAREP has more than 20,000 members nationwide, and more 60 chapters around the country, states its mission as to increase sustainable home ownership, financial-literacy education and economic opportunity for the active-duty and veteran communities.

“Robert was an earth angel,” said Andre Hobbs, a San Diego REALTOR®, close friend and VAREP member. Hobbs helped Robert establish the San Diego VAREP chapter in 2013. Today, Hobbs serves on the VAREP national board of directors as a member of the organization’s Affordable Housing Committee.

“What I mean by earth angel is someone who is born in human form and is beautiful and humble and shares with the world, generously and tirelessly, love, light and kindness of their hearts,” said Hobbs.

Robert is survived by a daughter Danielle Calloway of Cincinnati, Ohio, and two stepsons, Ernest Turner of Fife, Wash., Shalom Richards of Graham, Wash.

Robert also is survived by four sisters and a brother. The sisters include: Alicia Wimbish (Carl) of Ellenwood, Georgia; Valerie Seaborn (Kenneth) of Monroe, Georgia; Yolanda Williams (James) of Lithonia, Georgia; Darlene Williams (Boris) of Conyers, Georgia; brother Roderick Calloway (Carolyn) of Ellenwood, Georgia.
Robert was preceded in death by his father Robert D. Calloway Jr, mother Alicia “Yvonne” Calloway and a sister, Cheryl Williams.

Robert also is survived by seven grandchildren, as well as a longtime friend, Elizabeth Taylor of San Diego.

In one of his final written statements to PSAR members, Robert provided some positive encouragement during the coronavirus pandemic. Robert was one of several PSAR past presidents who was quoted in a PSAR blog post. Robert’s comment revealed his loving heart and concern for others. Here was Robert’s comment: “We will get through this tough time as we have done in the past. Continue to work with your past clients and update them on what’s happening in the real estate market. Also, please remain safe during the shelter in place, there is no amount of money that can replace you or a loved one.”

Due to the coronavirus restrictions, the Celebration of Life memorial service honoring Robert will be held at a later date. Once finalized, details will be shared with all PSAR members.  

For more photos of Robert and his PSAR Colleagues Click Here

Home sales in March reflected the early impacts of the coronavirus on the housing market, according to the California Association of REALTORS® (C.A.R.). During the last two weeks of the month, Californians were under a stay-at-home order.

Statewide, home sales in March 2020 were down 11.5 percent, compared to February, and down 6.1 percent compared to March of last year. In March, closed escrow sales of existing, single-family detached homes in the state totaled 373,070 units, compared to 421,670 in February. The statewide month-to-month drop was the first double-digit loss in more than nine years and the largest since August 2007. Additionally, the year-over-year decline was the first in nine months and the largest decrease since March 2019.

However, in San Diego, home sales in March 2020 were a whopping 23.4 percent higher than in February, and down only 1.3 percent compared to March of last year.

Meanwhile, despite a dip in housing demand, March home prices were up from those in February. March’s statewide median home price was $612,440, up 5.6 percent from February ($579,770) and up 8.3 percent from March 2019 ($565,740). It was the first time in three months the median price surged past the $600,000 benchmark.

The median home price of $675,000 for San Diego in March was slightly higher than the $670,000 figure in February. The March 2020 figure was 8.2 percent higher than the$623,800 figure of March 2019.

March 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

“The relatively moderate sales decrease that occurred in March is only a prelude to what we’ll see in April and May because sales were still modestly strong during the first two weeks of March before stay-in-place orders were implemented throughout the state,” said 2020 C.A.R. President Jeanne Radsick.,. “However, pending sales, which is a better reflection of the current market conditions and consumer concerns about the coronavirus, dropped nearly 25 percent and suggest the decline could extend beyond the next couple of months, depending on the duration of the pandemic and the lockdown.”

“While the median home price continued to record a strong gain in March, most, if not all, of the closed sales were negotiated in mid- to late-February prior to the COVID-19 outbreak,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Still, the fast deterioration of the economy, the steep decline of the financial market and record-setting job losses have not been factored into March's closed sales but will become obvious in coming months.”

Reflecting the dramatic change in market conditions, a monthly Google poll conducted by C.A.R. in early April found just one in four (26 percent) consumers said it is a good time to sell, down from 59 percent a month ago, and down from 48 percent a year ago. The market uncertainty has not curbed the optimism for homebuying as much. 28 percent of the consumers who responded to the poll believe that now is a good time to buy a home, up from last year’s 22 percent, when interest rates were 82 basis points higher.

