Coming into 2020, economists and real estate experts make predictions about the housing market. Predictions and forecasts anticipate a little unexpected in a year, but how many unexpected events make a forecast completely inaccurate?

 

Did you expect that hand sanitizer, Clorox wipes, and toilet paper would be sold out in stores?

It is hard to turn on the news without seeing another hour-by-hour update on coronavirus, also known as COVID-19. Our brokerage KALEO Real Estate Company is closely monitoring COVID-19 and its impact on our business and how to mitigate any risk or exposure to our agents, staff, and clients. I’m sure you’ve received COVID-19 email memos from businesses,  airlines, restaurants, and vendors.

The economy coming into this COVID-19 outbreak was strong. Unemployment was at record lows and interest rates were hovering around 3.5 percent (unbelievably low), making home buying more affordable than in 2018 and increasing home buyers’ purchasing power. Although inventory levels in housing were low, we had anticipated a surge of listings in March.

It can seem trite or out-of-perspective to hear a real estate agent say: “Now is a great time to list or buy!”

No matter what is going on — natural disasters, economic ups and downs, winter, summer, stock market booms and busts —  it is a good time for someone to buy, but it could also be a really bad time for someone to make a move. 

That is because the housing market is bigger than one or two people’s lives. Deaths, divorce, marriage, moving out-of-state, or up-and-down within the same state: these life events sometimes happen whether or not it is a “good time”.

We want to know from our clients and community.

1. How are you feeling right now?

2. Do you have questions about how COVID-19 will affect the housing market in Southern California?

3. Are you wanting to speed up or slow down your home search because of coronavirus?

4. How is your job and industry reacting to coronavirus? Are you working remotely or on leave?

I​f you want more specific information from the Centers for Disease Control and Prevention, here is the link to the summary page on Coronavirus:

I care about our community, our economy, and the health of my friends, family, and clients. The social isolation recommended by the CDC can be tough on mental health and morale, so please reach out to talk via phone, text, or email.

Take care and stay healthy!

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.