As we’re all dealing with the effects of COVID-19 on our lives, I want to share encouraging news: the government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19. The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you.
What this means for you and your loved ones
If you’re eligible for a cash payment
Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.
If you or someone you know has a lost a job
States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.
If you’re a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
If you’re a freelancer or independent contractor
Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emergency.
If you would like to learn more about all the contents in the CARES Act, please see this article
Please do not hesitate to reach out should you have any questions, or if you would like to chat. I will be very happy to refer you the proper professionals such as tax, legal or financial advisor you need consultation.
Try to find yourself a dedicated and comfortable spot to work that you can associate with your job and leave when you’re off the clock — that means get off the couch, and definitely out of bed.
If you do not have any greens in your designated work fromhomelocation, consider adding some indoor plants to create a more inviting and creative space. Plus, they make yourhome‘s air healthier!
Check out the linkherefor some ways to freshen up yourhomedécor with a touch of green.
3. Repurpose your commute
A major perk ofworkingfromhomeis ditching the commute. Use this time in the morning for a workout, self-renewal, or family time.
4. Show your face
When possible, usevideoover the standard conference call to help create more interactions and avoid loneliness.
Every night before your go to bed or in the morning create alistof what you will deliver by the end of the day.
If you don’t have a physical notepad handy, I LOVE the “Google Keep” in G Suite. Keepoffers a variety of tools for taking notes, including text, lists, images, and audio.
Generally speaking, after years of high appreciation rates, annual 2019 Bay Area median home prices went down a little bit, went up a little bit or basically remained unchanged as compared to 2018. SF hit new quarterly price highs in spring of 2019 (amid all the IPO excitement), but ended up the year at about flat for houses and a little up for condos. (Since there has been so much new luxury condo construction in recent years, year-over-year median price comparisons may not be exactly apples to apples.)
For 2020, economist Ken Rosen at UC Berkeley has said he expects the Bay Area median price to remain basically flat, within a general range of up or down 2% – in other words, similar to what happened last year. We can’t predict the future, but that certainly doesn’t sound unreasonable, and happily avoids the sensationalism of many other media-grabbing forecasts.
One of the big factors in SF house price appreciation since 2012 has been that fewer house owners are selling (dark green portion of chart below). If demand increases, but supply drops, that puts upward pressure on prices. Overall, house prices have out-appreciated condos over the past 7 years due to 2 factors: All the new condo construction and the fact that condo owners sell their homes more often than house owners. Both those factors increase supply to help meet increased demand.
San Francisco Home Prices by Neighborhood
Below are just two of the tables in our much longer analysis of home prices by property type and bedroom count for every neighborhood in the city. If you’d like the complete report, contact your Compass agent.
San Francisco Luxury Home
Markets by District
Economic Factors Affecting
Real Estate Markets
Generally speaking, after years of high appreciation rates, annual 2019 Bay Area median home prices went down a little bit, went up a little bit or basically remained unchanged as compared to 2018. SF hit new quarterly price highs in spring of 2019 (amid all the IPO excitement), but ended up the year at about flat for houses and a little up for condos. (Since there has been so much new luxury condo construction in recent years, year-over-year median price comparisons may not be exactly apples to apples.)
For 2020, economist Ken Rosen at UC Berkeley has said he expects the Bay Area median price to remain basically flat, within a general range of up or down 2% – in other words, similar to what happened last year. We can’t predict the future, but that certainly doesn’t sound unreasonable, and happily avoids the sensationalism of many other media-grabbing forecasts.
One of the big factors in SF house price appreciation since 2012 has been that fewer house owners are selling (dark green portion of chart below). If demand increases, but supply drops, that puts upward pressure on prices. Overall, house prices have out-appreciated condos over the past 7 years due to 2 factors: All the new condo construction and the fact that condo owners sell their homes more often than house owners. Both those factors increase supply to help meet increased demand.
San Francisco Home Prices by Neighborhood
Below are just two of the tables in our much longer analysis of home prices by property type and bedroom count for every neighborhood in the city. If you’d like the complete report, contact your Compass agent.
San Francisco Luxury Home
Markets by District
Economic Factors Affecting
Real Estate Markets
Source: Compass
It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
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