There is no doubt that the economy is currently volatile. Some homebuyers have put a pause on search for a home, while others have not. The real estate industry's leasing showing management technology provider ShowingTime revealed that buyers in South Florida have started to make home-buying a priority again. In the latest report, they revealed:
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”
Why do you think that people are starting to set up appointments for home viewings? Why is there activity even though there are shelter-in-place orders throughout the state of Florida and country as a whole?
Here are 3 reasons for the increase in activity:
1. People need to move. Despite COVID-19, life is still progressing. Families need to transition to new homes due to an addition to the family, divorce, financial hardships, death, or job transfers. These life altering events happen no matter what is going on in the economy.
2. Realtors have turned to technology to market their properties. It is important to note that Prestige Waterfront Realty has always invested in technology as it is an important factor for success in this industry. Innovative technology allows homebuyers to virtually:
- View homes with 3D virtual tours
- Video chat with mortgage professionals
- Consult with their Realtor
- Make online offers
- Sign closing documents virtually
Technology allows for the entire home buying process to be done virtually and safely. As a result we can help you move forward in life even though the majority of the country is currently at a halt.
3. Although mortgage rates have slightly increased during the COVID-19 pandemic they are still at an all-time low. Low rates allow a buyer to have a higher purchasing power and save homebuyers thousands of dollars during the life of the loan. That is the reason mortgage rates play a big role in the real estate market.
The chart below shows how big of a difference the interest rate can make on a homebuyer. It shows the difference of interest paid over a 30-year loan on a home purchased in December 2019 versus today.
Inventory is low because many sellers have removed their homes from the market due to COVID-19. Many homebuyers are moving forward with buying their prospective home even through the difficult times we currently live in. If you want to sell your home contact Prestige Waterfront Realty - South Florida's leading real estate experts at 954-830-7000 or email Tegov@AskPWR.com. If you are looking to move, don't let COVID-19 stop you! Let's connect today. We will help guide you through the process.
If you need to purchase a new home but don't know how much you qualify for, contact Voget Financial Services at 954-614-9000 or email Mortgage Broker Iliana Tegov at email@example.com. Iliana will help get you pre-approved so you are competitive and ready to make an offer when your dream home comes on the market.