C.A.R. reports that potential home sellers are holding off listing their properties as uncertainty remains over the future of the economy and market conditions. As the fast-moving coronavirus continues to dominate daily lives, many potential home sellers may delay selling their homes, which would lead to fewer new listings.

California’s supply of available housing decreased in March from the prior month. If delay their buying plans due to  concern about the pandemic impact on their finances, sales willdecline and trigger a jump in the Unsold Inventory Index in the short term. The Unsold Inventory Index dropped to 2.7 months in March, down from 3.6 months both in February and March 2019. It was the lowest inventory level in three months. (The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales.)

Other key points from the March 2020 resale housing report include:

• At the regional level, all major regions experienced a sales decrease from last year, with the Bay Area dropping the most at 12.1 percent, followed by the Central Coast (-7.3 percent), the Central Valley (-6.4 percent), and Southern California (-0.3 percent).  Twenty-nine of the 51 counties tracked by C.A.R. experienced a year-over-year sales loss. 
  
  
• Median prices in all regions increased in March over last year, with the Central Valley leading at 7.7 percent, followed by the Bay Area (7.4 percent), Southern California (7.3 percent), and the Central Coast (7.0 percent).
  
  
• Forty-two of the 51 counties tracked by C.A.R. reported a year-over-year price gain in March.
  
  
• The median number of days it took to sell a California single-family home fell significantly from a year ago, declining from 23 days in February 2020 and 25 days in March 2019 to only 15 days in March 2020.
  
  
• In San Diego County, the median number of days an existing, single-family home remained unsold on the market was 10 days in March 2020, which compares to 12 days in February 2020, 23 days in January 2020 and 19 days in March 2019.

March 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The 30-year, fixed-mortgage interest rate averaged 3.45 percent in March, down from 4.27 percent in March 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 3.16 percent, versus 3.83 percent in March 2019.

In other recent real estate and economic news, according to news reports:

• Online home searches declined in March with the arrival of the coronavirus, according to LendingTree. In January, people searching for “homes for sale” in San Diego County were up 25 percent year-over-year right before the coronavirus hit. By the end of March, the searches had dropped by 43 percent from the January peak.
  
  
• Demand for San Diego County homes declined by 27 percent in late March and early April, according to data from Steven Thomas of Reports on Housing. He said San Diego is still a seller’s market, especially on the low end of prices, and homes under $750,000 still make up more than half the sales in San Diego County.
  
  
• According to CoreLogic, the median home price in March in San Diego County was $590,000, about $5,000 shy of an all-time high reached last year. The data reflects transactions that began in late January and February, since 30-day escrows are typical. It wasn’t until March that coronavirus stay-at-home orders swept across the nation.
  
  
• The National Association of REALTORS® said the coronavirus has led a quarter of U.S. REALTORS® (NAR) to have at least one client put a contract on a home in April without physically seeing the property. The NAR also reported the median number of homes a family visited either in person or via computer declined from nine in 2019 to just three in 2020.
  
  
• Redfin said the government’s coronavirus stimulus checks of $1,200 per person will cover only 42 percent of rent in San Diego, where monthly rent payments average $1,668, and only 14 percent of a mortgage payment, which averages $2,573, including utilities. Nationwide, the stimulus checks will cover one month’s worth of housing expenses for three-quarters of U.S. renters and nearly 50 percent of homeowners.

In its latest step to mitigate the challenge of the Covid-19 real estate environment, PSAR has launched a virtual version of its weekly “City Pitch” and “Rally and Ride” property pitch sessions.  REALTOR® members will market and pitch their listed properties in an online setting, along with adding contacts to their network and discussing potential deals.

“PSAR members have been meeting to market property to one another going all the way back to 1928,” said Rich D’Ascoli, PSAR’s Chief Executive Officer. “At this crucial point in time due to Covid-19, the counsel of a REALTOR® is especially critical. REALTORS® need to also engage with one another even more to help their clients buy and sell property. Markets go up and down, but life continues and people need housing.”

“Like any successful REALTOR®, we have altered our approach in a changed environment said D’Ascoli. “The coronavirus has caused your Association to leverage digital tools and other resources to help navigate the changing landscape. We’ve made the necessary pivots and are delivering what our members need from us: calmness, clarity and leadership.”

