Showing posts with label social distancing. Show all posts
Showing posts with label social distancing. Show all posts

Tuesday, April 14, 2020

Impact of the Current Situation on Real Estate Activity

My clients ask: what is the current impact of the current situation on real estate activity?

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
Home Valuation tool
Current mortgage rates   - low, with a lot of volatility.