As the health crisis started making its way throughout our country earlier this spring, RCFE sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. There have been strict “No Visitor” policies in place at all Orange County RCFEs, and no touring by buyers has been permitted. This abundant caution has greatly impacted the number of RCFE homes for sale and slowed the pace of a typically busy spring real estate season.
Mark Fleming, Chief Economist at First American notes:
“As more homeowners are reluctant to list their homes for sale amid the pandemic, the supply of homes available to potential buyers continues to dwindle.”
With many states beginning a phased approach to reopening, virtual best practices and health and safety guidelines for the industry are in place to increase the comfort level of buyers and sellers. What we see today, though, is that RCFE sellers are still making a very calculated return to the market.
We’ve noticed substantial pent up demand, as more RCFE buyers are deciding to go ahead with their RCFE purchase plans. Although we’re starting to inch our way toward more RCFE homes for sale throughout the country, the number of RCFE homes on the market is still well below the demand from buyers. In the same report, Javier Vivas, Director of Economic Research for realtor.com shares:
“Sellers have yet to come back in full force, limiting the availability of homes for sale. Total active listings are declining from a year ago at a faster rate than observed in previous weeks, and this trend could worsen as buyers regain confidence and come back to the market before sellers.”
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) seems to agree:
“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about home buying in the midst of the social distancing measures.”
What we can see today is that RCFE buyers are more confident than the sellers, and they’re ready to make up for lost time from the traditional spring market. We’ve noted that an increasing number of RCFE sellers are willing to place their RCFEs on the market, allowing very brief tours of their RCFEs for the most qualified RCFE buyers, using utmost precautionary measures.
Summer is gearing up to be the 2020 buying season, so including your RCFE in the mix may be your best opportunity to sell yet. Interest in your RCFE may be higher than you think with so few sellers on the market today. As Vivas says:
“More properties will have to enter the market in June to bring the number of options for buyers back to normal levels for this time of the year, nationwide and in all large markets.”
If you’re ready to sell your RCFE this summer, call us to schedule your complimentary consultation today. Many RCFE buyers are interested and they may be looking for an RCFE home just like yours. We can assist you from start to finish, so if owning an RCFE is your goal, we can help you achieve it.
It would Be Our Pleasure to be of Assistance.
If we can be of assistance with your purchase, sale or lease of an RCFE or other property please call us today for your FREE Consultation:
Michelle (949) 397- 4506 & Melvyn (949) 500-3630