Prior to the COVID-19 lockdown, three PSAR pitch sessions were held weekly at 9:00 a.m. one each. at PSAR’s three Service Centers: “City Pitch” on Tuesdays at the Clairemont office, “Rally and Ride Too” on Wednesdays at the Chula Vista office and “Rally and Ride” on Thursdays at the El Cajon office. The virtual pitch sessions are now available on the Zoom online meeting platform at the same time on the same days for each event as before.

“In this new normal of social distancing, we all benefit from more interaction in whatever form. So, our virtual pitch sessions offer a “safe place” in which fellow members can meet and share experiences, ideas and tactics for growing business in today’s marketplace.” said D’Ascoli.

“While the number of new listing may have dropped a bit in San Diego County in March in year-over-year comparisons, mortgage rates are low and property is still selling. March saw no drop in sales. I am very proud of our members who experiencing success while taking necessary safety precautions. Our members are still helping their clients meet their needs.”

Tuesday’s virtual “City Pitch” event will focus on properties located in the following zip codes: 92103, 92104, 92108, 92109, 92110, 92111, 92115, 92116, 92117, 92120, 92123, 92124.

Wednesday’s virtual “Rally and Ride Too” event will focus on properties located in the following zip codes: 92135, 92118, 92155, 91932, 92154, 92173, 91910, 91911, 91913, 91914, 91915, 91950, 92139, 91902, 92114.

Thursday’s virtual “Rally and Ride event will focus on properties located in the following zip codes: 91901, 91906, 91942, 91935, 91962, 92019, 92020, 92021, 92040, 92071, 91941, 91977, 91978, 92119, 91945.

Property pitches should be no more than four minutes in length. While a realtor pitches the property, a facilitator will present a Paragon slide show of listing photographs. To request a pitch opportunity, Click Here, or have questions, call 619-421-7811 or 858-286-6080.

Facilitators for the weekly pitch sessions include Jason Lopez and Rafael Perez on Tuesdays, Dennis Ryan on Wednesdays and Sean Hillier on Thursdays.

A new addition to each pitch session will be a virtual Town Hall segment, hosted by Rich D’Ascoli, which runs from 8:45 am until the start of the pitch at 9:00 am. Covid-19 related business updates, information and insights for realtors and brokers and a Q & A forum are included.

All local San Diego County REALTORS® and brokers are invited to join the PSAR “City Pitch” and “Rally and Ride” pitch sessions, including the town hall segment. Zoom membership is not required for participation.

“While the pandemic has given us a jolt, it’s also bringing out the best in us. It’s a horrible thing going on in the world, but it’s a beautiful thing to see people helping others in so many ways,” said D’Ascoli. “So, we’re finding out that staying apart is the best way to stay united. Social distancing works to flatten the curve. A little space makes us all safer together.”

Congratulations to the more than 345 PSAR REALTORs® who have been honored with a PSAR 2020 Real Estate Achievement and Leadership (R.E.A.L.) award!

Award recipients were informed earlier this week about the honor. The PSAR R.E.A.L. awards program recognizes some of San Diego County's top producing agents who achieved excellence in sales production and industry leadership.

The 2020 PSAR R.E.A.L. Awards Committee members include:

Yvonne Cromer Chair
Reshia Guarnotta
Carey Guthrie
Laurie MacDonald
Amber Tannehill
Lupe Soto
Tony Santiago,
Paul Trudel-Payne
James Usrey
Robert Cromer

PSAR staff members assisting the committee include Rich D’Ascoli, Kevin McElroy and Sally Valdez.

An awards dinner where recipients of the inaugural R.E.A.L. awards was scheduled, but later cancelled due to event restrictions imposed as a result of Covid-19.  This was, of course, a disappointment, but the health and safety of all was the primary concern of PSAR leadership.

The names of the R.E.A.L. award recipients are listed in a full-page ad to be published in the San Diego Union-Tribune newspaper. The ad can be viewed by clicking this pdf (Kevin, insert the pdf address here).  Again, congratulations to all of our winners!

Awards are based on either sales volume dollars or units sold, including listings or sales units entered into the MLS, and closed in 2019. Both individuals and teams are eligible. Top 1%, over 31 sides and $26,130,000 in volume, Top 3%, over 19 sides and $13,667,755 in volume, Top 5%, over 14 sides and $9,920,000 in volume, Top 10%, over 9 sides and $6,134,179 in volume.

