COVID-19 & the Coachella Valley
Today I’ll share a few updates about how the pandemic has affected our market.
It’s been an unprecedented few weeks, and we hope you, and your loved ones continue to stay safe and healthy. I want to reiterate the offer from our message to you last week, asking those in the Coachella Valley who are at high risk for severe illness from COVID-19 (those 65 years of age or older or anyone with serious underlying health conditions), to give your Jelmberg Team agent a call if you need help with grocery or medication deliveries. We’ll help facilitate that. A few links will also be included below to other helpful resources to educate about the virus, mitigate exposure to the virus, and provide personal or business financial assistance that is available. Even though it can be hard to stay up to date with the latest changes, it is our goal to keep you informed.
COVID-19 – The Impact on Housing & The Real Estate Market
Here are a few updates about how COVID-19 continues to impact the economy and the housing market:
- Our main concern is the health and well being of our staff and clients. Thus, we are adhering to the CDC’s recommendations regarding social distancing (https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html) and CAR’s best practices and guidelines. (https://www.carcovidupdates.org/best-practices-guidelines). Links to these recommendations and guidelines are provided and if you take a few minutes to read through them, you will see the precautions we are taking are extensive.
- We are certainly taking this situation seriously, but housing – buying, selling, and renting – is still a necessity and an essential service (https://www.car.org/aboutus/mediacenter/news/essentialservice). We still have clients who need to move to or from our market area, and the Jelmberg Team has quickly adapted, offering a near full range of services to their clients from the comfort and safety of their homes!
- In fact, since the beginning of the stay at home order, we have opened escrow on 6 new properties and closed 8 escrows (including a home at $980K which was the highest priced home in that community in 4 years), all using our virtual processes, limiting the physical interactions for our clients.
- The Jelmberg Team was founded on the principle of being leaders and innovators in our industry by pioneering ways to use technology to create seamless experiences for both buyers and sellers. This continuous endeavor has prepared us for this time, our systems, structure, services and marketing techniques were built to help our clients and our agents thrive in this virtual environment. See our virtual home buying guide here.
- Valley wide, it’s too early to see what the impact of COVID will be, but we wouldn’t be surprised to see the number of units sold decrease in the short term. The good news is interest rates remain low, allowing those buyers that have need to buy a larger house with a great rate.
- Also, A Zillow study regarding the behaviors of the housing market during previous pandemics gave sellers a somewhat reassuring conclusion: While the number of home sales dropped dramatically during previous outbreaks, home prices stayed roughly the same (or only dropped slightly). That makes sense; fewer transactions make it harder for prices to change. Essentially, the market goes on pause during outbreaks like these. We’ll see how that plays out in the coming weeks.
If you have questions for us or if we can assist you in any way, don’t hesitate to reach out via phone or email today. We’re here to help.
Together, we will arise from this crisis stronger.
See below for more resources to help you through this time.
Virtual Home Buying Process:
(In effect 4/4/2020 – 4/30/2020)
- Public gathering of any kind prohibited.
- Face coverings required.
- Violation of the order is subject to fine, imprisonment or both.
Help For Those w/ High Risk Of Serious Illness — Help with delivery of essentials for those at high risk for serious illness from COVID-19.
CDC Severe Illness Risk — Outlining those who are at risk for severe illness.
Coachella Valley Neighbors Helping Neighbors through COVID-19 — Facebook support group.
Personal / Business Financial Assistance
https://www.sba.gov/ – Several exceptional offerings for businesses in need. Very low rates, deferred payments and in some cases loan forgiveness.
https://www.irs.gov/taxtopics/tc304 — Extensions For Tax Payments
https://studentaid.gov/announcements-events/coronavirus — Student Loan Payment information.
https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx — National Mortgage Payment Relief Efforts
If you’re concerned about your overall financial health, here’s a guide from Forbes magazine that details various strategies you can employ to protect your finances during the coronavirus pandemic.
Did you know that you can leverage your home’s equity to compensate for income loss due to the outbreak? Here’s how.