Saturday, May 9, 2020

President's Message - May 7, 2020

Good Morning WSGVR Family and Guest, 


I would like to wish all Mom’s, Grand Mom’s a Happy Mother’s Day this Sunday, May 12 and Appreciations to all the brave nurses in our communities that have been working tirelessly to take care of our loved ones during the National Nurses week (from May 6 to May 12, 2020). 


Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a valuable member of the West San Gabriel Valley REALTORS®. Please do not hesitate to reach to out to our leadership team and staff. I would also like to thank today's guest speaker, Gov Hutchinson, C.A.R. Vice President & Assistant General Counsel.


C.A.R. and associations are working hard to help members through pandemic and economic recovery. “Focusing on the strength and resiliency of Californians, C.A.R. this week launched a new ad campaign to serve as a tribute to the people who live here. Airing statewide, between May 4 and July 6, 2020, the new campaign highlights how hard Californians are working to keep our state safe, to keep our lives moving, and to keep our sights focused on building a better future.”


C.A.R. has emailed RED ALERT! to all of you on Tuesday, May 5. I urge you to PLEASE take ACTION ASAP to Oppose AB 828 (Ting) – Urge Your State Senator to VOTE NO on Rent Reduction Bill! California Senators are scheduled to vote on AB 828 this Monday, May 11, 2020. Should a tenant claim they are affected by COVID-19, AB 828 gives judges the power to reduce rents by 25%. You and your clients play an essential role in C.A.R.’s ability to defeat dangerous legislation like AB 828. Please ask your family and clients to call the senators and the author of the bill, Assemblymember Ting ASAP or before this Friday, May 8, 2020 at (916) 319-2019 & “state that you are strongly opposed to his bill that will destroy rental housing.”


California COVID-19 Economic/Market Update: 


On Wednesday, May 6, 2020, Jordan G. Levine, C.A.R. Deputy Chief Economist shared with us the following record breaking statistics: 

  • Biggest drop in housing starts since 1984 
  • Largest decline in builder sentiment ever 
  • Empire manufacturing index drops to lowest level ever 
  • Industrial production at lowest level since 1946 
  • Philly Fed index at lowest level in 40 years 
  • Nearly 5 million households in forbearance 
Short-run estimates of COVID-19 impacts: 
  • Economy will shrink by 30-40% in 2nd quarter
  • Unemployment expected to exceed 20% 
  • Double-digit decline for California home sales 
  • Declines expected to persist for April & May (maybe June) 
  • Price impacts expected to remain in single-digits 
  • Mortgage credit remains difficult to obtain 
  • Big wildcard is the virus—second wave means worse numbers 

Source : RISMedia 


The latest Economic Pulse Flash Survey from the National Association of REALTORS® shows the trends haven’t changed drastically from the week before. Sellers, for example, aren’t budging on price. More than three in four REALTORS® are working with sellers right now. Of those, 76 percent said their clients have not reduced listing prices in order to attract buyers—an increase from last week’s 74 percent. 


REALTORS® continue to lean on technology for help during these times; however, the focus has shifted to video. Thirty percent of surveyed REALTORS® have been able to complete nearly all transaction processes while practicing social distancing. For future clients, the most used tech tools are live videos (53 percent), e-closing technology (46 percent), messaging apps (41 percent), Webex/Zoom (32 percent), virtual tours (27 percent), social media (18 percent) and e-signature programs (8 percent). There is still a significant group, however, 41 percent, who say some transaction aspects still require person-to-person interactions, with safety precaution being taken.


WSGVR Election of Board of Directors: 

Candidate Packet has been emailed to our members again last Tuesday (May 5). There are up to six (6) Director positions available. Deadline to submit your completed candidate form is two (2) weeks from today, May 21, 2020 by 5 PM.  Due to COVID19, Election will be held on July 30, 2020 instead July 2, 2020. 


I hope you continue practicing the social distancing, Stay Healthy, Stay Strong and Stay Connected. 


Please join us next Thursday, May 14, at 9am. Our guest speaker will be Michael Brooks, Tax Attorney from DIRECTS, Inc. Additional information will be available by end of this week. 


Thank you. 

Mindy Yeh

2020 WSGVR President

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