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Nearly 60 members from the Silicon Valley Association of REALTORS®, the Philippine Chamber of Real Estate & Builders Associations, Inc. (CREBA), the Filipino American Real Estate Professional Association (FAREPA) and other guests joined SILVAR’s virtual trade mission to Silicon Valley yesterday. The program, hosted by SILVAR’s Global Business Council (GBC), took participants from the Philippines virtually on a Philippine Airlines plane to the U.S., landing in San Francisco and spanning top spots in the heart of Silicon Valley, from Apple, LinkedIn, Facebook, to Google.

Welcoming trade mission participants to the region was GBC Chair Atsuko Yube and SILVAR CEO Paul Cardus. Evangeline (Vangie) Yia, CREBA vice president of International Affairs, said CREBA members were happy for the opportunity to join the trade mission. Among those joining the trade mission were Philippine Real Estate Commissioner Eduardo Ong and Andy Mañalac, CREBA vice president for Housing Affairs.

SILVAR is the National Association of REALTORS® Ambassador Association to the Philippines and CREBA is its partner association there. Yube said few agents from the Philippines have been able to travel abroad and their country has been closed to foreigners due to the seriousness of the COVID-19 pandemic there. The virtual trade mission gave Philippine International REALTOR® Members (IRMs) a chance to learn about Silicon Valley’s housing market without having to physically travel here. It was also an opportunity for SILVAR members to network, get to know other agents from the Philippines, and build relationships.

The trade mission program included an overview of the housing markets of San Mateo and Santa Clara counties by Michelle Ronco, senior product marketing manager with Aculist, a subsidiary of MLSListings, SILVAR’s multiple listing service. Ronco showed charts illustrating the market trends through the years and that showed momentum in the market despite the pandemic.

MLSListings Director of Outreach Mark Messimer then explained what an MLS is and the services it provides its subscribers. The Philippines does not have an official MLS system. The IRMs were curious and asked if they could join MLSListings. Messimer said only REALTORS® whose brokers are members of the MLS can be members of MLSLIstings, but access to IRMs is something that can be explored.

Joanne Fraser, president of SILVAR, then walked guests through the real estate transaction process in Silicon Valley, highlighting the many forms, inspection reports, disclosures and advisories that REALTORS® and their clients need to review thoroughly. She explained the importance of disclosures and the difference between escrow and title insurance, which Commissioner Ong noted are only used in the Philippines when dealing with very large transactions. Fraser then took participants on a virtual tour of a Los Altos condominium, which had just sold at 5 percent over asking at a price of $1,676,000, setting a record for the building.

Vicky Silvano, NAR Global Ambassador to the Philippines, explained how IRMs can work with SILVAR REALTORS® and how to use international referral forms from NAR. She noted being a Certified International Property Specialist (CIPS) can give REALTORS® an edge in global real estate. An open forum for sharing of information and Q & A followed the presentations. The program then ended with a virtual tour of the Google complex in Mountain View.

The Silicon Valley Association of REALTORS® (SILVAR) will be hosting a virtual trade mission to Silicon Valley on Thursday, August 12, from 5:30-7 p.m. Since international travel has not opened in all countries, many REALTOR® associations have found a virtual trade mission helpful for learning about other countries. Joining SILVAR’s virtual trade mission will be members of the Philippine Chamber of Real Estate & Builders Associations (CREBA), International REALTOR® Members (IRMs) and guests from other parts of the world.

Few people from the Philippines and other countries have been able to travel abroad and their country has been closed to foreigners due to the seriousness of the COVID-19 pandemic there. This virtual trade mission will give real estate agents a chance to learn about Silicon Valley’s housing market without having to physically travel here. It will also be an opportunity for SILVAR REALTORS® to network, get to know other agents from the Philippines and other countries, and build relationships.

SILVAR is the National Association of REALTORS®’ Ambassador Association to the Philippines and CREBA is SILVAR’s partner association there. The program also will be a good opportunity for SILVAR members to meet agents from the Philippines and other countries and expand their real estate business globally.

The program agenda will include:

  • Welcome address by SILVAR Global Business Council Chair Atsuko Yube
     
  • Aculist Senior Product Marketing Manager Michelle Ronco will provide the latest update on the local housing market and places that are especially hot.
     
  • MLSListings Director of Outreach Mark Messimer will educated IRMs on functions of a multiple listings service since the Philippines and many other countries do not have the service.
     
  • SILVAR President Joanne Fraser will educate guests on how real estate transactions are conducted in Silicon Valley.
     
  • NAR Global Ambassador to the Philippines Vicky Silvano will speak on how IRMs can collaborate with SILVAR REALTORS® in the global marketplace, including the benefits of a Certified International Property Specialist (CIPS) designation.
  • Small breakout sessions will give attendees the opportunity to network, get to know each other, and build relationships.

For more information about the virtual trade mission, contact rmeily@silvar.org.

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Silicon Valley home sales bounced back in June, as lockdown restrictions eased, bringing sellers and buyers back to the marketplace. The San Francisco Bay Area saw a moderate 3.6 percent increase in home prices and a 69.2 percent sales increase from May. Santa Clara County made a major comeback in sales volume, price, and new listings.

“The housing market is making a good recovery which will hopefully continue,” said Mary Kay Groth, president of the Silicon Valley Association of REALTORS®. “The pandemic hasn’t stopped buyers.”

Santa Clara County saw June packed with a higher sales volume and strong prices, according to data from MLSListings presented in the Aculist Monthly Market Minute report by Aculist senior product marketing manager Michelle Ronco. Ronco noted the change in sales volume illustrates the market’s recovery. Santa Clara County sales volume in May was barely half (49 percent) of the sales volume in May 2019, then rose steadily in April to 62 percent. By June, sales volume increased to about 98 percent of sales volume in June 2019.

Santa Clara County’s median home price reached $1,382,000 in June, up 1.2 percent from May’s median of $1,365,000, and up 2.4 percent from the June 2019 median of $1,350,000. Although inventory is down 33 percent year-over year, new listings have increased for two straight months, from 732 in April, to 1,045 in May, and 1,066 in June – a clear sign that sellers are returning to the market. The county’s sales-to-list price ratio in June was 101 percent, just one percent lower than a year ago.

Further highlighting the market’s rebound are places that experienced month-over-month increased median home prices. These include cities in the local REALTOR® association’s service area, like Saratoga, Los Gatos, Los Altos, Los Altos Hills, Cupertino, Santa Clara, Palo Alto, Sunnyvale, Mountain View. The cities of Los Altos Hills, Mountain View, Sunnyvale, Los Gatos, Cupertino, Saratoga, Santa Clara, San Jose also saw new listings increase from May to June.

Ronco added average days on market dropped in June – in some cases by nearly half of the previous month. In hot markets, like Cupertino, the average DOM fell from 22 days in May to 12 in June, Monte Sereno, from 75 days to 44; and Sunnyvale, 27 days to 18. This means buyers have less time to decided on a purchase due to heightened competition.

“The virtual tours and virtual open houses have appealed to buyers. Traditional open houses are still not allowed, but in-person showings by appointment and limited to just three persons at one time, including the agent, have helped clinch many deals,” said Groth. “At our association’s REALTOR® district virtual meetings, our members are reporting multiple offers are taking place on properties that are priced competitively.”

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