The California Association of Realtors issued an update on the impact of Covid 19 which is pretty comprehensive. This being said, many of my clients are asking me what
is the impact locally.
The situation changes day to day, literally, with new
changes in the regulations and limitations.
As of now, real estate is deemed an essential
activity at the Federal level, and also at the California level, although many
aspects of the regular activities of a Realtor are very strictly regulated. Without going into the details, interactions
with the public are to be limited to the extreme, the essential, and when they
happen it has to be with all mandated precautions – which is of course very
good, and welcome.
The market? About the same at this point: there are much
fewer properties on the market now, but there are fewer showings for obvious
reasons. It is an excellent time to sell
a property, and also a good time to be actively looking for a home. Precise protocols have to be put in place so that all parties are comfortable with the ways to proceed, and follow the advisories. Will prices suffer or not? A little too early to tell in my opinion. I do expect the number of transactions to be smaller in April though.
What is also good to know is that nearly everything
can be done virtually if you are seeking to sell your property, or if you are
thinking of a purchase. Facetime or call or text me should you have any
questions regarding the process in this new environment.
Thank you,
Francis
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