Real Estate vs COVID: Who Will Win?
The San Diego market is really interesting right now. The world is going through a change and we are thrown so much information every day, but life still has to go on.
I did a Zoom call with other professionals in real estate and we talked about the market and specifically the San Diego real estate market.
I shared my experiences so far and it is completely 50/50!
Meaning I have some clients who:
- Put the sale of their home on hold
- Won’t allow people into their home to view
- Don’t want to leave their current home or go view new ones
Then I have some clients who:
- Want to take advantage of the low interest rates still
- Realize there is little competition so want to get their offers accepted or accept offers
- Actively looking for homes
There are of course people in panic mode who are scared and don’t know what to do because they need to sell their home or need to buy a home, and I am taking the time to educate them on the strick procedures we are all taking in the field. Such as, gloves, masks, and signing the new COVID protocol that all us agents need to sign and follow.
We are going through this together.
Because there have been a lot of cancellations, people are looking at this as an opportunity. Now is the time to sell, and especially to buy. Interest rates are at a record low, there is a low inventory so homes are selling quick! People have the time now to view homes virtually and get the needed information quickly and from the comfort of their homes.
I am seeing that some homes have no offers and no people wanting to view, while my other listings have multiple views and offers. I think it comes down to the price, location, and desirability of the property.
Prices are not being affected really, unless the listing has been on the market for a long time, at least not massive price decreases are not happening. I get a lot of people asking if they should wait to buy because they think it will be a repeat of 2008 and prices will go down drastically. I do not see that happening. I believe we will rebound quickly because the market was so HOT here in San Diego before all this and the momentum is still there. The lack of supply is making homes sell quickly, so I think we just need to get over the hump and the market will be just as hot.
To recap, everything is situational. Everyone is different and has to think of their situation before making the decision to sell or buy or leave their home.
If you have any more questions of what is going on in the market today, contact me today!