Past leaders can teach us a great deal about handling adversity. Historians say that lessons learned by past leaders during tough times are often ignored or forgotten because people often view their current circumstances as different from those faced by people historically.

The truth is that for all that has changed throughout history, human nature remains remarkably the same . There are principles of individuals’ behavior that are constant over time,  especially when facing hardship. It’s also true that well-timed motivational words of encouragement and inspiration can lift morale during such times of crisis.

In spirit, we reached out to past PSAR presidents  from as long as 15 years ago for their “we-will-get-through-this-pandemic-together” thoughts.

So if you will take a few minutes and find a comfortable spot to read the following quotes, you may find that the words from these past leaders will resonate in this time of crisis and encourage you to believe that we will all not only make it through, we  will have gained something from the experience.

-- Robert Calloway (2019) 
“We will get through this tough time as we have done in the past. Continue to work with your past clients and update them on what’s happening in the real estate market. Also, please remain safe during the shelter in place, as there is no amount of money that can replace you or a loved one.”

-- Jan Farley (2018)
“We lived through the crisis of 2008. In every crisis and hardship, there is something good that comes out of it either by what we learn, or how we change the process, to make us better, smarter and stronger. That will absolutely be the case this time, too.”

-- Sarah Heck (2017)
“This too shall pass. This may be the catalyst for us as agents to find new ways to add value to our clients. Take this time to fine tune your processes, touch base with your sphere and practice self care. It can be easy to get swallowed up in the fear that comes from the valleys of a real estate career. Instead, focus on the peaks and how we are going to climb to the next one. I challenge you to look at this time as an opportunity to review and improve the foundation of your business so that you can grow stronger through today’s challenges.”

-- Anthony Andaya (2016)
“During uncertain times like these, some of the best things you can do are double down on your efforts to build relationships when folks are most receptive; triple down on your active listening and avoid sharing general opinions; quadruple down on your compassion and empathy for those you are speaking with. We are all in this together and together is the only way we will get through times like these. If you're going to quit on anything during these difficult times, then quit being lazy, quit making excuses, and quit waiting for the right time. Remember consistency is key in all you do especially in these trying times.” 

-- Carey Guthrie (2015)
“I think it’s a terrific time for REALTORS® to shine. I manage about 200 agents and I immediately ordered gloves, booties and masks for agents. During this crisis, I see a variety of things happening. My advice: don’t fall out of a regular routine; play by the rules, be safe and keep your clients safe; what you do now will contribute to success now and referrals down the road; provide the correct forms and the latest information daily to whoever needs it; keep a positive attitude for all.”

-- Bob Olivieri (2014)
“Just like past challenges we have experienced in PSAR’s 92-year history, we will get through this. Not only will we survive, our industry is in a position to thrive when this is over. Those of us who continue to work and keep in close contact with our friends, clients and prospects will reap the tremendous benefits that will come when we reach the slowdown of this pandemic.”

-- Peter Mendiola (2012)
“Your response to the current crisis is very important. How you react to any adversity and your attitude towards it will dictate your level of success for the days, weeks, and even years ahead. Many people will see the situation we are in, as completely doom and gloom, with a tone that the world is ending. I believe this is a fantastic opportunity for real estate professionals everywhere to stick to the basics, reach-out to as many people as possible and ask people how they’re doing. I’m extremely fortunate to be surrounded by very smart, optimistic people.
This is an incredible opportunity for all of us to lay the groundwork for an incredible increase in our production now and especially when the crisis is over. Having a positive attitude will give you a head-start and get you further ahead than many people who are unfortunately in a fearful place, and who are putting their heads in the sand.  It’s times like this that reshape our industry for the best and should remind everyone of the importance of being a professional well-informed Realtor. Stay positive and be a positive influence in peoples’ lives. Pick up your phone and start making phone calls!”  

-- Nikki Coppa (2011)
“I have no doubt that REALTORS® can make it through this pandemic and come out stronger than before. Every transaction a REALTOR® goes through has crazy twists and turns and it is our job to figure out how to help our clients navigate each one. Although a pandemic is a new twist, every day I watch the resilient adapt, move forward and close sales. When stay-at-home orders are lifted, `home’ will have a deeper meaning for most. The agents that push themselves out of their comfort zones now and reach out to their friends, family, clients and neighbors repeatedly will likely enjoy substantial benefits once we are all on the streets again.”

