Skip to content
  • Submit Guest Post
  • Advertise
  • Contact Us

Realestateblog247

Real Estate Blog, Posting tips on properties buying, renting, and house moving, furnishing and building; helping you make wise decisions.

  • Buying
  • Renting
  • Furnishing
  • Moving
  • Building
  • Toggle search form
A small wooden model house on the grass.

Impact of COVID-19 on Los Angeles real estate market

Posted on April 14, 2020April 14, 2020 By Lisa Roberts No Comments on Impact of COVID-19 on Los Angeles real estate market

The Los Angeles real estate market has always been one of the most popular markets for both investors and homeowners, and for both buyers and sellers. However, it is safe to say that the COVID-19 situation has affected not only the Los Angeles real estate market but the real estate market of the entire world in the year 2020. All real estate agents, together with buyers and seller have been preparing for the spring. This is the season when most homes are sold. But, unfortunately, as this spring has come with the virus, the market was drastically changed. And, how? Well, keep on reading to find out.

Everything Is Becoming Virtual

The first rule of protecting yourself and the ones around you from the ongoing virus is to avoid having contact with other people as much as you can, whether you have symptoms of Corona Virus or not. That also means not going to other people’s houses too! So, how can one attend an open-house and see whether the house is worth buying? How can real estate agents work? Well, those are the things that are affected by the virus. But, the industry is not stopping! Real estate agents are now showing the houses online. They schedule a virtual open house and a virtual showing. Yes, even the process of buying and signing the papers can be done online.

A woman using her laptop.
As we live in the age of technology, even buying a home is one click away.

Prices are Dropping

Los Angeles real estate market has always been desirable. Living conditions there are great, so homes that come with hefty price tags were often overlooked. However, this season is quite different. People are scared of investing and buying homes as the entire situation is rather uncertain. Because of that, the Los Angeles real estate market has more sellers than buyers. And, the selling prices are much lower and more easily negotiable. So, if you planned on buying a home in LA this year, you will actually be able to get it for less money. Thus, act quickly. Call Good Movers LA to help you relocate safely and in no time. 

An illustration of a person paying and the other person offering a house.
The home prices will continue to drop until the end of the year, experts say.

The LA Market is Becoming a Buyer’s Market

As previously mentioned, the Los Angeles real estate market used to be the seller’s market. That means that there were more buyers than sellers interested in settling in LA. No wonder, LA is one of the best cities in California for families, businesses, following your dreams, etc. Because of that, the prices of homes were a lot higher, and there was no room for negotiation. However, due to the COVID-19 situation, everything has reversed. Now, there are more sellers than buyers which made the prices drop. The impact of COVID-19 has affected the supply and demand situation.

Lisa Roberts
Lisa Roberts

Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.

Buying Tags:investing in real estate, safe relocation

Post navigation

Previous Post: Protect your property from vandalism
Next Post: 7 Benefits of Living in a Waterfront homes in Fort Lauderdale

More Related Articles

Canada flag Tips for first-time home buyers in Canada Buying
A view of Tokyo. 2020 real estate trends in Japan Buying
The 5 Most Well-Known ways to buy a house you always wanted Buying
Lagos Lekki-plot of land Five Reasons to Buy Plot in Lagos Buying
Looking For Home Refinance California? Know Its Process Buying
NY skyline by night whose look is one of the reasons to invest in NY property. 5 Reasons to invest in NY property Buying

Leave a Reply Cancel reply

You must be logged in to post a comment.

Put your name and email to get notification anytime a new post is made.
Loading

Recent Posts

  • How to make your Manhattan home more pet-friendly
  • 6 tips for first-time home buyers in New Hampshire
  • Most popular house styles in Coconut Creek, FL
  • Tips for first-time home buyers in Canada
  • How to budget your first apartment in Texas
  • 5 Ways to Save Money While Buying a Home
  • Should you buy or build a house in Maryland rural areas
  • Homebuyers guide to Cleveland
  • Guide to buying a commercial property in Saudi Arabia
  • Most affordable counties in California
  • Best Paint for Interior Doors and Trim; A Beginner’s Guidebook
  • How to buy a property in Kuwait as a foreigner
  • How to Confidently Secure Your First Home in Texas
  • The importance of decluttering before relocation
  • Metal Buildings Maintenance Tips
  • North York real estate predictions for 2022
  • How to Maintain Your Metal Carports?
  • Step by Step Guide to Qualify for a Loan
  • Best ways to present your Carroll Gardens home to buyers
  • Tips for renting a house in Palmdale, CA
  • Most important benefits that first-time homebuyers have
  • 5 biggest concerns Florida homeowners have
  • Garages Can Be Used in 7 Different Ways
  • Now you can have a Home without Paying Mortgage
  • 6 Helpful Strategies For Selling A Home Virtually
  • Guide to remodeling an antiquated New Jersey house
  • Tips To Maintain Your Metal Garages
  • Looking For Home Refinance California? Know Its Process
  • Kentucky real estate trends and predictions for 2022
  • What are the Basic Metal Building Kit’s Components?
  • Buying
  • Renting
  • Furnishing
  • Moving
  • Building
  • Submit Guest Post
  • Advertise
  • Contact Us

RealEstateBlog247 teaches everything about real estate. Therefore, publishes informative and educative articles on properties: houses, offices, shopping malls, land, etc.

Put your name and email to get notification anytime a new post is made.
Loading

Copyright © 2022 Realestateblog247.

Powered by PressBook Blog WordPress theme