COVID-Driven Real Estate Mania Stabilizes: It's Ok To Start Looking For That Home Again!

 

Last year, 2020, changed lives for everyone around the globe. COVID-19 was not something that we expected. Until now, it has continued to affect a big part of the US population, Florida included.

One of the consequences was the drastic change in the housing market of FL. The real estate market was dramatically shaken due to the massive migration to South Florida caused by COVID-19. Home Buyers from New York, California, and the Midwest had the option of working remotely, which presented them the opportunity to buy single-family homes with all the weather and tax benefits Florida offers.

 

Consequences Of The COVID Buyers


The invasion of the "Covid Buyers" led to many consequences for the housing market, such as:

  • Bidding wars
  • A buyer mania that was never seen before
  • High prices
  • The number of homes for sale dropped
  • Not enough offer for the amount of demand

Homeowners overall, in Florida, were reluctant to list their homes due to these consequences.

 

Good News! COVID House Buying Mania is Over


According to data from RelatedISG Realty and ISG World's Q3 Miami Report, the sense of urgency in buyers has now decreased, which appears to be leveling the real estate market in South Florida once again. In just August and September, negotiations for single-family homes have been interrupted and declined to show a significant change between those same months back in 2020 and now.

Thanks to the leveling of the pandemic migrations, homebuyers who the COVID Buyers priced out can now get back their spot in the housing market and many more offers to choose from. It's important to remember that the competitive sense of real estate continues to be present. The single-family homes are now holding their price according to the new normality; this is why sales shouldn't be taken for granted and must set expectations.

house in a shopping cart

 

What Happens If COVID Migrators Want To Return?

All the long-term visitors who migrated to South Florida were entertained by the lifestyle and amenities this beautiful city offers. This is why they want to return with much more frequency. The Q3 data shows that out-of-state buyers and migrators previous to COVID are choosing the condo lifestyle in FL to relive their experience.

These buyers prefer to purchase properties near the beach or inside the city so they can have a place to spend the holidays and at the same time invest in their real estate portfolio. Buyers from Latin America and Canada are also interested in joining the condo-buying spree, indicating that this market is getting stronger.

 

Take Advantage Of This New Wave


Despite the changes, the sellers still have the advantage. With inventory increasing but single-family homes and condos keeping their elevated prices, demand is higher than ever.

Cash home buyers offer an excellent opportunity for sellers who can't wait around for the traditional process of buying and selling houses. If you have equity in the property from when it was purchased, this option is worth looking into.

Trusted and reliable home buyers in Florida will prevent you from going through all the hassle of selling it yourself in this highly competitive market and give you a fair amount of cash according to the real state's new normality prices. All those sellers affected by the COVID Buyers can now be at peace and get rid of their properties the right way through cash home buyers.