Guidelines for Real Estate Best Practices
March 31, 2020
The coronavirus pandemic is changing the face of our community on a daily basis. This is particularly true with Los Angeles real estate as local, state and national orders significantly impact buyers and sellers. To help make sense of these changes, we have compiled this article, which consolidates the most current information about Los Angeles real estate as it relates to the coronavirus. We will update this on a regular basis. So bookmark it to access real-time information and insight.
Residential viewings may only occur virtually, or if virtual viewing is impossible and the residence is unoccupied, by appointment with no more than two visitors from the same household and one person showing the unit. We are working to get greater clarity on how this impacts all of the facets of the buying and selling process.
Unemployment & Mortgage Payments
March 28, 2020
The virus’ impact on the California housing market is starting to become more pronounced. Last week, 96 percent of California REALTORS® surveyed by C.A.R. reported they expect the coronavirus crisis will negatively impact their business, a marked increase from 56 percent just two weeks prior. Eighty-one percent of those surveyed had buyers holding back on deals, and new listings have declined significantly across the state in the last few weeks. Many REALTORS® have reported transactions falling apart. Additionally last week, over 3 million Americans filed for unemployment, the highest number ever recorded; California alone saw 1 million unemployment claims over the course of just 12 days. Recognizing that many of those filing for unemployment are homeowners with mortgages to pay, Governor Newsom announced last Wednesday a 90-day grace period for mortgage payments in California.
Four of the nation’s largest banks — Wells Fargo, U.S. Bank, Citibank and JPMorgan Chase — negotiated the package with the governor’s office, along with over 200 smaller banks and credit unions. Last Friday, the governor followed up the mortgage payment grace period with an expanded moratorium on evictions: a two-month delay on residential evictions for those tenants who cannot pay rent due to COVID-19-related issues.