How will the Corona-Virus affect our Lives and Real Estate Market?

By
Real Estate Agent with RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident BRE# 01215778
Friends, Family & Clients,
 
Consumer confidence is being impacting as panic has taken a grip on society.  Fear is warranted and real.  Future Generations will look back at this time as our version of the Roaring 20's.  This Pandemic will be recalled in the same manner as the Spanish Flu.  The Major Affects will impact us for four to six months and gradually cooler minds will prevail.  The Stock Market will recover, grocery shelves will be full again, people will be able to meet in large groups and sporting events will brings us all back together cheering and booing our favorite or despised teams.
 
Social Distancing leaves many of our fellow citizens to stay home from work.  This is a great time to take advantage of the opportunity to see homes during the week.  There is a fear of a recession and that is real.  The Government has lowered interest rates to the lowest in history and this will help lower mortgage rates.  Over a trillion dollars have been put into the economy as well.  Competition for homes has caused multiple offers and bidding home prices above list price.  This current market could bring back stability.  \
 
The main concern is lack of foreign buyers due to the travel ban.  There may be delays in closing escrows as well.  These impacts will last about four to six weeks and at that point those that act early may benefit immensely.  The future is unsure in many ways including the possibility of new homes construction being delayed.  
 
The CAR California Association of Realtors doesn't feel that there will be a major impact on our real estate market.  The impact of SAR's subsided in six months from it's beginning in the United States. The declare of a National Emergency, Travel Ban, Cancellation of gatherings and readily available testing are all moves that will alleviate our problem sooner than it would have been otherwise.
 
 
 
We are here for you to answer your questions, concerns and all of your real estate needs.
 
Your Friends & Realtor,
 
Tony & Dani Lewis Summit Real Estate Group
Serving the Santa Clarita Valley & Orange County
Call or Text us anytime, day or night at 661-510-7975

Comments (4)

Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

I found these tips really helpful and will certainly be sharing these with my clients. I hope you have a great day ahead.

Mar 16, 2020 01:21 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Tony Lewis we are all living in an environment that we've never experienced to this degree.... however, it amazes me at how real estate HAS maintained a steady flow....open house events have more visitors than ever!!!! and offers on properties are consistently flowing.

Mar 16, 2020 03:00 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Tony. Time to embrace the technology tools we may have been avoiding to ease the changes we cannot control. Enjoy your day!

Mar 16, 2020 04:40 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I hope that people will not let fear overcome them but rather be prudent in staying clean and healthy.

Mar 16, 2020 06:09 AM