COVID-19 & REAL ESTATE

July 21,2020

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.

 
Orange County Housing Report: To see an overview of how the entire Orange County market is doing, select  The report is generated every two weeks by Steven Thomas, who is the “go to” statistician in the county. However, until the virus is under control and everyone gets back to work, it is hard to know the extent of how property values are being, or going to be affected over the long run.
 


How is Covid-19 Affecting the Real Estate Market?  Here's Our Take: 
The inventory of homes for sale is extremely low as the demand for homes has been increasing  dramatically, making this a hot seller's market at all price points. Buyer demand is driven by historically low interest rates.  Now is a great time for seller's to put their home on the market!  How long this window of opportunity will be open, is anyone's guess. 
 
 
However, the number of COVID cases have increased dramatically, forcing the governor to order closure of many business again.  How long this surge in cases will lasts in unknown.  The economic affect of these business closures also remains unknown.   
 
 
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.  There are millions of homeowners taking advantage of  "forbearance" programs offered by their lender and not making their monthly payments.  It is too early to tell what the fallout of this program will mean to the market.
 
 
The unemployment numbers had been improving as businesses slowly began to re-open. However, last week, because of the surge in the number of COVID cases, many more people filed for unemployment, once again creating uncertainty for the fragile economic recovery.  It remains to be seen how this will affect both sellers and buyers.
 
 
The fear that many health experts had of a resurgence of the virus has materialized due to the lack of social distancing and the refusal of many folks to wear masks. 
 
 
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 and how many jobs come back, and businesses reopen. 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. 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.


 
 

Your Current Local Market Report

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Orange County Housing Report By Steven Thomas

click to view

Orange County Register

7/5/2020: WILL FORECLOSURES EXPLODE......

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OC Coronavirus Cases

Clicking on this link will take you to Orange County Health Department .

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Lake Forest Sun & Sail Club

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Serrano Park Community Association

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Whiting Ranch Wilderness Park

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2020 5TH ANNUAL FREE SHREDDING EVENT

2020 5th ANNUAL FREE SHREDDING EVENT

Due to the coronavirus, crisis this is event postponed until further notice.

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

SERRANO PARK

5th Annual Garage Sale

THIS EVENT IS POSTPONED UNTIL A LATER DATE,
YET TO BE DETERMINED.
IN THE MEANTIME, PLEASE STAY HEALTHY!
THIS HEALTH CRISIS WILL PASS!
 

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 

Selling Serrano Park since 1998