Santa Cruz Real Estate Digest, Ed. 57
In This Month's Issue
Real Estate Market Statistics

For Santa Cruz, Santa Clara, and Monterey

These reports contain average and median home prices, real estate market trends and statistics, information about mortgage rates and more.

Analysists predict that the COVID-19 pandemic is anticipated to alter the future of real estate.

One of the early indicators we are experiencing today has been the sudden increase in demand for remote luxury living in markets across the states. This is an interesting shift, given that it contradicts trends the U.S. has been following for more than a century. 
How Coronavirus is Impacting The Real Estate Market
Unfortunately, the unanticipated outbreak of COVID-19 has had an unprecedented impact on the real estate market. Although the numbers and data are still being collected, there are a few trends that have been prevalent since the pandemic hit the states in early 2020. This article breaks down the three prominent impacts on the industry.
Historically speaking, auction platforms have been viewed as a secondary market for homes that were exceptionally highly-priced and had been sitting on the market. It has also been a platform popular among those with homes that carry unique features that make them difficult to sell. Auctions provide an avenue for owners to dispose of the asset – following a calculated decision, many feel that selling at an auction provides them access to buyers and assists them in relinquishing the expenses associated with the home such as maintenance, taxes, and mortgage payments.

However, the past decade has witnessed the development of new auction platforms, and they are changing the way we do real estate, specifically in the luxury home sector – and, in the midst of a pandemic, their popularity has amplified.

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