This Is Not a Typical Recession for California
Because we had such a healthy economy going into this recession caused by the pandemic, we will have a healthy economy again when the public health problem has been resolved. When it comes to this recession, there is no need for hysteria according to Christopher Thornberg, founder of Beacon Economics at Financial Partners Credit Union.
This is not your typical downturn triggered by an imbalance in the market. This recession is the result of an unexpected pandemic, so while its shock is huge and creating an imbalance, it will be temporary much like we experience with natural disasters.
Mr. Thornberg states:
“The data, which includes both high-and-low-income spending patterns, unemployment trends, and the health of the economy suggests we will have a swift recovery cycle that will likely begin when the virus goes away…The economy will continue to rebound at the speed that the virus goes away. It is as simple as that. When it does go away, we are going back to where we were at the start of this thing.”
One market seemingly protected from this downturn is our California real estate. Reports from the experts do not indicate any devastating effects of the recession when it comes to property investment. In fact, new available Sonoma County real estate has gone into a whole new high level since the start of this year! Santa Rosa’s new listings just for North-East would take you a couple days to visit whereas just last month you could visit all in less than a day.
Here at Sun Pacific Mortgage we can attest to this growing interest in buying property since we have been extremely busy. We have Realtors, Mortgage Brokers and individual home owners & home buyers alike from all counties of Southern California and Northern California areas. Our clients come to us when they cannot qualify for a conventional loan because of a variety of reasons such as poor credit scores, property condition, self-employed with difficult to prove income or they just needing an extra fast close.
There are certainly buyers out there looking for an opportunity to upgrade their living conditions in these times of distance learning and trying to conduct business from home. The need to find more space inside and outside, and the possibility of not needing to be within commute distance to the office, has broadened the scope of buyers’ searches.
If you are looking to purchase a home now, give us a call at 707-523-2099 and we will be there to assist you in financing your next purchase.