The new coronavirus has had a massive impact on everyday life. News shows are encouraging safe practices and reminding viewers to wash their hands. Sporting events are getting cancelled, college course work is shifting to an online platform and government agencies are recommending precautions while traveling.
With all of these changes, is it safe to presume COVID-19 will impact every aspect of our lives?
When it comes to the real estate market, it appears the answer is a solid … maybe. The stock market has clearly been affected by the virus, leading housing professionals to speculate the anticipated spring boom in house sales may be more of a whisper. There is a strong argument prospective homebuyers may be hesitant to take on the debt that comes with homeownership when the dependability of assets held in the stock market is questionable at best.
However, it is important to note that homeownership is more than just a financial move. Having a place to live is a basic necessity. As such, some predict the housing market will continue to do well. The virus has led to a drop in mortgage rates. This could counter the concerns of the stock market and give prospective homebuyers the encouragement they need to take the next step towards ownership.
This seems to be the case in Florida. Recent reports find the market increased 16.9% from Feb 24, 2020 through March 10, 2020. This is 20% higher than the same time period in 2019.
Those who are interested in joining this market are wise to take steps to protect their interests. An attorney experienced in the Florida real estate market can review real estate documents and represent your interests during closing, mitigating the risks of surprises after the deal is completed.