-- Pat Russiano (2009)
“During my real estate career which spans nearly three decades, I’ve helped buyers and sellers navigate many up-and-down markets and trying times. Statistics label the ups-and-downs, but every market’s challenges must be met and can be met with continued belief in yourself and surrounding yourself with professional mentors and peers. This particular period in history, like all others, has very unique issues that require our problem-solving skills. When times seem toughest, it is not the time to withdraw. Engage with your industry leaders and you will realize there are resources and answers if you look and ask. It is just as important to engage and help where your talents can be used the most. The actual delivery of our services is requiring the most thought, the most care, the most caution. But we can do this. We are learning a lot and I’m certain the lessons learned will make us stronger for it. Focus on the problem to get your bearings. Then focus on the solution on how we can keep helping the families that we’ve always found ways to help using the safety protocols in all ways that this particular market requires.”

-- Barbara Brown Hahn (2008)
“Hang in there! Tough times teach you so much, lessons you’ll use throughout your careers. And they give you great stories to tell! Keep your sense of humor.”

 -- Susan Olivier (2007)
“I know that we are all going through a tough time now. But we will make it through. Keep your eyes on what you do have, such as your own wellbeing, your family and friends, your fur babies, all you've accomplished. Take time to reflect on all the positives in your life and before you know it, this will pass.”

-- Mark Scott (2006)
“Now is a time that you can show your value by implementing best practice safety measures while still going to work every day. The great recession required a level of professionalism that until then was unprecedented in our lifetime. This is no different. Reach out to your friends, family and sphere of influence and you can come out of this stronger than when this pandemic started. Stay safe and go to work.”

-- Suzanne Yavorsky (2005)  
“Tie a knot on the end of the rope and hang on for the ride as this too will pass. The sun will shine again and keep the faith.”

-- Isabel Hall (2002)
“I love real estate agents, because they are first and foremost optimists. That optimism in this time is essential. Through this challenge, make the most of your optimism. This situation is not going to last for years and years; it’s going to last for several months. And when those months have passed, the recovery will be amazing to watch. Meanwhile, exercise daily for endorphins, make the most of this time with your families, and stay safe so you can enjoy the incredible recovery.”

Southern California Housing Forecast Live Every Wednesday - 10:00 am

What will be the state of our real estate profession, and both local and national economies, after the COVID-19 pandemic is passed? Will the “new norm” of mandated adaptions we have made during the crisis become permanent?

Economist Steven Thomas, publisher of “Reports on Housing,” recently spoke to PSAR members on Wednesday during a virtual "Zoom Meeting"and offered several interesting insights. Since 2004, Thomas has been publishing “Reports on Housing,” a monthly report for real estate professionals. The report tracks regional demand, inventory, distressed homes and market data. It also shares what buyers, sellers and real estate professionals are experiencing in the trenches. He will be providing a new live report next Wednesday, April 8th at 10:00 am. (and every Wednesday till April 29th)

Thomas is a California real estate broker with decades of real estate experience. He has a degree in Quantitative Economics and Decision Sciences from the University of California San Diego. He has been quoted in news stories published by the Orange County Register, Los Angeles Times, San Diego Union-Tribune, The Wall Street Journal, Fortune, USA Today, Bloomberg, ABC, CBS and NBC television, Cox Cable Television, KNX 1070,-AM News Radio, KFI AM-640 Radio, blogs and Internet news sites. 

In the aftermath of COVID-19, Thomas’ predictions for the remainder of 2020 include:

• Initially, the coronavirus lock-down will limit new supply and damper demand
• Unfortunately, coronavirus fears have resulted in many more cautious fence-sitter buyers
• After the public health concerns subside, look for a more balanced market with fewer unrealistic, overpriced
  homes by sellers who refuse price reductions
• Expect a “tug-of-war” between buyers’ irrational thinking and market realities
• Low mortgage rates also will also stimulate demand and speed up the recovery. Rates are likely to remain in
  the 3 percent range
• The luxury market will be sluggish until 2021
• Overall, the Southern California housing market is projected to appreciate 3-to-5 percent by the end of 2020

Thomas said don’t get discouraged by news media reports of Covid-19- caused low economic numbers. This temporary downturn differs from previous downturns in U.S. macroeconomic history

