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Hopes Are High for New York’s Real Estate Reopening, as Pent-Up Demand is Expected to Bolster Activity

Hopes Are High for New York’s Real Estate Reopening, as Pent-Up Demand is Expected to Bolster Activity

Homes at the higher end may see a slower rebound, with many buyers and sellers still quarantining outside of the city

In Los Angeles, after coming to “an absolute screeching halt in mid March,” the market is now very active, according to Sally Forster Jones of Compass in Los Angeles.

As is the case in New York, real estate in the California city was considered an essential business, but showings were banned. At the end of April, Los Angeles Mayor Eric Garcetti announced that homes could be shown in accordance with guidelines including capacity and social distancing.

“Buyers and sellers right now want to move on with their lives,” Ms. Forster Jones said. “The shelter at home has really made them more conscious of what they like in a home and what they don’t. They’re more motivated.”

San Francisco adopted a similar approach to Los Angeles in permitting showings starting in early May, and by the last week of the month, the number of contracts signed totaled almost 90, according to a recent report from Compass.

The tally was a drastic improvement from the last week of March, during which the city’s shelter-in-place order was in full force, when the number of listings going into contract had fallen to below 30.

 

Source Mansion Global 

Written by Liz Lucking

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