May 21, 2020, 6:28 am
The real estate market is alive and well.
Over the last few weeks, many friends and associates have asked us, “How is your market doing?” and everyone is astonished at our reply. “It’s actually busy with virtual and socially distanced showings leading to quick sales and escrows.” So what accounts for this surprise?
Buyers jumped into the market expecting prices to crater. But this didn’t happen. Why? Because sellers took a bigger step back than buyers did, thus shrinking the supply and triggering a slight rise in prices throughout Southern California. And still, buyers have continued to enter the market expecting less competition at the entry-level prices.
Sellers should take advantage of this imbalance. Opportunity shines on listings standing apart in this landscape of limited inventory. And this is beginning to happen: Our listings posted over the last two weeks far exceeded those of the prior two weeks. Los Angeles County closed 10% more escrows just in the last week.
Buyers should take advantage of the historically low-interest rates, less competition, and the comparative ease of virtually exploring their next home. Moreover, actual showings can occur following the safety requirements of our local health departments.
Even before Governor Newsom deemed real estate an essential business, Deasy Penner Podley was committed to working with sellers and buyers through the pandemic – utilizing all the tools available to us, from digital brochures to virtual tours and 3D renderings.
More recently Los Angeles County has lifted the ban on in-person showings and DPP is confidently and cautiously showing listings while instituting and observing strict protocols for social distancing and sanitation.
This pandemic crisis has precipitated a structural shift in our living and working arrangements. Less commuting and more remote working will make many of our neighborhoods and communities more attractive. To our sellers and buyers, we make this prediction: “Our homes will become live-work environments and will become more important to us than ever before.”
So yes, the real estate market is thriving, and we’re here as always to help you both navigate it and take full advantage.