He said, “recession” does not equal “housing crisis.” Home prices appreciated during three of the last five recessions:1980 (6.1 percent), 1981 (3.5 percent) and 2001 (6.6 percent), while decreasing in 1991 (1.9 percent) and 2008 (19.7 percent)

According to Thomas, the economic hardship resulted from the government effectively ordering a nationwide recession by asking businesses to close and workers to stay home.  Much of the economic disruption will continue throughout the second quarter. Real GDP will decline not due to recessionary factors but, instead, in response to meet health objectives as an investment in public health

Among other observations from Thomas:

• The pandemic has changed the real estate industry virtually overnight and presented unprecedented obstacles for realtors accustomed to an in person, high-touch process. REALTORS® are encouraged to utilize long-standing technology to enable remote home closings and other steps of the transaction process.

• We must adapt to a “new norm” by using available technology solutions and ingenuity to drive sales and meet client expectations. It’s important that real estate professionals work together responsibly to ensure the safety of and service to each other and our clients.

• Thomas observed that COVID-19 is a shared American experience, a touchpoint for tens of millions of us who are facing the same crisis and its challenges, even if in different ways. We’re discovering that disruptive times like this can be a catalyst for mass unification around a shared experience.

Prior to the coronavirus outbreak, the housing market was pumping on all cvc lenders. It was on the edge of the hottest spring market since 2013. Multiple offers were the norm, home values were on the rise, and there were not enough homes on the market to satisfy the voracious appetite of buyers. Low mortgage rates, in the 3-percent range, were also propelling the housing market surge.

In the month of February prior to COVID-19, sales of existing homes in San Diego County were 3.4 percent higher compared to January 2020, and 7.2 percent higher when compared to February 2019, according to the California Association of REALTORS®. The median sales price of an existing single-family home in San Diego County was $670,000, a $10,000 increase from the $660,000 figure for January 2020. A year ago, in February 2019, the median sales price in San Diego was $625,000, a 7.2 percent lower compared to February 2020. The median number of days an existing single-family home remained unsold on the market in San Diego County was 12 days in February 2020 before the Covid-19 impact. That compares to 23 days in January 2020 and 22 days in February 2019.

Thomas offers a free housing forecast webinar every Wednesday at 10:00 a.m. Registration is available at www.reportsonhousing.com. He sells a “Reports on Housing” monthly subscription for $15 per month or $150 per year. The regional reports feature a local real estate snapshot. One month free is available upon sign-up. Follow Thomas on YouTube, visit www.Youtube.com/ReportsOnHousing, and Facebook at @reportsOnHousing.

Review Steven's last presentation from April 1st, 2020.   View Slides    |    Watch recorded video

Co-Hosted by:

Our Virtual Town Halls offer a benefit to our members as we “live alone together”

The COVID-19 coronavirus pandemic has changed our lives in ways unimaginable over the past few weeks. It’s on every channel, every news website and part of every conversation. Shelter in place orders and self-quarantines are keeping millions of people around the world hunkered down in their homes. In our lifetime, we’ve never had a crisis of this magnitude.

PSAR is addressing this reality proactively, and one of the steps taken is to launch a twice-a-week Virtual Town Hall meeting to deliver Covid-19 news updates, valuable information and insights related to our industry.  These meetings start at 12:30 p.m. every Tuesday and Thursday, utilizing the Zoom online video conferencing platform. All PSAR members are invited to join these live meetings. Zoom membership is not required to participate. You can download the Zoom link and login number for future PSAR Virtual Town Hall meetings on the PSAR website (click button).

Rich D’Ascoli, PSAR’s Chief Executive Officer, is the host of the meeting. Guests are invited to provide industry updates and information. Members are invited to share their experiences and accumulated knowledge of conducting business in a very challenging landscape.  The virtual aspect of these meetings in itself is instructional to members who want to learn more about how to use technology to enhance their own business practices.

“We’re concerned about how COVID-19 will impact our members personally, including the health of their businesses,” said D’Ascoli. “We know the coronavirus pandemic is leaving people feeling fragmented and disconnected. Nobody wants to spend their days in isolation. But, social distancing does not mean social isolation. We all still want to connect with each other and we’re learning how to do that in different ways.

“So, our Virtual Town Halls offer a benefit to our members as we 'live alone together'". We at PSAR and all of our association members will be here to keep you company. All of us are always at our best when we respond to challenges as a PSAR community. Right now, helping people get the right information to stay healthy and keep their businesses moving is more important than ever. We all have a role in this endeavor.”

