Many real estate markets are thriving in the age of COVID-19 and a few are struggling. Where and what you are buying and selling makes all the difference. We have seen heavy activity with younger buyers and sellers. The classic downsizer is more likely to stay on the sideline. And the higher-end homeowners are making moves when the right property comes around.
This spring we saw a record number, for us, first time home buyers at all price points, writing strong offers fueled by historic low-interest rates and motivated by the desire to have more space than a condo or apartment in the city provides. We are also seeing young homeowners taking their work-from-home situations and realizing they can work from anywhere, not just the bay area. They are selling and moving to Tahoe, the foothills, or the north coast of California.
Some of our classic downsizer clients are making moves, while many are waiting until life seems a little less stressful. Some need to move because they need single level homes, or to be near family, or just hate the congestion of the Bay Area. But others, who don’t have a pressing need, are waiting. Rossmoor, as a subset of this market, has seen properties sit waiting for buyers, as many of the attractive amenities are not fully available at this time.
Lastly, our high-value clients are still watching for the right dream home to come available and making decisive offers to take advantage of the current market when it does.