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When it comes to COVID-19 and real estate, what exactly has been affected, what will happen in the future, and what questions do you have about Lakeland’s market? 🏡
Past
Here’s what the market has seen thus far, according to local firm S&D Real Estate:
- Home sales dropped ~30% the last week of March 2020 compared to March 2019.
- Realtors have seen ~16% of homes taken off the market.
- Mortgage purchase applications were down 24% the week ending March 27 compared to the same week in 2019.
- Listings of new properties decreased by 34% and 31% respectively between the two weeks ending on March 29 + April 5 compared to those weeks in 2019, and were the biggest declines this year.
Present
The good news? Despite the downturn, the market looks like it’s headed for recovery.
- This could happen with a “V-shaped scenario” (sharp decline in home sales during the second quarter; quick recovery during summer) or “U-shaped scenario” (home sales drop steadily into fall but recover at end of the year).
- A large decrease in subprime loans and certain credit requirements are protecting homeowners + lessening the severity of current issues.
- Homeowners looking to sell are now more likely to have considerable equity in their properties due to increasing home prices – a positive result of the crisis.
- As restrictions lifted in April, the market is already seeing an uptick in sales. Market recovery will be gradual, but there’s light at the end of the tunnel.
Future
What happens now?
These uncertain times have left potential buyers + sellers with many questions. So, we want to know: What Lakeland real estate questions do you have? ❓
- From the safety of open houses to predictions about the local landscape, tell us what you want to know.
- We’ll gather all of your questions to share with the experts at S&D Real Estate.
- They’ll answer your questions to the best of their abilities.
- We’ll publish a Q+A in early July to help all Lakelanders navigate the market.
What do you want to know, Lakeland? Ⓟ
