COVID-19 has brought about great changes in our day-to-day lives and the big concern of those interested in wine country real estate or are in need of realtor is: what is going to happen to real estate in our area during and after this crisis? While none can know for certain what is going to happen, LuxeSF decided to take a survey of several Bay Area realtors to get their outlook on things. A realtor or anyone in wine country real estate are not going to have all the answers, but they can certainly give us ideas on how things are going at the present moment.
The recent sample LuxeSF took was on the smaller end but still gives good insight on the industry’s thoughts. The thoughts from the realtors on general optimism in real estate was split nearly 50-50 (54% said they were somewhat or very optimistic vs. the rest who said neutral or pessimistic). Wine country real estate, however, may be on a different trajectory than the rest of the Bay Area. Of course, the biggest concerns of those polled were how long the virus would continue, the worsening social/economic environments and whether or not a recession was coming. Another interesting bit of the survey was in regards to how the market may recover after COVID-19. Almost equal measures (almost exactly 30% each) said that they expect a slow and steady recovery or a slingshot recovery. A good local realtor will still likely be your best source of info as to how this shutdown will affect the market in your area as each market will have slight variances depending on each one’s situation.
Wine country real estate will face its own fluctuations through this turbulent time, just like everywhere else. During this shutdown, homes may not be shown and listings may not come around as often, but remembering that this is a temporary event should give us pause. The world may not look the same afterwards, but real estate will still continue to be a strong force in the global economy and be a solid investment over the long haul. Overall though, keeping up with the right industry sources and having the right realtor like us at St. Helena Real Estate in your corner are going to help you get through these uncertain times.