What’s going on in LA's real estate market due to Covid-19?

You may wonder how’s the Los Angeles' housing market during the pandemic. Well, for everyone’s surprise, houses are still selling and many buyers offer cash money! Actually there are not enough houses for sale and still house prices remain stable… but for how long?  That we will find out in upcoming weeks, perhaps months when the reality hits many of those who have lost their income and cannot pay their mortgages, and landlords are not able to get their rents.

Covid-19 has also changed the way agents can do their business. Some areas in Los Angeles don’t allow showing homes in-person.  Agents have created virtual tours and open houses are now broadcasted on different social medial platforms.  In areas were in-person showing and tours are still allowed, agents have very strict guidelines how to conduct all real estate-related activities.

With the current low interest mortgage rates this could perhaps be the best time to purchase your forever home. No doubt this may well be a good time for the sellers to list their properties at a realistic price for the buyers to fight over.

By Katja Delos Reyes

Katja has over 20 years of residential and commercial real estate experience in greater Los Angeles area.

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