The coronavirus pandemic has decimated many industries including the housing market. The Bay Area real estate market has also been impacted.
Thankfully, the pandemic restrictions are easing so life can start returning to normal. Of course, this will include the buying and selling of homes.
No one can say for sure what will happen during the rest of 2020, especially if there is another outbreak, but this guide will give some possible scenarios for the effect on Bay Area real estate.
Will House Prices Change?
You may be hoping that the Bay Area real estate prices will drop. If you are seeking to buy your first home, then a price crash would no doubt be a benefit.
Currently, trends are not showing any decline in the house prices. This is despite the number of homes sold massively dropping during the pandemic.
House prices are remaining steady thanks to lower cost homes selling at a comparable frequency as before. There is a combination of reasons driving this such as people having to buy due to a change in circumstances coupled with reasonable mortgage rates.
There is a possibility prices could drop should there be a further economic shock, for example, another lockdown due to a further outbreak of coronavirus.
As things stand though house prices are expected to remain consistent with what they were before the pandemic.
Is It A Good Time To Sell Bay Area Real Estate?
People still need to sell or buy properties for a multitude of reasons. So, selling your property is still possible.
The pandemic forced the closure of many industries; the housing market was no exception. It was no surprise that sales dramatically dropped during the crisis, but there are signs that it is still a good time to sell as house prices in Bay Area real estate have not dropped significantly. This is good news if you have a property to sell.
Selling your home may be done differently depending on the rules of your area. Virtual showings may be offered instead of having people coming to the property. You may also have to declare if anyone in the home has had a confirmed case of coronavirus, although this isn’t mandatory.
San Francisco real estate is highly sought after and still selling at pre-pandemic prices. If you have a property to sell, then it is worth taking it to market.
Good News For Those Looking to Rent Their Property?
Even with the pandemic, housing prices will likely not retreat and could possibly return to normal by 2021.
Median sale prices for a single family home still range at over $880,000. And agents are reporting multiple offers despite the slowdown in the economy.
This price point will continue to dissuade new home buyers from entering the ownership market, but could bode well for those looking to rent their property.
This current market won’t last forever. So if you are looking to rent your property, now could be a great time to put your home or apartment on the market.
Even in the current pandemic situation, Bay area real estate is hot. Take the risk out of buying or selling a property by inviting a professional from Redmond Real Estate to help. We can help prevent you from paying too much or listing your property for less than its worth.
Using an experienced, qualified real estate professional from Redmond Realty can help you navigate the housing market and secure the best deal for yourself and your family.