San Diego Real Estate During Coronavirus

San Diego Real Estate "Essentail" Business Update.

Did you know that when the Governer of CA declared all Californian's to "stay at home" ... there was a list of business that could continue to do their work called "essential" and others were "non-essential."  Well real estate sales was "non-essential" at that time which basically killed the new real estate market.

How did "non-essential" effect real estate?

Well, I listed a great property in Lake San Marcos on Thursday before the Governer stated real estate was "non-essential" and out of respect I did not hold an open house that weekend.  Prior to that, I was expecting that property to get an offer immediately based up the strenght of the market, but here we are 10 days later and no offers!  All the "have to buyers" stayed at home vs going out, all the agents waited vs taking their clients to the property.  Obviously this was the smartest course of action.  But it stalled the market.

How will the new "essential" effect real estate?

This is to be determined, naturally, I learened about it on Saturday March 28th.  But with the buyer demand that was prior to the job losses, economic slow down, and the stock market crashing we had an incredibly high buyer demand a low inventor.  Since we were told to "shelter in place" lots of listings came off the market for safty reasons.  So as buyers backed out of the market and sellers did too, what we are left with are a smaller # of "have to" buyers and sellers.

Is there any opportunties in this market?

Not really, we have a limited # of properties for sale, and a limited # of "have to buyers" so that kind of keeps the market neutral.  The interest rates are slowly moving downward as the mortgage industry makes their adjustments, to the refinance boom and coronavirus pandemic.

Resources: 

California Association of Realtors Announcement 

As a buyer's agent, I can:

  1. Virtual showing - I have a Zoom Account - so I can go and video conference you at the house.
  2. We can schedule safely a private showing and coordinate with the seller.

As a listing agent, I can:

  1. Safely put your home on the market under strick showing protocals.
  2. Do lots of video and virutal marketing to minimize to many buyers into your house. 

Call or text with any questions 858-519-7101

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