This Report Is Going To Be A Little Different And Focus Exclusively On The Coronavirus:
As you are probably aware, the Coronavirus known as COVID-19 has swept the world. Now a global pandemic (I’m writing this on April 8, 2020) there have been over a million cases in the world.
This has had a direct impact on employment for many Americans as many states have issued Safer At Home orders in order to increase social distancing and combat the virus.
So you may be wondering how this has effected business here and your favorite Realtors – The 727 Team?
As of right now Real Estate has been deemed an essential service in the state of Florida and contracts are still happening. Everyone is working hard to do their part, maintaining distance, washing hands, and being aware of their surroundings.
About 3 weeks ago it seemed like homes were rapidly going under contract. Once the Safer at Homes order went into effect in Pinellas County there was a noticeable slow down from both sellers and buyers when there was uncertainty in the market.
I was at a home inspection the other week and my clients and I kept our distance from the home inspector as he did his thing. It felt like something out of a movie but there was also a sense of collaboration that we all have to do our parts.
Currently interest rates are still at historic lows and people are going to take advantage of them. When there is fear in the market opportunities arise.
One thing is for certain, people are going to need places to live and as our country gets a better handle on COVID-19, we are likely to see an influx of pent-up-demand happen as people feel safer to go in homes and do business.
I think it’s important to note that all housing markets are not the same. In our area, we’ve had quite the boom of development as cities like St Pete and others in Pinellas County have attracted more people to come live in our little paradise.
How people react to uncertainty is also a case by case basis. You may have an individual seller that’s majorly impacted economically by this and they need to sell. If you’re a prospective buyer on that property you may get a better deal than you would have a few months ago.
On the other hand with inventory down and less options on the market, it can also increase competition on certain homes as we were seeing a few weeks ago. There was some properties I couldn’t even show my clients before they were already under contract.
Our goal is to keep you updated on what’s happening on the ground level. We will still see a moving real estate market as people continue to buy and sell.
As this all develops we’ll continue to give you updates. We’ll continue to be here helping both buyers and sellers.
Be safe out there, practice good social distancing, and take advantage of these moments if you’re stuck at home!
Recommended Articles Of The Month:
For this update, we’ll highlight some must-reads we’ve written:
Top 4 Tips To Buy A Home Remotely In St. Pete, Florida – We offer opportunities for our clients to virtually see homes in St. Pete and the Tampa Bay Area.
Here are some news stories you may love!
Florida Issues Stay At Home Order– A Stay At Home Order has gone into effect in the State Of Florida to combat the Coronavirus.
Florida Governor Desantis Suspends Evictions And Foreclosures – Governor Ron Desantis has issued orders to help combat people from getting removed from their dwelling.
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