Much like the rest of the economy, the Coronavirus has had a profound impact on the housing market, and the market in South Florida is no different. Before the virus, the market was looking incredible at the start of 2020 because demand was high, interest rates were low, and so was unemployment. The prices of houses were increasing a steady percent every year! But that is when tragedy struck.
Since April when the State was shut down, unemployment was seeing record highs, and there seemed to be no light at the end of the tunnel. 80% of potential Homeowners interviewed by Forbes said they wanted to buy a house but were discouraged because of the condition of the economy. But there is always a silver lining! Homes are being built and more people are getting adjusted to the new ways of life and therefore real estate.
People’s needs when it comes to housing are now changing! When once before a family of four needed only 4 bedrooms they now need an extra room for mom and dad’s office because they are working from home! The Location of the house has always been important but now more families are looking for houses that allow them to be around socially distant activities. All of this changes how the agent must think about their client!
Real estate agents had to pivot to the “new normal” and have done a fantastic job of it. When the housing crash occurred in 2008 South Florida made a full recovery by 2011, much faster than many other cities in the states. Agents are upping their social media games and virtual tours to get their names out to the public in new and exciting ways. Due to Florida’s very appealing tax structure and beautiful weather year-round, I see Florida making a swift recovery again. There is always light at the end of the tunnel.