On Thursday, March 26, nearly 200 PSAR members participated in the latest Virtual Town Hall meeting, which included appearances by Ernie Dronenburg, San Diego County Assessor-Recorder Clerk, Joel Singer, CEO of the California Association of REALTORS® (C.A.R.) and Kristian Hoysradt, Political Representative with the National Association of REALTORS® (NAR).

They offered various perspectives on the impact of the virus.

The C.A.R. and NAR representatives  announced the launch of microsites on their websites that will deliver COVID-19 updates. The C.A.R. site is at www.CAR.realtor/coronavirus. The NAR site is at www.NAR.realtor/coronavirus.

PSAR has a special COVID-19 landing page at  https://info.psar.org/covid19.  There is also a page with financial resources for REALTORS® and their clients https://info.psar.org/financialhelp.  PSAR’s services during this crisis can be found here: https://info.psar.org/services.  Following are some of the notable points that were brought out in the Thursday Town Hall meeting.

Dronenburg said his office is fully operational and all exemption programs are continuing without interruption. He’s also planning to send a letter to Gov. Newsom requesting that REALTORS® and real estate are deemed as “essential businesses.”

Singer discussed the recent “safer at home” guidelines for open houses. C.A.R. is recommending a cessation of all face-to-face marketing or sales activities, including showings, listing appointments, open houses and property inspections. Clients and other consumers are also subject to these orders and should not be visiting properties or conducting other business in person.

However, property management and repair work, which generally involves maintaining sanitary and safety conditions, is permissible. Additionally, many other aspects of the real estate industry can continue to occur without in-person contact, including documentation and signing, and in many circumstances, closings.

Singer  referenced the availability of a “Coronavirus Addendum” to the standard real estate buy-sell transaction contract. The addendum allows a party in a real estate transaction to terminate or suspend the transaction for up to 30 days in the event of “unforeseen circumstances, which the parties could not have anticipated or are beyond their control.” C.A.R. said travel restrictions, government required isolations and closures of business offices due to the COVID-19 pandemic could inhibit a buyer or seller from signing documents in person, preventing a close of escrow.

Governor. Newsom’s announcement of a 90-day mortgage grace period was also mentioned by Singer. More than 200 banks, including Wells Fargo, Citibank, JPMorgan Chase and U.S. Bank, have agreed to a moratorium on mortgage payments for homeowners. The Federal Deposit Insurance Corp. has asked banks to take “reasonable and prudent steps” to assist consumers affected by the pandemic. Likewise, the Federal Housing Finance Agency, the Federal Housing Administration and Fannie Mae said hardship forbearance should be an option for distressed borrowers.

Hoysradt, speaking from the NAR offices in Washington, D.C., talked about the historic $2.2 trillion emergency package that was nearing final approval on Friday. He said the rescue package, intended to help revive the American economy and prevent it from collapsing, will help millions of small businesses facing a coronavirus cash crush, and individual Americans caught in a COVID-19 lockdown who may be unable to pay bills. 

Among the bill’s provisions, individuals who earn $75,000 or less in adjusted gross income would get direct payments of $1,200 each, while those making more than $75,000 would see smaller direct payments. Those making $99,000 or more would be excluded entirely from the direct payments. The bill also provides for up to $350 billion in federally guaranteed loans for small businesses and $500 billion in loans for larger businesses affected by the pandemic and subsequent closures.

Emergency funds will also be funneled into unemployment benefits, increasing payouts to nearly 100 percent of lost wages.  Benefits payout timeframes will be extended an additional four months.  And gig workers and independent contractors for the first time will be eligible

“As we all continue to navigate our new normal together, PSAR is committed to ensuring our members have what they need to be productive and successful,” said D’Ascoli. “We recognize that our members rely on us, perhaps more than ever, to help them stay productive. We take that responsibility seriously.  I can assure our members that we are here to help and serve them.

“In that spirit, our Service Centers are remaining open, weekdays from 9 to 5 p.m, to receive phone calls, personal emails and those from our help page . All hands are “on deck”. Some staff members are available to provide in-person services at our Service Centers by appointment. For those in-person encounters, we will of course maintain a six-foot, social distance requirement in support of the CDC recommendations.  Everyone stay healthy and good luck to you!”