The Greater San Diego County Association of REALTORS shared some very optimistic statistics through week ending 4/27/2020 with its members yesterday, indicating a decided upswing in the number of Pending sales. Transactions are still taking place and, despite rumors to the contrary, there is not a “Coronavirus Discount” for homebuyers as demand continues to outweigh supply.
As expected, sales are down year-over-year due to the pandemic, however it appears that real estate is already in the beginning stages of recovery.
This is particularly good news for Sellers. Buyer demand is high, and inventory is well below where it needs to be to satisfy demand. Sellers entering the market in the near future will likely find the timing to be excellent.
ShowingTime, the leading showing management and market stats technology provider to the residential real estate industry also reports a clear increase in showing activity.
Zillow data supports the increase in activity and reports Pending sales turned positive the second week in April.
While positive statistics for price and activity may not be great news for Buyers hoping for a discount on their purchase, the news is great for Sellers who can breathe a sigh of relieve that their equity and liquidity are looking much more secure moving forward.
And even more good news comes from leading financial institutions Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo, all of which are forecasting a V-shaped economic recovery with postive GDP as early as the start of the Third Quarter.
Personally, I've already begun receiving new client leads in the past week and a half. I've also had a couple of buyers who took the sidelines mid-March resume their search as they realize waiting might not benefit them after all.
Thinking of Selling? Record low inventory and high buyer demand could prove to be quite favorable.
Contact me today to discuss your particular situation. Whether selling, buying or both, you will benefit by having more information available to you.
Stay safe, and have a great day!