Our hearts and thoughts are with all of those who have been affected by the COVID-19 Pandemic.
As a realtor who has been servicing the needs of our community for over 40 years, I want to wish all of you the very best during this difficult and unparalleled time.
I truly believe that we will get through this trying situation, and due to our dedication to doing the right thing and treating others well, we will come out of these uncertain times stronger than ever.
We have entered uncharted territory very suddenly, and I wanted to take a moment to reach out to you regarding the current Real Estate market and how it may affect you.
The second half of March, historically, is right in the middle of the prime spring buying and selling season, and the local Real Estate market continues to remain very strong. As homeowners, the most important investment you have is your home. The current overall financial climate, due to Covid-19, is negatively impacting everyone.
During a time like this, it’s worth looking to the past to help put our current climate into perspective. In 1994, there was an economic downturn caused by the Northridge Earthquake, in late 2001 and early 2002, there was a downturn caused by the tragic events of 9/11, and of course, there was a severe downturn caused by the Financial Crisis in 2007/2008. All of those downturns had one thing in common – we rebounded from all of them just as we will rebound from this.
Despite the financial markets being as unstable as they have been over the past few weeks, our local Real Estate market remains active and strong. Buyers, who have already been looking to purchase, typically have already converted their assets into cash, and as such, have not been as impacted by the decline. Inventory levels, in all price ranges, remain at historic lows as do interest rates. The combination of these factors will result in properties retaining their values. We are not seeing mass panic-driven sell-offs in the Real Estate market as we have seen on Wall Street, and I am not expecting that we will.
If you have been considering selling your home, for any reason, whether it be a personal residence or a rental property, I am here for you. If you have any questions related to Real Estate, please reach out to me. I return all my calls, texts, emails, and I will answer every question you have and give you the personalized service you have come to expect. Please feel free to contact me at 805.522.6788, or you can always email me at firstname.lastname@example.org.
Please take the necessary time to use caution; listen to the guidance and advice of officials, embrace your families, count your blessings, and stay healthy and safe. Together, we will all get through this challenging chapter and we will come out of this better than ever.
The one thing we know, it is inevitable that there will be the need for some to buy a home or sell a home during this time and we want you to know that we are here to serve you with your Real Estate needs. We are all inundated with the news on the media, so we won't use space on this page to go over the news you already know... besides, it seems to be changing daily and we wouldn't want to misinform you with old news. We do think it might help, if you haven't visited the official websites below, the links are provided to help us all stay informed on local Ventura County news.
Prevention Steps for COVID-19
Looking to the Future: What the Experts Are Saying
As our lives, our businesses, and the world we live in change day by day, we’re all left wondering how long this will last. How long will we feel the effects of the coronavirus? How deep will the impact go? The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over.
Here’s a look at what leading experts and current research indicate about the economic impact we’ll likely see as a result of the coronavirus. It starts with a forecast of U.S. Gross Domestic Product (GDP).
According to Investopedia:
“Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.”
When looking at GDP (the measure of our country’s economic health), a survey of three leading financial institutions shows a projected sharp decline followed by a steep rebound in the second half of this year:A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries like the ones noted above, and they had minimal impact on housing prices. This certainly gives hope and optimism for what is to come as the crisis passes.
With this historical analysis in mind, many business owners are also optimistic for a bright economic return. A recent PricewaterhouseCoopers survey shows this confidence, noting 66% of surveyed business owners feel their companies will return to normal business rhythms within a month of the pandemic passing, and 90% feel they should be back to normal operation 1 to 3 months after:From expert financial institutions to business leaders across the country, we can clearly see that the anticipation of a quick return to normal once the current crisis subsides is not too far away. In essence, this won’t last forever, and we will get back to growth-mode. We’ve got this.
Lives and businesses are being impacted by the coronavirus, but experts do see a light at the end of the tunnel. As the economy slows down due to the health crisis, we can take guidance and advice from experts that this too will pass.