Hi and welcome to our first JHT Weekly Market Update!

With the stay at home order extended and uncertainty rising among Californians, we want to shed some light on the Real Estate Market and where we are heading.

Constantly checking housing market articles will give you good information regarding what’s going on, but don’t let it dictate your decision to buy or sell right now. Your personal situation and finances should do that for you. 

Right now mortgage interest rates are incredibly low, so we encourage prospective buyers to continue their home search if your income is not heavily affected during this time.

Traditional home showing and open houses are no longer an option, however social distancing does not have to stop the home search. 

Virtual home tours are the new norm with our team. For every listing for over the past 5 years now, our team has offered 3D Tours which present a digitized walkthrough of  homes. So this new platform we are heading towards, is nothing new to us. 

In addition, requesting additional photos and inspecting floor plans from homes you see online is a great tip to get more insight.

In terms of home prices, before health officials enforced the six-foot distance rule, home sales were at their highest in over a decade. Experts predict that while March experienced a market delay, home prices will continue to increase, just at a slower rate.

Naturally, the spread of COVID-19 has cautioned buyers and sellers, however NAR Chief Economist Lawrence Yun has said “The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted”.

For Jin Hong Team, activity is still happening but at the same time we are taking every protective measure to ensure we conduct business in the safest way possible and virtually where we can.

The most recent market overview in La Mirada shows that currently there are 47 total listings at a median price of $625,000 and averaging 34 days on the market. This just shows that there is still strong activity in our area as well as the surrounding cities. 

To find out more about the current market and your options to purchase or sell your home, visit our website  which will be linked below!

The most recent market overview in La Mirada shows that currently there are 47 total listings at a median price of $625,000 and averaging 34 days on the market. This just shows that there is still strong activity in our area as well as the surrounding cities. 

To find out more about the current market and your options to purchase or sell your home, visit our website  which will be linked below!