During the ongoing pandemic, have you ever thought to yourself “this might be the time to move because housing prices are so low!” Many people have had this mindset for a while but might be surprised when searching for real estate. Expectations may be: lowered market prices on homes, free months of rent, negotiable prices, etc; however, this might not be the case.
Here’s What Los Angeles Real Estate Experts Have to Say…
Expert Joel Kan, Associate Vice President of Economic and Industry Forecasting, says “the recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore.
Adding onto Kan’s statement, Lawrence Yun, Chief Economist for National Association of Realtors, said “sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
What Does This Mean?
Well, theres good news and bad news. The good news is that the economy is getting back on its feet. The likelihood of a strong recession is low at this rate. The bad news is that you might not be getting that deal on your next home that you thought you would.
If you paused your 2020 home search, you might want to think about reengaging that process. Reach out to your local Los Angeles real estate agent, Stephen White, today to allow him to help you negotiate that deal you had in mind!