I have been receiving calls from past clients as well as customers via my rossmoortour.com website about the real estate market in Rossmoor. The market is paused at the moment with very little activity taking place as both home sellers and home buyers stay at home and shelter in place. Initially we had a few sales underway when the shelter in place was announced. Under the “essential business” exception to the shelter-in-place (SIP), it made sense to allow people who had sold their home and purchased a replacement home to complete those transactions underway at the time of the order, but most of those transactions have now closed escrow.
I still receive calls from buyers who would like to see some of the many Rossmoor homes for sale. For these future home buyers I provide virtual assistance via photos, descriptions, etc. but I am postponing my tours of Rossmoor real estate at least until May to keep our wonderful, resilient Rossmoor community safe and healthy, and pursuant to the SIP order at the direction of Rossmoor management (the CEO of the Golden Rain Foundation). For obvious reasons many Rossmoor homeowners do not feel comfortable with the idea of buyers coming into the Rossmoor community despite the declaration of real estate as an essential business. As real estate brokers, it is important that we weigh the very valid concerns about exposure to Covid-19 of current Rossmoor homeowners against the needs of buyers to move into their next home in determining what meets the essential business threshold and then determine how to proceed with everyone’s safety in mind.
One home went into contract last week because the buyer was comfortable purchasing the home based only on online photos and inspections. However, the majority of buyers need to see homes in person before making an offer, since it is not unusual for a buyer to comment upon seeing a home in person for the first time that it does not look like the home in the video or still photographs they viewed online. Accordingly, virtual real estate purchases are likely to be the rare exception.
Of the 65 homes on the market, some have had price reductions. The average price reduction for homes for sale in Rossmoor is 1.72%. 17 homes have been taken off the market, which is over 5 times the number taken off the market during the same 90-day period last year.
There is a possibility that we may experience a slight market boom once the shelter-in-place is lifted given the high degree of interest from buyers who cannot tour Rossmoor homes at this time. Hopefully the Shelter-in-Place will be lifted as soon as it is safe to do so and our lives can begin to return to normal!
For those currently in the Rossmoor community, I have put together a page of resources and updates, including information on food delivery services, early senior hours, entertainment, and staying fit at https://tomnevin.com/2020/03/19/rossmoor-coronavirus-updates. Please let me know if there is any additional information I can provide.