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  • The Briggs Team
    1241 Grand Ave. STE B
    Diamond Bar, CA 91765
    (909) 631 0006
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    California Regional Multiple Listing Service

    The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

    Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

    Coronavirus Impacts on the Real Estate Market

    Published 10/20/2020

    Coronavirus Impacts on the Real Estate Market

    We have all felt the immense impact of the coronavirus on our daily lives, so how is the real estate industry coping?

    Buyers nationwide have shifted priorities in their home search while many are working remotely. The focus is often on common spaces - a home office, extra bedroom, and an open floor plan - rather then on the commute time to the office.

    "Virtual showings" and remote processes allowed buyers to continue purchasing homes throughout the spring. However, as soon as the weather cleared up, buyers were out in droves looking for homes to buy. Low interest rates fueled their purchasing power.

    Sellers were also initially uncertain, with fear of exposure to the virus and not knowing if buyers were ready to purchase. Many home sellers who had envisioned putting their house on the market during the spring months decided to wait, and inventory throughout the country dropped.

    As showings resumed in full force, those listing their homes are finding themselves in a seller's market due to the low inventory. The majority of sellers are not reducing their asking price and home prices nationwide, including distressed sales, increased year over year by 5.9% in August 2020 compared with August 2019.

    Buyers do have the benefit of historically low mortgage rates. Although buyers have fewer homes to chose from, many are eager to take advantage of this opportunity to boost their purchasing power with a lower rate.

    If you have any questions or need anything, please reach out to us at 909-631-0006.

     

     

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