'Support Egypt' coalition to submit Senate draft law, amendments to House of Representatives law on Sunday    Egypt assigns EGP 36.7bn for 691 green projects in FY 2020/21    Egypt's confirms total COVID-19 cases up to 32612, with 1198 deaths    Egyptian expats narrate their stories of loneliness during pandemic    COVID-19 made death of loved ones crueller and more painful    Culture Ministry to present virtual theatre performances on YouTube    Raya Foods anticipates 20% growth in upcoming 5 years    ACUD to support developers in New Capital with flexible payment systems    Recent devaluation of Egyptian pound against US dollar normal, temporary: banking pundit    Tourism Minister prepares for gradual return of activities    Clashes, tear gas in Beirut as protests turn to riots    OPEC and allies reportedly agree to extend record production cut    Brazil Bolsonaro threatens to pull out of WHO as coronavirus    Iranian wedding party fuelled new coronavirus surge: Rouhani    Zimbabwe grain deficit seen widening to 1.17 mln tonnes    Investigations under way as a large fire destroys Amazon Distribution Warehouse in Southern California    India overtakes Italy's coronavirus passes as lockdown easing looms    North Korea threatens to permanently shut liaison office with South    Al-Sisi announces Cairo Declaration to end Libyan conflict    Egyptian state banks collect over $10 bln from high-yield savings product    Paris gallery seeks inspiration in ancient China's hats to enforce social distancing    US officials block police 'extreme tactics' as protests enter 12th day    Italian federation agrees to allow five substitutions in Serie A    Solskjaer talks up Manchester United mentality ahead of Tottenham match    Friday's prayer to be held at Cairo's Al-Hussein Mosque next week    Michael Jordan giving $100 million for racial equality, justice    Egypt Purchasing Managers Index increases 37% in May-Planning Ministry    Egypt, Belgium stress importance of bolstering bilateral ties    Jordan reopens mosques for socially distanced prayers    Dortmund's Sancho, Akanji fined for getting haircuts without face masks    Moroccan actor Youssef Kerkour scoops BAFTA nomination    Cairo Airport Museum receives artifacts ahead of planned opening    US prosecutors charge 3 more police officers over George Floyd killing    CAF draws timeline for resumed continental championships amid COVID-19    Egyptian Football star Ahmed Fathy's wife, daughters infected with Coronavirus    TSFE to develop, operate Bab Al-Azab historical area    Misusing the Nile    Sudan urges UN Security Council to encourage GERD parties to refrain from 'unilateral measures'    Egypt's Zamalek close to signing Angola's Papel in summer    We Are One: Global film festival launches amid pandemic    Zamalek re-hang ‘Real Club of the Century' billboard after removing CAF logo    Armed Forces neutralise 19 militants in North Sinai operations    Farwell to 89-year old Egyptian actor Hassan Hosny    Ethiopia says it won't accept Egypt's ‘historic rights' to Nile water    Egypt removes 484 illegal constructions and encroachments on Nile    Salah did not pressure administration to include players on team: Ghazal    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





How coronavirus affects real estate market in Santa Clarita Valley
Published in Amwal Al Ghad on 30 - 03 - 2020

As the coronavirus continues to affect businesses across the Santa Clarita Valley, Southern California, the real estate market has not been immune, according to Santa Clarita Valley Signal.
Nearly half of realtors, 48 percent, have said home-buyer interest has decreased due to the coronavirus outbreak, according to a National Association of Realtors survey released recently. That percentage tripled from a week prior, when it stood at 16 percent.
"There are a lot of buyers who are taking this seriously and who are trying to shelter at home," said Michael Regilio, of The Regilio Group and RE/MAX of Santa Clarita and board member of the Southland Regional Association of Realtors. "If there isn't a dramatic desire or need to move right this minute, then they're hanging on and putting off the home search."
In the last seven days in Santa Clarita, 69 properties have gone into escrow and 71 have closed escrow, while there are a total of 409 active listings as of Friday. "So, there's still activity going on."
The latest Economic Pulse Flash Survey conducted by the NAR on March 16-17 showed that though 69 percent of realtors said there's no change in the number of homes on the market, 61 percent of realtors said sellers have changed how their home is viewed while it remains on the market.
In areas where there were confirmed cases of COVID-19, 20 percent of realtors reported homes were removed from the market, which increased significantly from 3 percent on the March 9 survey.
About 60 percent of sellers have made changes due to COVID-19, including canceling open houses, requiring buyers wash their hands or use hand sanitizer when visiting their home, or asking buyers to remove shoes or wear footies.
"There's a myriad of different processes that sellers who are allowing their homes to be shown are putting into place," Regilio said. "But then there are also quite a few other sellers who are definitely saying ‘We don't want our property shown right now.'"
In the last seven days, 29 properties have been put on hold, while others are choosing to do things virtually.
"Because of the technology, we can still do a reasonable real estate transaction," Regilio added. "There have been some creative ways of (social) distancing, (including) virtual showings or inspections, and loan documents are still being signed."
NAR Chief Economist Lawrence Yun believes with fewer listings in what's already a housing shortage environment, home prices are likely to hold steady. Even so, Yun expects a strong rebound once quarantines are lifted.
Though he said it's difficult to know the long-term outcome, Regilio agreed, adding, "We're going to not only bring in the normal influx of new activity, but we're going to add the pent-up demand that's happening now of people that want to (purchase a home) but who are being responsible, so it could be a very, very active late spring, summer, second and third quarter market for sure."


Clic here to read the story from its source.