During these unprecedented times during the pandemic, there has been wide speculation about the real estate market. This has resulted in a few myths that need to be debunked:
Myth #1: It’s a terrible time to sell your home. According to Realtor.com, the total inventory of homes for sale in July was 32% lower than the prior year. This tight inventory has resulted in a strong seller’s market. Furthermore, the pandemic has changed the way many people work as they are now doing so from home. This has pushed many families to look for a larger home to accommodate these needs.
Myth #2: Home prices are dropping. This could not be further from the truth at this time. As a matter of fact, the historically low interest rates are boosting buying power. This increased buying power combined with low inventory is driving home prices higher.
Myth #3: Buyers are holding off on home purchases. With the pandemic causing many to work from home, this has led to the need for increased space at home. (The dining room table can only be converted to an office for so long, before it becomes irritating to others.) Oftentimes, an additional office and/or bedroom is the driving force behind a home search. As a matter of fact, many prospective buyers in the market today had no inclination to be house hunting just 8 months ago.
Myth #4: Homes can not be viewed in person. Although earlier this year much of the guidance was to only show properties virtually, this has changed. Through implementation of social distancing & the use of personal protective equipment (PPE), most showings are once again taking place in person. Of course, this is also heavily dictated by the comfort levels of both the buyers and sellers.
At Live South Florida Realty, Inc. we have always leveraged technology to make the buying and selling process even smoother for our clients. If you are considering selling or buying a home in South Florida, call us today for a free consultation.
Live South Florida Realty, Inc.