We get asked this question a lot these days. The strange thing is there isn’t a lot of data yet on the effects of the stay at home order that’s now two months old. If anything, prices in the East Bay real estate market have remained the same and even increased slightly. That’s because there are even less homes for sale before now than before the stay at home order was issued.
In the past few weeks, we’ve had a lot of conversations with buyers who are sitting on the sidelines. They’re either concerned that prices will drop or that they’ll lose their job, causing them to believe that now is not the right time to buy. But as California begins to ease restrictions, many new buyers in the East Bay real estate market are popping up. These people either really need to buy or believe that there may be pricing opportunities now that there are fewer buyers in the market to compete with. Interest rates are also low right now.
We expect the number of homes on the market to rise. Many home sellers that had planned on selling their homes this spring and had to hit the pause button are still going to sell. And now that the rules on showing occupied homes to buyers have been relaxed, there will be more for sale signs popping up in the East Bay.
Long term, we expect prices to eventually level off. We will likely see some price reductions as well as the effects of the unemployment level filter through the economy in the coming months.
If you’re thinking about making a move, we’re here to help. Work with us.