Real Estate Adjustments During a Pandemic Pause

Dear Friends, Clients, and Colleagues,

I hope you and your loved ones are well during this challenging time.

Everything changed for Real Estate in Santa Cruz five weeks ago with Covid-19, and I’m looking forward to returning to business-as-usual!   In mid-March, I checked in with my clients to find out if they could take a pause, and most of my clients planning to make a move could. Of course, we had people in the middle of transactions when the Shelter in Place Order was issued, so we facilitated their escrows and navigated through the closings as best as we could.   Those days were filled with delays, unknowns, and new ways for conducting business. I’m honored to work with professionals in this housing industry who are resilient and creative, so we were able to get things done!  The most difficult adjustment for me has been the change in pace. At the beginning of 2020, Santa Cruz County Real Estate was going 110 miles an hour, and now we’re moving at 10 miles an hour.

For our clients who need to sell their homes now, we have adapted to new ways of showing properties.   Even though Open Houses have halted, there are home showings under certain constraints. Virtual tours have become very popular. Real Estate is listed as an essential business, so we are following the Santa Cruz County Health guidelines to protect our clients and the public.

There are plenty of home buyers looking for properties even during this pandemic pause.  Some are shopping because they have imminent job transfers while other people sold their homes in the last 60 days and need to find a replacement home.  Before Covid-19, home buyers had a lot of competition, but now they have the opportunity to make an offer without a multiple-offer situation.   Having that one-on-one opportunity with a property owner is unusual for the peak spring months.

We have not yet seen pressure on pricing, and we do not know if pricing will be affected yet.    I’m optimistic about our Real Estate Market returning to a state of equilibrium with pent-up demand and increasing inventory.  Much is dependent on the jobless numbers and how long we must take this pandemic pause.   Whatever comes next, I am ready for it!   If you have any questions, need any guidance, or just want to talk, I would love to hear from you!

All the best,

Deborah Wood

831-419-5020