California Wildfires and the Real Estate Market
The year 2020 has definitely been more eventful the last few years combined. For many of us it has been weirdly also uneventful, due to social distancing and staying at home. An on-going health pandemic, an unstable economy, the stock market in a whirlwind, unemployment at the highest rate in history, a presidential election, and finally wildfires and other natural disasters in many parts of the country.
This year could easily be compared to many of our favorite blockbuster movies, and one of the many heroes can, easily, be the boom in the real estate market. Real estate is keeping the economy afloat during this difficult time.
The real estate market has a particular link or relationship with each of the challenges that are stated above, and the relationship between the wildfires and the housing market is particularly noteworthy.
Areas susceptible to wildfires and other natural disasters are already facing shortages from past fires/disasters and also from the 50% increase in buyer demand that we are currently seeing.
These shortages will become even worse since those who are currently torn away from their homes or have lost their homes completely, will need a new place to live. Usually, when a family buys a home, they are moving out of one that is being sold to another family, in this case the old home is potentially on fire.
These shortages, especially if the devastating fires continue (let us all pray for some rain), will continue to grow, which will further push up the price of real estate.
If an intention to buy now wasn’t strong enough already, knowing that prices in California are almost guaranteed to go up sooner than expected, should be the extra push buyers need to look for a golden opportunity to buy right now, with low interest rates and watch their property appreciate in value with a fixed rate mortgage.
Not sure exactly how this all benefits you? You can find out with a 5 minute conversation with a professional (www.aminvali.com).
Civil Engineer, MBA, Real Estate Agent
Amin Vali Real Estate Inc.
Persian Realtor,Persian Real Estate,
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