To help slow the spread of COVID-19, Safer at Home and social distancing orders were issued last month. The impact of these directives is felt throughout many industries, including residential real estate. Forbes printed Realtor.com’s latest numbers on how COVID-19 impacts the national residential real estate market. The data tracked is for March. “The month started out to be a strong spring buying season, which is what we expected,” explains Danielle Hale, chief economist at Realtor.com. “The impact of COVID-19 materialized in the latter half of March. Week by week, we are seeing decreases in new listings.”
It’s hardly surprising. While real estate is deemed an essential business by the state of California, the city of Los Angeles mandates that real estate agents cease business as usual. This means no more open houses or in-person showings. Virtual tours are being offered, allowing prospective buyers to tour homes for sale online.
Buying or selling a home right now is proving to be challenging. Stories ranging from first-time buyers in the middle of escrow watching the value of their stocks plummet to record lows and contemplating canceling escrow to this beautiful mid-century home at 3205 Oakley Drive in the Hollywood Hills receiving 13 offers and opening escrow well above the list price, only to not close, are becoming widespread.
Despite this, homes continue to be listed, and buyers still purchase them. Let’s discuss your options if you need to buy or sell a home during this period.
