Jerry Chen, Real Estate Consultant

'The council’s new rules apply for 90 days after California’s state of emergency is lifted, unless they’re altered by the council. The new rules mean borrowers and tenants do not have to respond to legal demands for payments during this period, and the rights to fight foreclosures and evictions are extended past the council’s freeze period.'

A look back at how past recessions and natural disasters impacted the economy and housing market.

For landlords, Realtors, and property managers, here is what you need to know in 2020 in the context of the novel coronavirus outbreak.

'Digitally added furniture takes center stage.'

'The Great Recession in 2008 was supposed to be a once-in-a-generation economic calamity. Just 12 years later, the United States is facing a far more daunting crisis caused by the coronavirus pandemic. This one is scarier to me, because we knew how to handle the other one, former Rep. Barney Frank, a lawmaker who was central to crafting the 2010 Dodd-Frank Wall Street reform legislation, told Vox. The other one was a result of human error and bad decisions. This is different. '

'California governor Gavin Newsom issued a statewide moratorium on evictions Friday that will last through May 31. FAQs about what that means'

'At the start of 2020, the Southern California housing market was heating up, juiced by cheap money and a growing economy. Then a global pandemic hit.'

'David Burt helped two of the protagonists of Michael Lewis’ book The Big Short bet against the U.S. mortgage market in the run-up to the 2008 financial crisis. Now he’s betting against the market again, but this time, the risk is not from underwater subprime mortgages, it’s from homes sinking under water.'

'Insurance companies dropped more than 340,000 homeowners from wildfire areas in just four years. Between 2015 and 2018, the 10 California counties with the most homes in flammable forests saw a 177 percent increase in homeowners turning to an expensive state-backed insurance program because they could not find private insurance.'

'Compass, a New York-based firm that has disrupted the brokerage industry, uses technology to provide services and arm agents with better back-end tools. After raising $370 million in its latest funding round, the brokerage said it was valued at $6.4 billion. Compass has also said it doesn’t plan to turn a profit for the foreseeable future. The firm, led by Robert Reffkin, declined to provide commentary on its valuation, and if WeWork’s move would affect it.'

'The newest round of tariffs on Chinese goods could cost the average American household $1,000 a year, according to an estimate by J.P. Morgan. 'Buying anything on sale, when you can, is a good way to lessen the blow, according to Michael Bonebright, a senior blog editor at comparison shopping site DealNews. You should assume that everything you’re buying has been marked up by 20% because of tariff-related production costs, so look for products that are marked down by at least 20%, he said.'

'The U.S.-China trade war will enter into a new phase starting this Sunday that will start hitting consumers’ wallets. The Trump administration will raise tariffs on billions of dollars of imports from China starting Sunday, according to an official announcement in the Federal Register. ' 'That means that when an electronics company imports a TV, or a smart speaker, or a drone from China starting September 1, it will have to pay a 15% tax to the U.S. government.' 'Eventually, this will end up raising prices on gadgets and other products for people in the United States, said Bronwyn Flores, a spokeswoman for the Consumer Tech Association (CTA), a trade group that represents 2,000 different companies in the electronics industry, including brands like Apple and LG and retailers like Walmart and Best Buy.'

'Analysts noted that one consequence of the trade tensions may be that Chinese companies gain greater market share, at the expense of U.S. businesses.' 'While there are challenges to conducting business in China, leaving the market is not the answer, said Jake Parker, vice president of China operations at the U.S.-China Business Council.'

'Facing a trade war against China that has shaken the global economy, President Donald Trump gathered his most trusted economic aides in the Oval Office.' 'The assembled brain trust for Friday’s urgent consultations included an economics chief best known for his stint as a cable TV commentator; a trade adviser whose pro-tariff views are outside the economic mainstream; and a treasury secretary (joining by phone on his way back from vacation) who made millions off the housing crisis and then turned to financing Hollywood movies.' 'Where past presidents have relied on top academics, business leaders and officials with experience in prior administrations, Trump has gone a different route, building a crew of economic advisers known more for their allegiance to him than their policy chops.'

'Toll Brothers, the largest U.S. luxury homebuilder, reported purchase agreements fell 3% nationally in the third quarter from a year earlier, and in California, where some of its priciest developments are located, contracts plummeted 36%.' 'Worries about a recession, stock market gyrations and trade tensions are making wealthy Americans and foreign buyers think twice about purchasing a luxury home. Toll’s average home price was $882,648 in the quarter, the company said. That’s more than double the U.S. median home price of $280,800 in July, as measured by the National Association of Realtors.'

