The months of March, April and May are traditionally demarcated as the peak season for real estate transactions in the housing market across many states, including Florida. However, the ongoing COVID-19 pandemic has crippled many industries, and the real estate industry is no different in this regard. Now that people are no longer able to leave their houses, let alone look at real estate listings and go house-hunting, it appears that the business is dying down.
However, recent reports reveal that potential buyers and real estate investors are still shopping around the market. One of the major trends that has impacted all industries include the real estate marketplace, is online working via Zoom. Real estate experts in South Florida have revealed that Zoom has proven instrumental in engaging foreign buyers, who continue to invest in condos through long-distance real estate transactions.
As per the Zillow home value index, the median home value across Florida is $252,308, and home values have increased by 3.6% as compared to last year. The median listing price per square foot is around $170, while the median price for the homes sold during March 2020 is $247,600.
Virtual tours and online meetings have allowed the housing market to continue slow-paced activity. Many experts from Florida believe that the pandemic can create opportunities for real estate investors. Property owners and homeowners across America are struggling to pay their rents, which has financially burdened landlords who are struggling to pay off their mortgage. This has created a window of opportunity for property investors looking to invest in foreclosed and distressed properties.
It is expected that distressed properties across South Florida will rise, allowing potential investors to step in and broker profitable deals. A realtor from Florida’s Polk County recounts that the housing market is picking up pace, and she has been able to make several closings by the end of March.
In Polk County alone, the month of March has witnessed 613 new homes of the market, which indicates that the real estate housing market is still quite active. Real estate analysts believe that now is the right time for sellers across Florida to put their house on the market. This is primarily because inventory is low and buyers continue to look for houses.
The interest rates are low and people are encouraged to invest their funds and savings in real estate as opposed to other investment ventures due to the growing uncertainty in economic trends.
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