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The nation’s response to the Coronavirus Pandemic has resulted in a shrinking economy, however, California real estate has yet to see an impact. In contrast to the housing crash during the last recession, there is a shortage of homes on the market. So those looking to capitalize on today’s low interest rates and the possibility of increasing values are in search of properties.
New homes are becoming the perfect opportunity to buy a “never previously lived in home” now and get extra benefits such as a home warranty and excellent financing options.
In a recent article published by The Wall Street Journal by Nicole Freeman, Why Home Prices Are Rising During the Pandemic, “The housing market has been undersupplied for years. During the pandemic it may get worse. There were 1.5 million units for sale at the end of March, NAR said, down 10.2% from a year earlier. Homeowners are waiting to list their houses, real-estate agents say, because they have decided not to move or they are worried about letting buyers into their homes during a pandemic.”