'The gap between ARMs and fixed-rate loans is now really small because of the inverted yield curve. It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.'

'The average rent for a two-bedroom apartment in San Francisco was $4,690 in April. In Dallas, a similarly sized place would set a renter back $1,433 a month, less than one-third the cost in the City by the Bay.'

'The Danish lender last week started offering home buyers 10-year mortgages at an interest rate of -0.5 percent. That means borrowers over a decade will pay back a little less than the amount borrowed, not including one-time fees.' 'This highly unusual condition may be good for Danish home buyers, but economists say it’s an alarming sign for the global economy. Several major governments and more than 1,000 big companies in Europe are now able to effectively borrow from global financial markets at a negative interest rate. For Jyske Bank, that means it can then turn around and lend money at a subzero interest rate, too.'

'Earlier Wednesday, the yield on the benchmark 10-year Treasury note was at 1.623%, below the 2-year yield at 1.634%.' 'The last inversion of this part of the yield curve was in December 2005, two years before a recession brought on by the financial crisis hit.' 'A recession occurs, on average, 22 months following such an inversion, according to Credit Suisse.'

'The yield on the benchmark 10-year Treasury note on Wednesday broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator for economic recessions. Investors, worried about the state of the economy, rushed to long-term safe haven assets, pushing the yield on the benchmark 30-year Treasury bond to a new record low on Wednesday.'

'The United States Trade Representative announced Tuesday certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10%. The tariff should be delayed to Dec. 15 from Sep. 1 for certain articles, it said.'

'A new job is a big part of the reason behind moving 81% of movers said they left for a new job, and 62% of movers changed jobs after the fact. Of those who moved, 25% said they regret relocating for a job. ' 'The top five industries relocated for are technology, finance and insurance, education, medical and health care, and manufacturing. '

'Home price gains have been moderating this year and bidding wars actually fell to the lowest rate since 2011, according to a new report from Redfin, a real estate brokerage. Just 11% of offers written by Redfin agents faced a bidding war in July, down from more than 45% a year ago.' ' On a local level, it’s noteworthy that some of 2018s fiercely competitive marketsSan Jose, Seattle, Los Angeleshave seen their bidding war rates plummet the most year over year, said Daryl Fairweather, Redfin’s chief economist. Home prices in these expensive markets have also been falling annually. Overall, I expect homebuyer demand to strengthen in the second half of the year as the housing market continues to stabilize, but we may not see a big pop in bidding wars until early next year. '

'Investors again rushed for the safety of government bonds and dumped stocks on Wednesday, exacerbating the August exodus away from risk assets as traders around the world settled in for a U.S.-China trade war without an end in sight.'

'The escalating trade war between the U.S. and China is potentially creating the most dangerous financial moment since the global crash at the end of the last decade, former Treasury Secretary Larry Summers said.'

'The dollar was weaker against major currencies, including the euro and yen, but it was higher by 1.5% against the Chinese yuan. The dollar index fell in its worst day since early June, but the dollar was higher against China-related and emerging market currencies, like the Australian dollar, Mexican peso and Brazilian real.'

'The Dow Jones Industrial Average plunged 738 points and dropped as much as 951 points. The S&P 500 dropped 2.9%. The Nasdaq Composite lagged, falling 3.4%. The S&P 500 was headed for its worst day of 2019. The indexes have also fallen more than 5% from their record highs set last month.'

'U.S. stock markets fell over 2% Monday morning after China's central bank set the yuan’s daily reference rate below 7 per dollar for the first time in over a decade. The Chinese government has also asked its state-owned firms to suspend imports of U.S. agricultural products, according to Bloomberg.' 'The People’s Bank of China (PBOC), which sets the daily exchange rate range of the yuan, released a statement attributing the currency's current weakness to "unilateral and protectionist measures, as well as the expectation of additional tariffs on Chinese goods." '

'Foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 properties valued at $121 billion a year earlier. The magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S., the Realtors’ chief economist says.'

'In co-living situations, utilities and WiFi are included, as are a number of amenities, such as house cleaning services and catered parties. These units are often furnished and don’t require long leases, while repairs and billing are handled through an app. Co-living companies, for now, are mostly opening spaces in cities with a significant number of tech workers, and they frequently mention the words community and technology in their ad copy.'

