Why Are Home Buyers Staying Motivated?
So many of the things we take for granted are either denied to us or severely restricted. Many would therefore have welcomed the limited reopening of Coronado beaches from Monday morning.
Lockdown has been a fact of life for Californians for some weeks now and it's interesting to see the various innovations that have made it more tolerable. Real estate, being classified as an essential service, has definitely been to the fore in this regard, with a far greater use of technology than ever before and working to best practice safety guidelines.
All this has facilitated a "can do" attitude and this is definitely noticeable among home buyers as sales continue to happen.
The fact is that, pandemic or not, some people still have to move, for a wide range of reasons. It's also true that a lot of planned moves are still being made as buyers have found that, although it may not be an entirely traditional set of processes, all the necessary professionals are still operating and able to facilitate closing.
In some circumstances, buyers will be aware that they are possibly in a stronger negotiating position than a few months ago and this may indeed be enough incentive for them to revisit home purchasing ideas that they might have abandoned in a more seller-centric atmosphere.
Here in Coronado, a high percentage of homes are purchased by high net worth individuals who are not vulnerable to the sudden onset of higher unemployment etc. They will have a range of revenue streams and cash reserves from which to draw, meaning that plans to, say, buy a vacation home, can still happen and, in fact, may be more advantageous right now from a pricing perspective. A property purchase at the present time can also make a lot of sense from an investment portfolio viewpoint too.
And although mortgages are often not a factor here, anyone who does need to borrow will find the current extremely low home loan rates hugely attractive.
So while there is plenty of doom and gloom in circulation as this situation unfolds, it's also true that there is no cookie cutter that fits all home buyers. In truth there are a wide range of motivations and still plenty of reasons why a purchase can, and arguably should, be completed.
If you're a seller or a buyer, or both, contact us at 619-886-0175 and discover more about how we're helping clients to realize their current property aspirations.