Los Angeles, July 14, 2020: As the city adopts, adjusts, and applies new ways of conducting business, what might the Los Angeles Home Market and Buying and Selling of homes look like a year from today.
Los Angeles Residential Real Estate moving forward will likely return to a more familiar experience. LA home prices, over-all price ranges will continue to soften where the median price will likely stay steady or even appreciate. Interest rates should continue the low trend, and inventories will remain stubbornly low.
What The Home Buyer, Seller and Investor (client) Will Demand
• WFH/WFA (Work for Home – Work from Anywhere)
• More saving/less spending
• Shift to online retailers (home tours)
• Less travel/closer travel
• More (home) NESTing – Your home is now your office/gym/school/restaurant/multi-generational/and entertainment zone.
• Keep Social Distance/Desire Safety/Value Open Space
What The Residential Real Estate Agent Will Deliver
• Accelerate the transition to digital everything.
• More agents are working from home offices.
• More virtual meetings and digital content for consumers – increase opportunities to educate clients and build rapport
• Increase virtual presence with 3-D virtual tours
• Paperless transactions
More than ever, there is no place like home.
Opinion based on market trends and market update presentation: June 1, 2020. California Association of REALTORS®