'Shares of GM dropped 4.2%. Ford lost 2.7%. Both have significant production in Mexico that could be subject to tariffs. Shares of railroads Kansas City Southern and Union Pacific also fell 4.4% and 2.1%, respectively. Fiat Chrysler traded 5.4% lower. The closely watched 10-year Treasury yield dropped to lows not seen since 2017. The U.S. benchmark was yielding 2.17% Friday morning. It was above 2.5% at the beginning of the month.'

'Reuters reported on May 15 that Panasonic planned to ship most cells from the plant overseas, instead of selling them to Tesla for its trademark Solar Roof as initially intended, because of low demand from Tesla and a trade loophole that had fired up new foreign interest. That loophole allows companies outside the United States to ship solar panels into America duty-free provided the panels are made with U.S.-built cells.'

'U.S. companies are years away from challenging Chinese dominance of rare earth minerals due to a lack of domestic processing facilities, ensuring the Asian nation will maintain its near-monopoly on refining and powerful leverage in trade talks. Although, according to U.S. Geological Survey data, China contains only a third of the world’s rare earth reserves, it accounts for 80% of U.S. imports of the group of 17 minerals used in military equipment and high-tech consumer electronics.'

'Rare Earths, Bonds, and Permit Hell: 3 Weapons China Can Use to Escalate the Trade War'

'As counterproductive as this may sound, white-boxing lets prospective home buyers start from scratch. It allows them to focus on potential and maybe even the views outside the residence, rather than what's inside the home, which may not suit their tastes. "White-boxing" is the exact opposite of staging a home to enhance its appeal. Instead of using furniture and accessories to sell the space, it presents a blank canvas, without the aesthetic choices in place, and allows the buyer to dream up layouts and floor design.'

Open House This Weekend!! Saturday, May 11 - 1-4pm Come by and take a look, and ask about how you can * get up to $23,600 in Buyer's Credits * toward your closing costs or interest rate "Buy Down". You'll be glad you did!!

Open House This Weekend!! 1-4pm, Sat. & Sun., May 4 and May 5 ** Offers due: Wednesday, May 8th by 11:00am. ** Come by and take a look, and ask Jerry about how you can * get up to $23,600 in Buyer's Credits * toward your closing costs or interest rate "Buy Down". You'll be glad you did!!

Open House This Weekend!! Sat. & Sun., from 1:00pm to 4:00pm Come by and take a look, and ask Jerry about how you can * get up to $23,600 in Buyer's Credits * toward your closing costs or interest rate "Buy Down". You'll be glad you did!!

Open House This Weekend!! Sat. & Sun., from 1:00pm to 4:00pm Come by and take a look, and ask Jerry about his Buyer's Credits toward your closing costs or interest rate "Buy Down". You'll be glad you did!!

Ready to buy or sell real estate?? Connect with Jerry and discover the difference!! Email: [email protected] | Text: 510-371-1698

Broker's Tour!! Thurs., 04/25/2019 from 10:00am to 1:00pm 41437 Denise St, Fremont 94539 5-bed, 3-bath, 1,990 sq ft. Mission San Jose Schools.... Walking distance to Mission Valley Elementary School. Please come by and say "hi" if you are in the area. See more

New on MLS!!! Listed at $1,355,000 41437 Denise St, Fremont 94539 5-bed, 3-bath, 1,990 sq ft. Mission San Jose Schools. Walking distance to Mission Valley Elementary School.... Contact Jerry for more details. See more

'A monthly survey from Fannie Mae showed that, in March, positive sentiment jumped to the highest level since June, which was just below the record high. More consumers think now is a good time to buy and sell a home, and more expect interest rates to fall in the next year. The net share of those who say it is a good time to buy increased 7 percentage points to 22%, although this is 10 points lower than a year ago. The share of those who say now is a good time to sell a home increased 13 percentage points to 43%, up 4 points from a year ago.'

'Timing is everything, especially in a housing market that has been less than dependable lately. So if you want to get the best price for your home in the shortest amount of time, you’d better list it next week, at least according to realtor.com.'

' "Whatever caused the nation as a whole to have a subpar job gain didn't have as much influence in California in February," said Aubrey Henry, a spokesman for the state's EDD agency. Even so, Henry said California's February job gain was below trend for the state in terms of its average for the entire nine-year expansion. California the fifth-largest economy in the world has added more than 3.13 million jobs since the economic expansion began in February 2010.'

