Coronavirus Outbreak Shakes Thriving Housing Market in Florida

There is no doubt about the fact that the novel coronavirus outbreak has a huge impact on people’s lives

22 May 2020 Friday 03:00
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Coronavirus Outbreak Shakes Thriving Housing Market in Florida

There is no doubt about the fact that the novel coronavirus outbreak has a huge impact on people’s lives. Perhaps, this deadly virus will change the world forever.

Today, almost every aspect of life has felt the negative influence of the COVID-19. People need to stay at home, changing the way they communicate with the others and the outside world.

The coronavirus reshapes our society. People who are planning to buy or sell property notice some changes in Florida’s housing market. So, what’s new about it?

Houses are Removed from the Market

Obviously, the coronavirus pandemic changes the way people buy or sell property not just in the U.S., but all over the world as well. Today, the number of houses removed from the market in Florida is rapidly rising.

However, sellers say that it is a temporarily measure and they will be ready to put their property back on the market when the coronavirus situation improves.

Under the current circumstances, people are asked to avoid the unnecessary social contact. That is the main reason why some sellers take their houses off the market. They do not want to accept strangers in their homes in order to reduce the risk of contracting the virus.

Housing Market in Florida is still Doing Well

Despite the fact that some people refuse to sell their property amid the pandemic, the residential real estate market in Florida is still strong. Florida is an extremely popular area in Florida where luxury homes can be bought.

Real estate professionals expected that the number of contracts would decrease due to the uncertain economic situation. However, it is not happening right now.

March has always been a busy month for real estate agents. In fact, it has not changed yet. Deals are done regardless of the virus outbreak. However, during the first two weeks of March the sales decreased by 12% in comparison with the same period last year.

Single-family homes remain extremely popular among property buyers. The number of single-family houses sold in March is 6% higher than last year. More than 3,5 thousand single-family homes were sold in such Florida counties as Pinellas, Hernando, Hillsborough and Pasco. During the first five days of March the number of contracts signed in Hillsborough and Pinellas was about 800.

New Ways of Showing Real Estate in Florida

As it was mentioned above, some sellers temporarily remove their property from the market during the coronavirus outbreak in order to avoid communication with strangers.

However, some people still want to sell their property, but don’t want to have an open house. Buyers are also hesitant because they do not want to visit the houses where they might contract the virus.

Luckily, today online tours are available for such people. You can choose the house online, have a virtual tour and decide whether this house is a good option for you. There is great news for sellers as well. They do not have to invite an appraiser to their property. They can get their home appraised online.

Some Sellers Still Choose to Work with a Real Estate Appraiser

While most sellers in Florida do not let the other people enter their homes, there are still homeowners who prefer to communicate with a property appraiser in person.

However, they both have to take precautions. The appraiser wears a face mask and gloves to reduce the chance of contracting or spreading the virus.

Plus, the appraiser tries to avoid touching the surfaces in the houses. That’s why he asks the homeowner to show everything inside the house.

Construction is Underway in Florida

The construction of custom homes is still underway in Florida. The companies reduce the number of workers on construction sites. The novel coronavirus pandemic frightens people.

However, customers who have invested money in home construction wait for their homes to be complete soon. A lot of builders in Florida had to stop the construction process due to the unstable economic situation.

Some people are very much worried about the rapid coronavirus spread, but keep on moving. It is the right thing to do because life goes on no matter what.  

Unfortunately, nobody can predict how long the coronavirus outbreak is going to last. The only thing is clear – people who stay optimistic will overcome the difficulties and start enjoying a happy life once again.

If you need to sell your house fast for cash, contact us right away! At Candid Property Solutions, we are always looking forward to helping you with any of your real estate needs!  

Updated: 25.05.2020 10:08