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Real Estate Agent in Montebello, CA 90640

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Understand how Covid19 affects the 90640 Real Estate Market with Realtor Armando Arenas

MONTEBELLO, Calif. - eTradeWire -- The current health crisis has impacted many industries and real estate is no exception. Real estate has been deemed an essential business and therefore, real estate agents can list and market properties effectively so long as Covid-19 safety measures are followed. Properties can be shown in person to a limited number of entrants and fully marketed  according to county guidelines.

With unemployment and work furloughs surging,  many buyers have decided to sit out the real estate market. This has lowered the amount of active buyers looking for homes. However, many sellers have done the same.  As a result, it is still a seller's market but there is good news for buyers too. Mortgage interest rates have dropped to historic lows increasing a buyers purchasing power. These conditions make it a good time to buy and sell. Just be cautious because things can change in a hurry.

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The real estate market in Montebello has remained consistent even after the stay at home order took place in mid March. Through the end of April the median sales price has remained at approximately $560,000 and homes are selling in just under 30 days.  In the last 30 days, the available Inventory in Montebello for single-family homes has dropped  approximately 12%  and sales closed down by 22%. These fluctuations in activity are not uncommon in short-term month -to-month cycles. There has been no significant change to home values since mid-March, prices have remained stable.  In the interim, multi-unit sales have remained strong. Buyers looking for duplexes or triplexes to offset their mortgage payments are still very active in the market. Additionally, with the instability on Wall Street and minimal interest rates on savings accounts, many investors continue to look to real estate as a good and stable long-term investment.

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The Montebello real estate market continues to be a very a popular destination for home buyers. Home values are very affordable compared to other areas high-priced areas in Los Angeles county. Local home prices afford buyers a family-sized home with generous back yards. Montebello boasts a regional shopping mall,  commercial centers with restaurants, boutiques and movie theatres.  A City golf course with hotel  and conference center, along with municipal bus lines adds to city services.  Montebello continues to grow with a major hillside housing development that just broke ground, new businesses and new high-density condos to its neighborhoods.  Montebello's home-town feel attracts families and its charm keeps them here.

To learn more visit http://www.armandoarenas.com

Contact
Armando Arenas
***@gmail.com
323-697-2010


Source: RG Pacific LLC
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Filed Under: Real Estate

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