The Coronavirus (COVID-19) pandemic is currently taking the world by storm. Countries and cities world wide are shutting down. Businesses are closing and some municipalities are mandating lock downs and quarantines. In places where quarantining hasn’t been mandated, people are beginning to self quarantine in order to help stop the spread of this crazy virus and keep their families safe. Businesses that haven’t closed down are taking a big hit due to lack of customers, especially in industries that rely on social interactions such as bars, clubs, restaurants and many more.
According to Santa Clarita Mayor Cameron Smyth on March 16th 2020, there are currently 3 confirmed cases in Santa Clarita and all of them are recovering at home. Anyone that has come in contact with them will be notified and asked to quarantine for 14 days.
As of this morning, March 17, 2020 at around 9:30am, Henry Mayo Official, Patrick Moody, stated that there are no new confirmed cases.
The Real Estate Market
With the scare of the COVID-19 pandemic, the overall economy is facing a great deal of uncertainty. The stock market has already taken a large hit and no one knows if it will continue or recover. Many businesses aren’t attracting customers which could cause further distress in the market and the real estate market could follow shortly after. This could end up leading into another recession. The real estate market may take a little longer to show the effects of the COVID-19 pandemic but we should all be prepared for whatever is to come.
Amidst all of this uncertainty, there is still some good news, some brokerages are seeing an increase in offers due to the low interest rates. Many buyers are capitalizing on the opportunity to get financing with low interest. So, there are still buyers like us out there if you want to sell your home.
Thankfully, politicians and government authorities are making a great effort to help the population through this difficult time. Yesterday, March 16, 2020, Governor Newsom Issued an executive order to protect renters and homeowners in California by authorizing local governments to prevent utility shutoffs, delay foreclosures and stop evictions of people affected by the Coronavirus outbreak.
The Affect on SK Home Buyers
SK Home Buyers is currently still buying houses but the time we need to close may differ as COVID-19 precautions proceed. Currently many title and escrow companies are switching to a remote work model to continue with closings. However, as cities continue to shut down, closings may take a little longer, maybe a few weeks depending on when companies reopen and get caught up. We will still try our best to help in every situation but with everything that is currently happening times may vary.
If it is deemed that Santa Clarita must be put on a complete lock down, then we will have to extend closing dates in order to account for delays.