Homes are selling fast during Covid-19
While some people is looking for apartments for rent los angeles, many home buyers are getting prequalified to purchase a home as the Covid-19 lockdown is slowly being lifted. The huge amount of buyers combined with the fast sale of homes is why you are asking “should I sell my home during Covid-19?
I have been closely following daily updates regarding the Southern California Real Estate Market. There had been a major slowing in housing sales in April. Many sales had been cancelled as a result of the Pandemic. May and June show an increasing number of home sales as businesses began to slowly reopen.
Is it safe enough to sell my home during Covid-19?
As a Realtor I am classified as an “essential worker.” I must follow very strict guidelines from LA County, CDC and the California Association of Realtors. I am permitted to show a home only after a buyer is both prequalified and has shown “strong interest” in that home based on a detailed virtual tour. The buyer has already been educated about the home and its many features. Very strict LA County guidelines are in place for Realtors to follow to assure the safety of the homeowner, buyer and Realtors. Prior to entering a home for a showing the buyers and real estate agents wear masks, gloves, use hand sanitizer. There is also a “no touch” policy while inside the home.
Visitors must sign that they agree to follow CDC Guidelines
Every Realtor and buyer is required to sign a written agreement called a “Pandemic Visitor Agreement.” The Realtors and buyers in signing this agreement are pledging that they are not ill and will follow the strictest of CDC guidelines. The Realtor also agrees upon signing that he or she will use disinfectant wipes on anything that is touched and wipe down the doorknobs, key and lock box after each visit. This is done for the protection of the homeowners as well as any future Realtors and buyers who may visit the home at a later time. A new agreement must be signed for each home address prior to entering any home regardless of whether vacant or occupied. To see the most recent Corona Virus guideline updates from the California Association of Realtors visit
Record number of home buyers are getting pre-approved
Open Houses with large gatherings are still strictly prohibited because of social distancing guidelines. However, few homes actually sell because of an open house. Most serious buyers are prequalified for their loan and then view homes of interest with their chosen Realtor. I have worked as a full time Realtor for over 15 years but can count on one hand how many times I have sold a home at an open house. Anyone considering selling their home should strongly think about listing it now. There are record numbers of buyers getting pre-approved to buy a home because of the exceptionally low interest rates for home loans. Many of these buyers are looking to move to suburban areas of Northern Los Angeles such as Saugus, Valencia, Newhall, Stevenson Ranch, Canyon Country and Castaic. There is a very limited inventory of homes currently listed in our area and most of those listed are selling very quickly with multiple offers.
Suburban areas have become more desirable places to live
People are beginning to return to work and many of them are being allowed to work from home by computer or telecommuting. Social distancing adjustments are still being implemented as companies reopen and work to follow the CDC guidelines. As Covid-19 restrictions are being lifted many companies are beginning to realize the practicality of employees working from home.
I have received calls from buyers who are looking to leave their more urban areas close to their employment and move out to more desirable suburban areas. Many companies are continuing to allow employees the option of working from home at least part time. This helps the employees save on commuting time thus increasing their productivity. It also allows the company to follow the CDC Social Distancing guidelines by eliminating overcrowded office space. Research from the California Association of Realtors indicate that more people are looking for homes for sale in suburban areas. Many businesses are looking into opening satellite offices and branches in suburban areas such as our Valencia Industrial Park. Suburban areas offer housing that is more spacious and comfortable. Suburban homes are more affordable and allow extra square footage for home offices or work areas and are more desirable places to live.
Our local housing market is booming during Covid-19!
The local Santa Clarita housing market appears to be booming at a positively shocking rate. Prices are still increasing and homes are selling quickly even with many of the Covid-19 restrictions still in place. The number of potential home buyers applying for loans have skyrocketed because of exceptionally low interest rates. Interest rates are at the lowest that they have been in the past decade! Many buyers have been working on applying for loans and searching the internet for homes for sale while sheltering in place because of the Covid-19 lockdown. Now as the country begins to open up and more people are returning to work they have decided to start seriously looking for a home in a suburban area to purchase. Buyers are now grabbing homes almost as soon as they come on the market. The California Association Of Realtors report that this May home prices have increased 1% as compared to May of last year! We are seeing many multiple offers and homes are going into escrow often only in a few days. This is Amazing considering the stay at home restrictions and there had been a major drop in home sales during March and April. Starting in May I began receiving calls from a few sellers asking me “should I sell my home during Covid-19?” The answer to that question is YES!
The extremely limited supply of homes available is a home sellers best friend
Now is the best time to prepare your home for sale. It is the time to make little improvements to your home’s appearance in anticipation of photos and virtual tours.
The economy is rebounding and improving dramatically. People are returning to work and retail shops and restaurants are reopening. There is a severe limit of homes available for sale right now although there are large developments of homes already approved to be built in the very near future. This market is an incredible opportunity for a home sale. Interest rates are at ten year lows and housing inventory is extremely low. We currently have only a 2 month supply of homes on the market, way below our usual inventory. As both an experienced local Realtor and Accredited Home Stager I can help you. I can perform a free detailed comparative market analysis and teach you a few little things you can do to improve the appearance of your home. Small and inexpensive improvements will make buyers “fall in love” with your home. Timing is everything in life so don’t wait to get my free guide “Home Staging Fast and Easy.” As our country reopens, this summer is the perfect time to work on getting it sold and making your next move!