Was buying or selling your home one of your resolutions for 2020? After the first few months of the year have passed and we’ve experienced the sudden changes that the coronavirus pandemic has brought, many people are left wondering if they should give up on their dreams to buy or sell this year. Thankfully, the real estate market is no stranger to navigating big changes. Let’s learn about this summer’s predictions for the Southern California housing market and find out if now is a good time to buy or sell.
A New Way to Buy and Sell
With the social distancing and safety precautions in effect for California residents due to COVID-19, buying and selling a home looks very different these days. Instead of a Sunday open house, most viewings are happening online via video calls. While we are uncertain how long these measures will be in effect, it is likely that distance viewings will be part of the real estate future in Southern California through the summer.
Will the Drops in Sales Continue?
Through April, California saw a 10% drop in home sales and general delays in the home buying process. While this could last through summer, there are still many buyers who are eager to get their hands on a new home. Interest rates continue to be low which is a major incentive for buyers and good news for hopeful sellers. There is good news for eager buyers, too. Not everyone will be ready to take the financial risk of buying a home in uncertain times. If you managed a locked-in interest rate, have sound employment, and are still interested in buying, you may benefit from fewer buyers in the usually saturated Southern California market.
On the Bright Side
When we consider the long-term benefits of owning a home in Southern California, we find that buying property here has always been a good investment. Southern California remains one of the most desirable places to live, making the housing market relatively steady with the promise of a good return on investment. For buyers, this means that even when purchasing a home in an uncertain economic time, you’ll likely be making a good investment for the future. For sellers, rest assured that even in trying times there are still many buyers looking to relocate and buy in this area.
Real Estate Lives On
No matter what happens over the coming months, there will be buyers and sellers. While we can expect to notice a few changes compared to previous years in Southern California, predictions remain relatively steady. If you are a buyer and were hoping to buy a home this summer, now is the time to start looking. There may be fewer options, but you can find your next home with a little diligence and the right real estate team. Sellers are also encouraged to list their properties and carry on with their hopes to sell this summer.