We’ve already seen a “V” shaped rebound from the April crash the California real estate market took when the Pandenic “Stay at Home” order was put in place.
The statistics show a theme. There was a pent up buyer base ready to buy… and the sellers stayed away. Buyers initially thought they were going to be able to get a deal. Except for a few “very anxious” sellers when initially COVID hit, sellers weren’t going to play ball. Thus the pricing stayed fairly stable.
The historically low mortgage rates have propped up the affordability index. This motivates buyers to come into the market. Some sellers have stayed out of the market and are apprehensive showing their properties to buyers while dealing with COVID.
As reflected in my recent blog “Pent Up Demand of Real Estate Sales Leveling Off and Other San Fernando Valley Statistics” when looking at the market on a weekly level, the last few weeks have shown a leveling off of the market activity. Will the “V” turn into a “W” with a slowdown… we’ll know soon.
There’s talk about another “Stay at Home” order being put in place because the COVID numbers are spiking. That could be the action that will throw us backwards.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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