Despite the pandemic, RE/MAX Realtor Kirk Saylor of Cypress says it is a good time to buy or sell a home. A realtor for almost 20 years, he says real estate is still the most reliable means people have of building wealth. Photo by Laurie Hanson.
By Laurie Hanson • July 24, 2020
Though the COVID-19 pandemic and economic impact rages on in our state and country, the real estate market with record low interest rates remains solid and undeterred, according to one local realtor.
“The number of buyers actively engaged in the real estate purchase process is high [now], and their ‘wallets are open,’” said licensed RE/MAX Real Estate specialist Kirk Saylor who has been in the industry in Southern California for nearly 20 years.
He explained the industry seemingly froze overnight in mid-March when COVID-19 initially hit (like many industries) and was initially declared “non-essential” by Governor Newsom. But through lobbying efforts of the National Association of Realtors (NAR) and the California Association of Realtors (CAR), the industry was re-classified as “essential” by late March.
“Realtors were loosed to resume conducting business, albeit with many new health and safety protocols,” Saylor said. Some new protocols when staging a house for sale include limiting showings to no more than three people at a time (including the showing agent), providing hand-sanitizer at the property, wearing masks, and maintain social distancing at all times.
According to Saylor, the already low mortgage rates have dropped even further, fueling a new wave of refinance applications, and making the cost of borrowing for purchase loans more attractive than ever. The result is a continuing robust real estate market, even as unemployment has risen.
“The housing market is one segment of the uneven economic rebound that exhibits strength, according to lender Freddie Mac. “Purchase demand activity is up over 20 percent, year-on-year, which is the largest rise since January 2009. And, demand came off the back of another record low in mortgage rates as inflationary pressures softened further. However, inventories will become an issue down the road. Inventories were at near to record lows as the pandemic hit U.S. soil,” (www.fxempire.com news article by Bob Mason, published June 21, 2020).
After the first few weeks of the national COVID-19 “paralysis,” the real estate market bounced right back, and has been continuing strong ever since, according to Saylor.
“Buyers today do not appear to be hesitating whatsoever in their decision to purchase a home,” he said. “Since we can’t foretell the market, and given the fact that owning real estate is one of the most reliable means of building wealth, it’s always a good time to purchase real estate, if it’s within your means. I believe it is an excellent time for both buying and selling.”
Kirk Saylor has been a licensed realtor since June 2001. He has been working with RE/MAX Real Estate Specialists since February 2011 and has worked for Coldwell Banker Residential Brokerage in Irvine from June 2001 to February 2011. He was born in Buffalo, N.Y., and was raised in Hacienda Heights, resides in Cypress with his wife of 31 years, Sheila, and has four children, Luke (age 25), Sydney (age 21), Remi (age 10) and Dawson (age 8). He can be reached online at [email protected] or by calling 714-393-2277.
