The Federal Government reclassified Residential Real Estate as “Essential Services.” The US Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency made this decision because residential real estate is essential for economic and national security.
The Federal government set local health and safety guidelines that allow the businesses of residential and commercial sales and leases back to work. This also includes government agencies and private businesses that support the real estate industry. Not all states and local cities, counties are following the new Federal guidelines: However, major California cities like Los Angeles are moving forward with real estate business residential and commercial to proceed to open with public health and safety practices a top priority.
The Impact of Los Angeles’s Residential Real Estate on the Broader Economy
California is the 5th largest economy in the world, and Los Angeles alone, is estimated to be the 25th largest. Supporting residential assets vital to local, national and global infrastructure is essential to maintaining these economies.
Coupled with the enormous shifts and disruptions to businesses and public policy, mortgage interest rates and steady home prices, these factors can and are creating opportunities for affordability in the residential rental market and home ownership.
The Real Estate Industry and its brokers and sales associates are the designated “custodians” of this key social, investment and economic asset. Their commitments to serve the communities and the Residential Real Estate Homeowners and Buyer needs, most especially at many of the larger established Los Angeles and Worldwide offices as Sotheby’s International Realty, Coldwell Banker and Berkshire Hathaway Home Services will continue to serve those client Owners, Sellers and Buyers and Sellers with the vital health protocols and information, as well as market knowledge to preserve the integrity, value and safety of the state’s population and home assets.
For more information on Los Angeles public health and safety guidelines pertaining to COVID-19; visit these sites: