Real Estate sales at this time are still moving along in San Diego County as a whole. Numbers for the start of 2020 indicate that the market improving and demand is even higher as there are more sales closed in the first 4 months of 2020 than 2019. At this present time, we now have even more of a limited supply with more sellers waiting on the sidelines for COVID to pass yet there is still a demand from buyers who want to take advantage of low interest rates for better monthly payments and higher purchase prices. As far as pricing goes, we haven't seen too much of a dip in pricing as sellers are holding strong and believe that their home will eventually sell with enough exposure of more people physically walking through rather than relying purely on online traffic and virtual tours. Most sellers at this time are not ready to fire sell their home to just get out which is what most buyers are thinking. The truth is that if they owned the home for more than a couple years, chances are they have a considerable amount of equity and are not strapped for cash to sell. That is one important item to distinguish from 2008 is the amount of equity these owners the past 10 years in San Diego have in the homes now to access cash (cash out refinance) to last through COVID if they don't want to sell. At the end of the day, sellers are still selling and buyers are getting sweet deals on rates that are at historic lows. Current reports indicate that the housing market has actually increased and are forecasting that to be the same for remainder of 2020 unless more sellers put their home up for sale to provide more inventory to even out the playing field and cause prices to level out. Rates are expected to remain low so anyone looking to buy should seriously get pre-approved to compare the numbers now and know where you stand. April stats are soon to come out so we will see how much changes but that is what I am hearing and reading to stay up to date for anyone in the market.
The process of showing a home is a little more complicated now as most sellers and brokerages are requiring all persons entering a property now to sign a new C.A.R. Form titled Coronavirus Property Entry Advisory and Declaration (PEAD). In addition most sellers are also requiring a copy of an updated pre-approval letter and sometimes proof of funds for higher end properties. Reason behind this is to limit the amount of people walking through homes at this time and cater to only those that are serious about buying. Sellers do not want "lookie loos" going through homes at this current time to limit exposure which I agree makes sense.
If you want a copy of this form to read send me a message and I can provide you one. Same goes for if you are unsure of what to do at this time (buy or sell) as everyone's situation is different and I look at the big picture in addition to your own personal long term goals to see if it makes sense.