The spread of the novel coronavirus has no doubt changed the way Californians and Americans at large, live, and work. Most industries have frozen their operations, save for those in sectors deemed essential. With fewer people working or outright getting laid off or put on reduced hours, the economy will no doubt slow down.
For the real estate market, that means many things. There will be far fewer condos for sale in Marin County, CA, and elsewhere. Since there is a statewide freeze on evictions in effect through May, it is not likely that the potential for renting will see much growth. On top of that, local governments are urging landlords to implement renting freezes as residents attempt to regain their bearings in the face of economic uncertainty.
Perhaps one of the more significant takeaways with the ongoing real estate situation is that properties that are already on the market might decrease slightly in value. With the rest of an economy at a standstill, it will be more difficult for real estate agencies to convince prospective buyers to take out mortgages. In other words, not many people are in a buying mood.
There is a silver lining to all of this. If you have been saving for a home already and have a stable employment prospect, then it might behoove you to continue looking for homes or condos for sale. Some financial institutions might be trying to offer mortgages at lower interest rates at this time, which might lead to additional savings.
All of these outlooks are determined by conjecture, so your millage rate may vary as you are searching for properties. As always, get in touch with a real estate agent to learn about your prospects of buying a home during this time.
