The coronavirus pandemic has had a far-reaching impact on many aspects of daily life, including the California real estate market. The Golden State’s economy was already booming before the outbreak hit in March 2020. However, it’s now experiencing an unprecedented surge in demand for housing thanks to several new federal stimulus bills that have been passed since then. 

One of the most significant benefits is the COVID-19 Relief Bill, which was signed into law at the end of December 2020 and provides a $15 billion tax credit to first-time homebuyers. This comes as welcome news for many Californians who may not have been able to afford a down payment or closing costs on a home before this incentive was announced. 

Also included in the bill is a provision that allows homeowners to defer their mortgage payments for up to 12 months without incurring any late fees or penalties. This means that potential buyers can go ahead and purchase a home, even with small amounts of money saved up, knowing they don’t have to stress about making their payments right away. 

Overall, California real estate prices have seen an increase of nearly 9% since the start of the pandemic, which indicates just how big of an impact these new stimulus bills are having on the market. With more incentives being put into place each month, this trend will likely continue in 2021 and beyond as more people look to take advantage of these opportunities. 

Whether you’re a first-time homebuyer or a seasoned real estate investor, the new COVID bills are something to take note of and be aware of when considering purchasing property in California. With the market booming thanks to these incentives, now is an excellent time to take advantage of all that Golden State has to offer.