How Covid-19 has affected Beverly Hills RE market?
Things are never easy when you want to sell or buy a house. Especially when you know that the world is still on high alert because of the pandemic. Covid-19 has affected Beverly Hills RE market but also markets worldwide. As one of the best moving companies Los Angeles, we noticed how difficult it really is. Like in any industry it’s best to wait out a harsh period. And when it comes to real estate we can say that things are slowly changing for the better.
Time the homes spend on the real estate market
One of the most important factors when it comes to the real estate market is the duration of how long a house stays active on the market. After the pandemic started the situation was terrible where people couldn’t sell their homes for over 30 days. Now, our local movers have a lot more work in the Beverly Hills area as the period the houses spend on the market is around a week. Initially, Covid-19 has affected the Beverly Hills RE market, however, it’s slowly stabilizing.
How Covid-19 has affected Beverly Hills RE market median and selling prices of homes?
If you want to live in Beverly Hills you need to have a lot of money to invest into a home. The prices have always been at a very high level. At the start of the pandemic, the prices actually rose up. That’s because there weren’t people who were selling houses. We can attest that our Beverly Hills moving company really didn’t have a lot to do. However, with the situation getting a bit calmer, the prices are returning to normal.
Are there houses available in the Beverly Hills RE market?
It never was an unusual thing when your house wouldn’t sell even for 2 or 3 months. Even in a prestigious area like Beverly Hills. When the pandemic hit people weren’t willing to invest in real estate. For that reason, last year there were houses in Beverly Hills, according to our residential movers, that were for sale and nobody bought them for even more than 5 months. On the other hand, now the situation is better than before as people wait less than 2 months for their house to be sold.
Has Covid-19 has affected the Beverly Hills RE market in the long run?
We are still watching the pandemic unfold. It’s difficult to predict what’s going to happen next, especially in an unstable market like the real estate market. However, now we’re learning to live together with the COVID-19 pandemic and the restrictions it requires. There’s no doubt that in the last year the pandemic had a great impact on the real estate market in Beverly Hills, but also worldwide. It’s not only prices but many other factors that changed, and the only thing we can do is watch the impact of the pandemic on real estate in general.
A big life-changing event like a pandemic can really switch things up. Above all, it really didn’t help people in certain industries, and the housing market is one of them. But how Covid-19 has affected Beverly Hills RE market for example? At the start, it really brought a lot of fear, and now you can say that there is almost a post-crisis boom. However you decide to look at it, it’s important to take any data with a grain of salt. Like any big change, we’ll see results only in a more distant future.