The Current Residential Real Estate Market for Home Buyers and Home Sellers 2020

Although we are amid the Covid 19 pandemic and quickly approaching the holiday season, the residential real estate market has dramatically picked up over the last 30 days.  We are currently still in a sellers market, as inventory isn't quite where it needs to be to accommodate the number of motivated buyers right now.  However, that appears to be changing in the near future with more and more sellers looking to list their properties.  Don't miss out on the opportunity to take advantage of the current sellers market and list before you have a lot more competition!  On the other hand and on the buyers side, interest rates are at an all time low, making home purchases much more affordable.  With inventory on the rise, buyers will continue to have more and more options.  It is both a good time to buy and sell residential real estate.  See below market updates for both Ventura and Los Angeles counties released by the California Association of Realtors for September 2020.  In addition, data pulled from the MLS shows 320 new listings were entered into the MLS just within the Conejo Valley and 106 in Simi Valley in the last 30 days.

What is currently being predicted through 2023 is residential real estate is likely to fare far better than the commercial real estate sector.  According to a survey of 325 directors and investors, 39% expect commercial real estate assets will fall between 5% to 10% in value in 2020, whilst nearly 31% expect a fall of 10% or more as a result of the pandemic.  However, 90% of the respondents expected asset prices to go back to pre-pandemic levels by 2021, according to the survey carried out by Duff & Phelps.  The financial consultancy firm said the respondents expected the worst long-term damage in commercial real estate to be among retail and hotels, accounting for 37% and 36% responses respectively.  Most investors expect retail property values to decrease between 10-40% over the next 12 months.  Data from the survey showed that 36% of respondents believed the industrial and logistics sector will emerge the strongest from the current crisis. Investors also saw prospects for residential (29%) and proptech (19%), which they also believed would gain strength after the crisis. Source: https://realassets.ipe.com/news/commercial-real-estate-investors-predict-price-recovery-in-2021/10048407.article

  

I take all necessary measures to keep your business and/or family safe during the Covid 19 pandemic. Including virtual showings, safety precautions during in person showings, remote digital closings, etc.   Please feel free to contact me for additional information.  We have a referral based business, so please think of me when buying or selling and feel free to share my contact information with anyone you know who is thinking about buying or selling.  Levesque Realty has provided residential and commercial real estate services within Los Angeles and Ventura counties for over 20 years.