Melissa Dittmann Tracey wrote a great article for the California Real Estate Magazine January/Feburary 2021 edition titled: 7 Ways COVID-19 is Changing Real Estate.
If you were to ask a person strolling the streets of Downtown Nevada City what they thought of Nevada County CA Real Estate and how COVID-19 has changed it, I’m sure we would get a lot of similar answers. They might sounds something like; “Bay Area people are moving up…” or “Housing prices are through the roof…” or maybe even “The city folks are discovering our Mecca and wanting a slice of the pie…”. When specifically asked about the rental market they simply say; “What rentals?!”
When COVID first hit I think we all initially thought it would be over quick and that it wasn’t a big deal. But then, when it didn’t go away for months and months we quickly changed our minds to doom and gloom. However, every cloud has a sliver lining. Little did we know that once the “City Folks” got word around June of 2020 that they did not have to return to the office for at lease another year it would not only stimulate our economy but the entire state of California!
Some may think that the flooding of “Out of the Area” people coming here is a bad thing, and some may think it’s a good thing. But when you try to find the positive in it, we really do have a lot to be thankful for. Tracey points out in her article (see below for the PDF link to the full article) that “‘Home’ Means More Now” and that “Everybody’s Going Virtual Now”. I can’t count the number of people that have told me how thankful they are to be home with their families. To watch their children grow up and to be able to eat lunch with them. And of course, all of this is happening in our “homes”. We cherish our four walls so much more now. We value our health, we have learned that inequality is soon to be a thing of the past, and our little Nevada County CA real estate market is profiting from it all.
Interest rates continue to be at historic lows. What does all of this mean? It’s a great time to be a buyer or seller! The lack of rental inventory makes it difficult to rent so why not buy? If you can qualify it might be time. Yes, some say not to purchase when the prices are high but we all know that real estate is cyclical and if you are investing for the long term it will be profitable for you. If you are considering selling, of course now is the time! Barrett & Associates is one of the few family owned brokerages that has an elite team who focus BOTH on property management and real estate sales. Let us help you be successful in today’s real estate market.
CA Real Estate Magazine Article: 7 Ways COVID-19 is changing Real Estate
