“It’s going to pass. This short term virus negative impact will pass” says Dr. Yun. Dr. Laurence Yun Chief Economist for NAR, National Association of Realtors and who is based out of D.C.

“Home sales comfortably higher than last year. Home prices were higher compared to the market from 12 years ago. 12 years ago the builders over produced homes, today we have builders under producing. We still have a housing shortage, inventory shortage and we do not have easy woozy subprime mortgages. Builders were building over 2M homes then, now it’s just a little over 1M. So the real estate market is on a very solid ground and yet we are running into this economic quarantine that is shutting down the economy” says Dr. Yun during an interview with The Brian Buffini Show.

The banking industry is in a great place compared to the last recession, our currency is still strong and borrowing money is very cheap. “I would like to see more homeowners participate on the wealth game over the long haul.” I would rather have home owners over investors participate in the wealth game. They have less competition, very low interest rates and would be able to get a better price at this time” says Dr. Yun.

Here in southern California we are still experiencing a housing shortage and an inventory shortage. Our MLS system only has about 48% of what a balanced market has at all times.

The Macro level of our market which would include most of the cities in Southern California and the current available properties for sale are 43,270 as of March 2020. March 2019 the properties available for sale were 67,874. That means, we have 24,604 less homes available for buyers to purchase than we did last year.

At a micro level for us here in Orange County the deficit of homes available for sale is still there. As of right now we have about 5,087 homes available for purchase. Last year at the end of March 2019 we had 8,037 homes available for purchase. That is a difference of 2,950 homes NOT available for buyers to purchase.

Below Is The “Live Feed” For The Orange County Inventory Data

 In our opinion, the real estate market is still very strong because of the high buyer demand, the housing shortage issue and the incredibly low interest rates. March 2013 was the shortest home supply in 12 years for Orange County with only two months of inventory. The present, the inventory is very low as now April 2020 and yes it will take a few months for the market to get going, but in 6 to 12 months it should be back on the right growth track. In the next few months we will see many opportunities to get in the real estate investment game, all we have to do is be ready so when the opportunity presents itself we can execute.

 To help you maintain social distancing, we offer virtual buyer, seller and investor consultations via video conferencing as an alternative to in person meetings. For more information call/text (949) 607-8543 or simply go to : digonzinigroup.com/safety

Sources:

“California Regional MLS, the Nation's Largest and Most Recognized MLS.” California Regional Multiple Listing Service, go.crmls.org/.

Buffini, Brian. “This Too Shall Pass – an Interview with Dr. Lawrence Yun #201.” The Brian Buffini Show, 31 Mar. 2020, www.thebrianbuffinishow.com/this-too-shall-pass-an-interview-with-dr-lawrence-yun/