'The gap between the three-month and 10-year yields vanished as a surge of buying pushed the latter to a 14-month low of 2.416 percent. Inversion is considered a reliable harbinger of recession in the U.S., within roughly the next 18 months.'

'The average rate on the popular 30-year fixed rate mortgage, which had been sitting for days at 4.40 percent, fell sharply to 4.34 percent, the lowest in over a year and 19 basis points lower than a year ago.'

San Ramon and Pleasanton are also on the list!

Know what you're possibly getting yourself into...

Planning to buy or sell your home soon? Schedule an appointment with us today and find out how you can save tens of thousands of dollars.

Rich Barton returned to the helm of the company he founded last month and will oversee its attempts to dominate the new market. Should agents be worried?

'The Bay Area’s rapidly consolidating real estate industry got even more concentrated Monday as Compass, a venture-funded brokerage firm in New York, said it had purchased Alain Pinel Realtors, a big player on the Peninsula and Silicon Valley. This is Compass’ third major acquisition of a Bay Area competitor in eight months.'

We offer a consulting approach to the home buying process with a fixed professional service fee for our services rather than a percentage of the purchase price. We will credit you the difference between the selling commission and our service fee toward your closing cost. This savings can potentially be in the tens of thousands. For example, a purchase price of $1,500,000 can result in as much as $27,620 buyer’s credit at closing. To download our mobile app, just go to the l...ink below from your mobile phone: https://www.era.com/app/[email protected] If you have any questions, please feel free to message me at: m.me/JerryChen.CRS You'll be glad you did!!!

'When Tesla made its offer for SolarCity - a debt-laden solar-panel sales and installation company founded by two of Musk’s cousins - its stock price was down 70 percent from its all-time high. Musk cast the deal as a no-brainer rife with synergies, in which customers could be sold both cars and solar energy systems. That has not yet proven to be the case, and Tesla’s solar business has been shrinking as selling the Model 3 sedan became Tesla’s priority. As part of company-wide layoffs last June, Tesla closed about a dozen solar installation facilities.'

'The $920 million in convertible senior notes expired March 1, at a conversion price of $359.87 per share. Since Tesla's stock hasn't traded at or above $359 in weeks, the electric vehicle maker had to pay in all-cash rather than half-stock and half-cash as it had previously intended.'

'A month ago, Tesla CEO Elon Musk seemed confident the electric car maker would turn a profit in the first quarter. Now he's predicting a loss. The reversal disclosed on a media call Thursday night overshadowed what was supposed to be good news during a tough week of headlines: Tesla was finally unveiling its long-awaited Model 3 sedan at $35,000.'

In its 2018 Winter Real Estate Bulletin, the California Department of Real Estate discusses the risks of "Coming Soon" marketing in an article titled "Be Sure t...o Maintain Fiduciary Responsibility for Your Client or Face Civil and Regulatory Liability," (click the link to read more) #ComingSoonListings #DRE #DepartmentofRealEstate #FiduciaryDuty See more

COMING SOON in Mission San Jose. Walking distance to Mission Valley Elementary School. This home will be ready for showing by Mid March. Download our mobile app and connect with Jerry and find out how you can save tens of thousands toward your home purchase. https://jerrychen.legacyrea.com/en/download-mobile-app

We offer a consulting approach to the home buying process with a fixed fee for our services rather than a percentage of the purchase price. We will credit you the difference between the selling commission and our service fee toward your closing cost. This savings can potentially be in the tens of thousands. For example, a purchase price of $1,500,000 can result in as much as $27,620 buyer’s credit at closing. We don’t sacrifice quality for savings. In fact, we do every...thing other agents do, but more efficiently. We eliminate the fluff that have no bearing on a real estate transaction and we integrate cutting edge technologies to ensure your real estate experience with us is a pleasant one. To download our mobile app, go to the link below from your mobile phone: https://www.era.com/app/[email protected]

'What seems to irk millennials most is maintenance. They didn't factor in the high costs of fixing what breaks. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially.'

'The supply of homes for sale is finally rising, but fewer buyers are able to afford these homes. That could result in a much slower spring market. Spring is usually the high season for housing, but high home prices have been taking their toll for months. The numbers point to potential trouble ahead.'