Like nearly every other industry, the real estate sector was hit hard during the start of the COVID-19 crisis. As the Sunshine State reopens and Phase One is in full swing, the experts at S&D Real Estate believe the recovery of the housing market will be gradual, like other industries.
The experts are already reporting a rebound in the market… full recovery may just take some time. Here’s what they think the future holds for the real estate industry in Florida:
The immediate aftermath:
- Safely touring homes: Pre-pandemic, many of us searched for homes online before actually touring them. Under stay-at-home orders, virtual tours became the only way for a potential buyer to look at properties. As Florida’s restrictions lift, sellers are beginning to feel more comfortable allowing potential buyers into their homes. Using proper sanitation measures + social distancing, in-person house showings are now a possibility for Floridians.
- As of right now, the state is still advising gatherings of people should be limited to groups of 10 people or less. Realtors should stick with individual showings instead of large open houses for the time being.
- Financial benefits of buying right now: Interest rates are at an all-time low, so potential homeowners should feel more comfortable + confident about buying right now.
Future concerns + predictions:
- Inventory issues: Potential homeowners may be attracted to buying a house now more than ever due to those historically low interest rates we mentioned above. Higher demand means the housing market will see growing inventory problems in the near future.
- Phase Two of Florida’s Reopening Plan: Phase One kicked off on May 18, however, there isn’t a specific date for the following phases to begin. Experts expect more open houses to take place in the upcoming months, but gatherings should still be limited to as few people as possible.
- Future financial issues: With unemployment surging and the uncertainty of job security growing, buyers should still be cautious about making one of the biggest decisions in their lives. Rates might be attractive, but be sure to have secured income before buying a home.
- A new busy season: Spring is traditionally peak buying time. However, with everyone stuck at home over the past few months, experts expect to see an uptick in buying over the summer + fall. Ⓟ