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We are now in the last phase of the shelter-at-home quarantine here in Los Angeles. There will be a re-emergence soon for businesses and for many recreational pursuits, all of them carefully organized for people to remain safely distant, most likely masked and wearing protective gloves…at least in the early phase of re-emergence.
In spite of the widespread constraints, real estate continues and transactions have occurred, new listings launched and some have entered contract already during this quarantine period.
Returning real estate activity will appear very different than prior to the quarantine. There may be a rush of activity due to the pent-up demand in all price ranges & locations — especially the luxury category. There is a prevailing belief that there may be deals–and some can be identified, but there has not been a “Covid 19 discount” decided across the board — each property will be specifically assessed at whether it is priceworthy or not. Overpriced properties will fail undoubtedly, but fairly priced luxury property will likely be well received by serious & capable buyers.
Sure — there is price sensitivity on both sides of the table… but I believe thoughtful buyers and sellers will unite at the negotiating table. This will be a good time to buy and to sell, not for the timid, but for the committed.
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