Real Estate Trends since COVID-19
Home prices have risen nationally three times faster than income since the turn of the century, which has made home ownership near impossibility for more Americans than ever before.
For Southern California the current low rates and supply can be a great time to be buying a home.
In many large cities such as Mission Viejo and surrounding areas home prices have outpaced income. But in spite of all that the market was looking good until March of 2020 when the stay at home order was placed by Governor Newsom. At first, several states did not consider real estate as an essential service but California had changed it from non-essential to essential and once the real estate industry made the changes needed to be compliant, we were back in business. Demand is rising, buyers are adapting, and we are seeing an increase in social distancing showings, virtual showings and activity with multiple offers in some areas.
So, while there are still sellers on the sidelines just waiting for the market to get back to normal, the real estate industry has adapted to selling homes in this new COVID-19. So if you are a buyer you could be asking yourself, When to get excited about the housing market.