Hey, It’s Heather Waldron with Global Luxury Realty. Just checking in again and giving you a quick RE update. First, I hope you’re all well, and are taking the appropriate precautions. Wash your hands frequently especially when out, and don’t touch your face!
Could you even have imagined this even a month ago? We're in a pandemic and the Governor has issued a “Safer at Home” order for all of South Florida to avoid contact with each other.
So, with respects to real estate, it's putting at least short term pressure on the market as it can be difficult to show properties, and as people’s job situations are changing, so are their pre-approvals. So while showings have become much more difficult as some owners don’t want other people in their homes, and some condo associations are not allowing showings during this time, on the other hand, some cash investors are starting to search the market looking for some good deals and there’s been a BIG increase in on-line activity – with more people at home, more people are searching on-line. So now more than ever a good on-line presence is key. If you do have your home listed, it’s okay to leave it active so all these people looking now can see it, if only virtually.
How do the numbers look? Last week, from March 22 thru March 29th, in Miami Dade County, 353 homes closed (now mind you, most of these would have been under contract before these restrictions started), but there were 264 new pending sales, and 576 new homes to the market. These numbers are just slightly down from the previous week and I would expect that the numbers will continue to trend down slightly, but that will be leaving quite a bit of pent up demand for when we can all venture out again.
I’m not hearing any talk about a big crash in the housing market or anything like that as the fundamentals of housing and the economy were strong going into this pandemic, and they should be able to rebound quickly after.
Lastly, if you are a homeowner and haven't paid your property taxes yet, the deadline has been extended from March 31 to April 15. Stay positive and stay healthy. Make it a great day.