As we pass the one-year anniversary of the shelter-in-place order issued to slow the spread of the coronavirus pandemic, we can look back on how much we have learned about the virus.
Activity in the first two months has been decent, with good buyer demand and still very little inventory.
The newly passed Proposition 19 from the November elections that many homeowners are talking about is a double-edged sword. While touted during the election season as property tax fairness that will help out the elderly, handicapped and firefighters, it had potentially severe financial consequences for children inheriting property from their parents that most voters were unaware of.
2020 Sunset Real Estate Review – Sunset District
2020 2020 Richmond District Real Estate recap by John M. Lee.
With COVID-19 dominating every aspect of our lives, I am guessing and hoping that this is a once-in-a-lifetime event, which makes evaluating the market difficult. Our economy is in a recession and the rental market is as weak as we have seen it. Sales stayed strong in some segments and weak in others.
Now that we have been in the COVID world for seven months, certain trends have emerged in the real estate market – some expected and some unexpected.
This November we have an exciting election on multiple levels. We get to decide if Donald Trump will get another four years or if Joe Biden will become our next president.
I don’t know about you, but I am hoping that the rest of 2020 will go by quickly and we can put this year behind us and return back to our normal lives that we are accustomed to!
San Francisco Realtor Alexander Clark, however, said Zillow reports like these – and ensuing articles based upon them – are meant for “shock and awe” and often tell a partial story.
As I talk to people about real estate during this COVID-19 time, there are many questions that are on their minds. There are some truths, some misconceptions, and many misunderstandings because none of us have ever gone through something like this before.
When the SIP started, sellers withdrew their listings from the market in droves, buyers had to shelter-in-place and real estate activity nosedived.
John M. Lee provides a real estate update after week 10 of shelter-in-place orders.
John M. Lee provides an update on how real estate has been impacted by COVID-19.
Buyers and sellers have been asking if the real estate market is going to drop after we get out of this mess. The answer is: it will. It is not a question of if, but when, and how much damage this crisis will do to our economy.