Jason Freskos recently discussed the current California real estate market during the COVID-19 pandemic.
STINSON BEACH, CA / Like housing markets across the country, the California housing market has been greatly impacted by the COVID-19 pandemic. At the start of 2020, real estate was a hot commodity across the state of California. Home prices were on the rise, and the year was looking extremely promising for realtors across the state. Mortgage broker Jason Freskos explained that it wasn’t until the COVID-19 pandemic began to take hold that the housing market did a significant flip.
“It was April when home sales were halted, as people were forced to go into lockdown,” Jason Freskos said. “Those who were shopping for homes put their searches on hold, and sellers decided to pull houses off the market.”
Jason Freskos explained that the market remained in this state of shock for several months. That is until home buyers began searching again, and some sellers returned their homes to the market. The market started to rebound in the second half of 2020, and Jason Freskos recently explained what he expects to happen in 2021.
“A major action that turned the market around was the adaptation by real estate and mortgage brokers,” Jason Freskos said. “Those of us who wanted to help the market began implementing new digital ways of communicating with our customers and doing business. This allowed the real estate market to rebound without the pandemic passing just yet.”
Jason Freskos explained that he predicts the market will continue to be resilient into 2021. The pandemic is still in full effect in California, and all of the time spent at home has driven many to search for larger or more comfortable homes. Jason Freskos added that he expects home prices to pick up again as buyers and sellers continue to notice that real estate deals can be done digitally during the pandemic.
“Fortunately, our state officials have regarded closing companies and real estate companies as essential businesses,” Jason Freskos said. “That means that even in current lockdowns, buyers can still shop for homes.”
Jason Freskos added that a vaccine being distributed widely in the state would also give the market a significant boost. An increase in demand would drive home prices higher, putting the California real estate market back on the path it was on at the start of 2021.