The COVID-19 pandemic has affected all facets of life throughout the country, and has caused us to redefine what we view as “normal” in our lives. This is especially true in California, which many has viewed as a major hotspot of this pandemic in the United States. There are many details on what experts believe to be the new normal in the real estate market this summer.
First, the market could be slower this summer. Due to the mandatory stay at home order in the city, many homes were taken off the market. Although, it is worth noting, that prices outside of major cities like, San Francisco Bay Area, Los Angeles or San Diego have been “in a general incline for the last two and a half years”. This could bode well for active buyers seeking to negotiate better deals.
Although consensus is that the true effect of this pandemic on market prices will not be fully known until 3-6 months from now, some of the experts polled have reason for optimism. As the country re-opens, many believe that in response to the “cabin fever” that people have been feeling will look to move into new homes (whether they rent or own their property). Additionally, CA real estate has long been viewed as a safe investment market, and believe this sentiment will stand the test of time (despite this unprecedented pandemic).
What people are looking for in property, especially rental property is changing. Due to tele-working being the new norm, homes with a space for a home office becomes a necessity. Other rental features, like private terraces for outside personal space, in-unit washer/dryers, and sound-proofing have become high on buyers’ wishlists. Others are looking for pools and more square footage and space.
Depending on what types of properties that you are looking for, be it residential or investment, IDeal Homes Real Estate can help you look for your next home or selling your home fast. If you have any questions or concerns, please feel free to contact us or call us at 858-333-2255.