Even though housing came to a standstill in April, the market roared back and trends have developed that foreshadow continued strength.
Housing Trends-With a low supply and strong demand, the market has not been this hot since 2013.
It was sudden. It was unnerving. Nobody had seen anything like it in their lifetime. A pandemic unfolded before everyone’s eyes. Major sports leagues suspended their seasons. Disneyland closed its gates. Schools went online. The state of California announced a “stay at home” order. Life as everybody knew it came to a grinding halt.That was just four months ago. Since no one had experienced a pandemic and the shutting down of the economy, people turned to hoarding toilet paper and cleaning products, and stocking their cupboards and refrigerators. Yet, slowly but surely, everyone began to adapt to a “new normal,” living with a virus. Businesses turned to Zoom to keep industries moving along. Dining out shifted to DoorDash, Grubhub and Uber Eats. New car dealers turned to online listings and “virtual” test drives. The real estate industry adapted as well with masks, gloves, physical distancing, and a myriad of contracts that outlined the proper protocols needed to sell homes.While unemployment is still high and the overall economy is slowly crawling its way out of a forced stoppage, housing has been a bright spot with a “V-Shaped” recovery. It came roaring back and trends have emerged that pave the way to a strong finish to 2020 in Orange County: