Market News


Where We Are Now: May 18, 2020

May 18, 2020 | Source: Compass California Real Estate Blog

Work From Home — Day 63

Big Week! Compass Live & The Path Forward

5:30AM PST

Team –

Big weekend! Big week coming up!

This weekend we saw the return of Nascar in Darlington, SC and Professional Golf in Juno Beach, FL both without fans; golf without caddies. That’s new. The NFL, NBA, and other professional sports have also announced new schedules and public health safety guidelines. Las Vegas casinos are readying for opening.

A simple reminder about your personal best and behavior. Last week, Monique sent me the following quote from Dr. Thomas Frieden, former Commissioner of Health for New York City and former Director of CDC:

“Having states and territories all doing competing uncoordinated experiments in reopening is daring Mother Nature to kill you or someone you love. Mother Nature bats last, and she bats a thousand.

Stay safe! A long and prosperous life is only that if it is long.

We have assembled the following matrix comparing the results of our April 13th California survey vs our May 13th Survey.

The stability of the feedback is reassuring. The only substantial difference in the two surveys are the more modest expectations of the number of buyers and sellers in the market. Time will tell! The new escrow bookings from today to May 31st will be a solid indicator of our optimistic June to August expectations.

Two amazing events coming this week. Today at 1PM PST is Compass Live. The first virtual live Compass team meeting. I had a sneak preview yesterday. You do not want to miss this technology demo.

Tomorrow at 2PM PST we have the Path Forward, a look to our future. The major agenda topics are:

  • Private Exclusives and Clear Cooperation, presented by Patrick Barber.
  • The National Mortgage Markets. I will be interviewing two national lenders focused on the jumbo markets.
  • Fiscal Outlook 2020 and our updated Curves.

This is a high energy start to the week. Be present!

This is Where We Are Now.

Thanks!

Mark

Mark A McLaughlin

Work From Home — Day 63 — Closing Bell

Pending, Closings and Cancellations

Team –

I trust you saw Compass Live today. That was one impressive technology demonstration by Robert. Dedicating the time to understand these technology assets is a must while in SIP!

The briefings we had from around the country clearly indicated our expectations for a vibrant June to August selling summer. With inventory off at present, we should encourage clients to engage as soon as their homes are ready for market.

We are on track to close 520+ deals in May 2020. As perspective, last year we closed 960 in May and our 2020 May budget was 1,020 units. Disappointing based on past performance, but impressive compared to our initial SIP forecast for May.

More on this tomorrow.

The DOW index enjoyed impressive results today, up 900, largely based on promising news of a possible vaccine. We need this to match the strength of Mother Nature.

See you tomorrow for the Path Forward @ 2PM PST. Our agenda is as follows:

  • Private Exclusives and Clear Cooperation, presented by Patrick Barber.
  • The National Mortgage Markets. We will hear from executives at First Republic Bank and LendUS.
  • Q&A
  • Fiscal Outlook 2020 and our updated Curves.

The fortitude and tenacity of our team is impressive. I know there are days where it is literally hard not to “snooze” the alarm, punt on your daily routine, and sometimes just scream.

Every one of these feelings are OK and human. They are just that, feelings. They are real. Think about it for a moment, emotional feelings are no different than physical feelings. If your knee hurts, give it a rest.

If you need some time off, take it. Go for a hike or ride a bike. Turn off your phone.

It’s all human and so are we.

This is Where We Are Now.

Thanks!

Mark

Mark A McLaughlin

External Link »