Things are a little crazy now, aren’t they? Well, I hope you’re well and taking the appropriate precautions. So, how are thing going with respect to real estate? Well, they are still going.
People still want to buy homes, and others want to sell. Each case is different. There are people whose situations have changed, and may no longer be approved to buy, where others are moving full steam ahead. There are no longer open houses in Miami Dade County, but many properties now have virtual tours and open houses.
So, how do the numbers look? Last week, from March 16 to March 22, 352 homes closed in Miami Dade county, 388 went pending sale, and there were 664 new to the market. While these numbers are down, about 30% or so from previous weeks which was expected, there still is quite a bit of activity. I’ll be sure to keep you posted going forward.
And what about the mortgage rates? While they are still extremely low, they have ticked up a bit from the all-time low the beginning of this month. The week ending March 19th, the weekly average of a 30 year fixed rate mortgage was 3.65%.
Lastly, while we’re headed for a recession, keep in mind that does not necessarily mean a big drop in real estate prices. Did you know in the last 5 recessions, property values only decreased in two of those, and the one was only 1.9%.
So, everyone, please take care, stay healthy, and follow all the government guidelines so this can pass as quickly as possible. And while you’re stuck in the house, use this time wisely. Don’t just veg out on Netflix. Do your spring cleaning, make plans for the future, review your financial plans and budgets, or learn something new.
I’m Heather Waldron with Global Luxury Realty helping you love where you live. Stay healthy and make it a great day.