As the coronavirus pandemic continues, our real estate market is in a temporary buyer’s market.
Though most of us are sheltering in place, the real estate market progresses on. My team and I have even been fortunate enough to get a few homes into escrow these past few days!
What do the latest numbers say about our Palisades market? As of the recording of this video, there are 65 homes available. We’re seeing inventory pick up a little, but the difference between this situation and the last recession is that inventory levels are still incredibly low. Back in 2008, we had almost 200 homes on the market during this time.
With that much supply, 2008 was definitely a buyer’s market. Our current market is more of a ‘temporary’ buyer’s market (which should change once the health crisis subsides). We’ve seen a bit of a drop in home prices, and there are some good purchases out there if you’re a buyer.
However, if you’re a seller, the good news is that you can still sell for close to what you would have been able to a few weeks ago if you list now.
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.