BRINGING VALUE

We send our best to you and your family in health, wellness and comfort. During this time in the world, we ask ourselves more than ever, how can we bring value to you, our valued client?
If you have a question or just want to check in, we welcome hearing from you!
We are available for Virtual meetings or showings from the comfort of your own home.

Reminder about Property Taxes
Taxes are still due on April 10. However, the OC tax assessor has implemented a request to waive late penalties:
-Those who can pay property taxes are still required to do so by the April 10, 2020 deadline.
-Those who are facing hardship due to the COVID-19 pandemic may request to waive late penalties.

Requests will be reviewed after April 10.
Documentation is required to show the taxpayer’s ability to pay was affected by the virus.

More Information About The Penalty Cancellation Request Form:
http://www.ttc.ocgov.com/proptax/infofaq/penalties

Plans of Homeownership
Don’t put your homeownership plans on hold just because you’re stuck inside. There are several things you can do right now to keep your home search moving forward.

APRIL MARKET CONDITIONS UPDATE

Looking forward

Predictions from Chief Economist of Leading Real Estate Companies of the World®, Dr. Marci Rossell, are positive about the state of the upcoming real estate market.

What's happening now is most likely a real estate “pause” – we’ll see a temporary slowdown as people practice social distancing protocol and wait to see how their job situation changes over the next few weeks. This will most likely create pent up demand for when the crisis ends.
People may wait to sell or buy a property, but the need won't go away. People will take action when things return to normal.
Historical trends indicate that stock market volatility often leads people to invest more in real estate as they diversify their portfolios.
After being cooped up at home with family for an extended period of time, people may look to upgrade to a bigger home. People may also look for additional home office space if their employer decides to continue with a remote workforce after the pandemic concludes.

Going toward a balanced market

Reports on Housing notes it’s not a repeat of 2008. Many people are concerned that the current correction in the stock market is a sign that home values are about to tumble similar to 2006-2008, but experts are saying otherwise. The last economic slowdown was caused by the collapse of the real estate market and meltdown of the mortgage market. This time an outside event (the coronavirus) is causing the stock market correction, with no connection to the housing industry.

There is now a demand problem, where buyer activity has substantially slowed. Yet the demand problem is starkly contrasted with the supply problem; there simply are not enough homes listed for sale. The showdown between both supply and demand are two countering forces that are moving housing toward a Balanced Market, a market that does not favor buyers or sellers and values do not change much at all. Low demand pushes the market in the buyer’s favor; however, the low supply pushes in the seller’s favor. As a result, a balance occurs.