As we all know, Florida’s stay-at-home order has been lifted and the state has begun re-opening in phases. However, that does not mean every business will quickly return to normal.
The housing market has especially experienced some backlash from the novel Coronavirus, and recovery will be gradual. But fear not – Real Estate professionals are already reporting a rebound in the market and many are feeling hopeful.
Read further to gather an idea of what the future holds for the Real Estate market.
Immediate affects
As orders loosen, sellers are starting to feel more comfortable with the prospect of buyers walking through their home. Proper sanitization and protective measures are still being implemented during home showings, and, in conjunction with the threat of the virus easing up, many homes have already been put back on the market.
Aside from south-east Florida, most of the state has entered phase one of re-opening. Phase one still encourages gatherings and groups to be limited to 10 or less, so Open Houses are not likely to be held during this time.
Financially, buyers are starting to feel more confident as the economy builds back up. Physically, there is an upward shift in the market being reported. However, the biggest change can be seen mentally. Real Estate professionals, as well as buyers and sellers, have improved their outlook and are starting to think more positively.
Future affects
Inventory is still predicted to be an ongoing issue in the Real Estate market. With mortgage rates constantly lowering, the housing demand is much higher than the supply.
Phase two of Florida re-opening is predicted to begin after the successful completion of phase one. In this phase, groups of more than 50 should be avoided. Considering that Open Houses usually do not attract groups of more than 50 people, we very well could see an uptick in these being held.
Buyers are still expected to be a bit cautious when it comes to their finances, but not as much as before. This especially rings true for those coming off furlough and securing income.
The spring season, unfortunately, saw its lowest point when this is traditionally peak buying time. Due to this decline, we can expect to see a busier summer season than usual as families rush to buy and move before school starts back up again in the fall.
The impact of COVID-19 on the Real Estate market was not as significant as initially predicted. Therefore, recovery will still be gradual, but it is expected to pick back up quicker than anticipated. Real Estate professionals are hopeful and excited to continue to help families and individuals find their dream homes.
