COVID-19: A boon for the rural real estate market?

As we recover from COVID-19, experts are saying it may benefit the rural real estate market. California Association of Realtors deputy chief economist Jordan Levine explains why. Levine notes that rural housing is generally more affordable, which may become one of the most important decision factors as people are recovering from temporary unemployment and business losses. In addition, more and more businesses are looking at a work-from-home model, which will enable employees to live away from urban commercial centers and not have to commute long distance to work.

Real estate personnel working in rural areas seem to agree. Cindy Young, president of Shasta Association of Realtors, predicted an increase in business since their first virtual meeting after the stay-at-home order. Real estate agent Sandy Dole, who works in Shasta County, didn’t experience any drop at all and is actually on pace to surpass last year.

Despite all this, the outbreak did mean California’s market overall experienced its worst month-to-month decline in over forty years. The crisis isn’t over, even in rural areas like Shasta County. The overall market is expected to be sluggish for the next couple of months, with no solid predictions beyond then. Market declines invariably mean lower prices, at least in some areas, while others perform better. 

If you’re thinking of buying or selling, and are looking for a good price on a comfortable rural home, send us a note on our contact form, or give us a call.  We are active agents throughout California.  At the moment, we are seeing some very attractive properties in Ventura and San Diego counties.

Photo by Karol Kaczorek on Unsplash (cropped)

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