COVID-19 & REAL ESTATE
May 9, 2020
Herb and I hope you, and yours are healthy and staying safe during this Covid-19 pandemic.
During this process of social distancing, quarantine and economic stress, we thought we would keep our clients and friends up to date as to how this crisis is affecting the real estate market. To that end, we have created this section with pages & links to important information regarding how the virus is affecting real estate.
Your Current Local Market Report: To view a report of the market conditions in your city, select and enter your zip code.
1. The inventory of homes for sale is much lower compared to a “normal” springtime market place.
2. Buyer demand is also lower for the springtime market. Many buyers are sitting on the fence anticipating price reductions.
3. Some real estate experts say both factors of decreased supply and demand have created a balanced market, and prices will not go down unless the supply out paces the demand.
4. Some real estate experts do not take into account the financial hardship that many buyers and sellers are currently experiencing, making their prognostications based strictly on supply and demand.
5. The current unemployment numbers came in at 14.7. However, many economic experts believe that it is understated and that the real number is 23% (not far from the Great Depression peak of nearly 25%).
6. The National Association of Realtors survey of approx. 4,000 realtors found the following: 38% think prices will increase this year, 23% expect prices to remain stable, and 40% expect prices to fall. The survey was taken in March.
So, what does it all mean for sales price in the near future? Will prices go up, stay flat, or decrease? It all depends on how long the pandemic is with us. Until there is a vaccine, or a medication is developed that can control the symptoms, sheltering in place to some extent, seem to be the only method of flattening the curve of new cases. The longer the pandemic continues, the more harsh the economic fallout will be for both buyers and seller. The financial hardship may cause many sellers to decide to put their home on the market. However, many potential buyers may not be able to qualify to purchase a home due to job loss. Thus, prices would inevitably have to fall.
Only time will tell, so stay tuned!
Please do not hesitate to contact us with any questions you may have. If you would like a market evaluation of your home, we would welcome the opportunity to provide a complete market analysis to you at no cost.
2020 5TH ANNUAL FREE SHREDDING EVENT
2020 5th ANNUAL FREE SHREDDING EVENT
Sponsored by: LaVonne & Herb
Orange County Realty Co.
When: Saturday April 11, 2020 - from 9am to Noon
Location: Lake Forest Elementary School: 21801 Pittsford Dr. Lake Forest, CA 92630
If you would like to participate, please email to:
LMVojak@gmail.com or Call: 949-395-7475
Here is how it works:
· Each participant is limited to 15 boxes.
· Staples, paperclips, rubber bands, folders with Acco fasteners or small clips can be shredded.
· Your documents will be shredded in front of you.
· Your empty file boxes will be returned to you.
· Your boxes will be unloaded for you from your car or truck.
· No 3 ring binders, hanging file folders, trash or file boxes can be shredded.
· The truck shreds 10 boxes every 2 minutes.
· The event will be quick and efficient.
Shredding service is provided by: Southern California Shredding Inc.
“We are an NAID certified shredding company in our 18th year of business and are locally based in Lake Forest. All shredding is completed on site in our mobile shredding trucks so that the participant can watch the entire process from start to finish. We set the highest standard of security in the document shredding industry. All of our employees are required to pass a 7 year background check and submit to ongoing, random drug testing. We are bonded and insured. All drivers carry personal ID badges.”
2020 5TH ANNUAL SERRANO PARK GARAGE SALE
5th Annual Garage Sale
Free croissants for participants!
Saturday March 28, from 7am to Noon
LaVonne and Herb will provide the advertising and signage.
(OC Register, Craig’s List, Facebook)
If you plan on participating, please call or email to:
LaVonne: 949-395-7475 LMVojak@gmail.com
Some garage sale tips:
1. Set up the night before
2. Price all items
3. Provide bags
4. Have change available
5. Don’t let anyone in your home
6. Keep your pets out of the way
7. Open early at 7 AM
Organized by: LaVonne and Herb