Selling or Buying property in the Covid-19 pandemic, what are the effects?

The ongoing pandemic has certainly changed the way that Real Estate and Residential Real Estate is transacted and how the market is perceived.

While at the beginning of the State wide lock downs there was considerable concern that the economy and the Real Estate market in general would potentially crash, that has proven not to be the case. In fact, the opposite has occurred, particularly in the Real Estate market in S.California!

The reason for the strong upwards increase is multi-fold. These circumstances were unseen before the onset of the lock down and they include the following:

1. More people working full time from home and therefore requiring a home that can do dual purpose a) as the off-site work place and b) as the traditional place of residence
2.  An influx of people from N.California and other areas that now see the economic reality of owning a home in S.California vs renting or owning in a more expensive location ( Silicon Valley, Bay area, etc).
3. Some of the lowest interest rates in decades.
4. A severe lack of inventory due to minimum new construction in the S.Califonia area.
5. Many people needing to shelter in place, therefore not wanting to place their homes on the market while the pandemic rages.
6. Large companies that are in the high tech area not requiring their employees to attend or visit their office locations.
7. High tech companies moving to S.California.

There are a number of protocols that have been implemented to keep all parties safe while visiting homes and acquiring property. While the Real Estate business has been deemed ‘essential’, this has led to ongoing training as to how best to maintain safety and minimize the possibility of disease transmission.