The real estate market is still red hot just as it has been since the late spring and early summer of 2020. With this said, many real estate agents are optimistic that the current rollout of the various COVID-19 vaccines could provide some more momentum to the housing market.
Did you know? More than 50 million people have received at least one dose of a COVID-19 vaccine since the start of March. At this rate, it is expected that roughly 70% of the population will be at least partially vaccinated by the third quarter of 2021. With regards to real estate, this should very likely mean more homeowners opting to list their homes for sell. Therefore, this would help alleviate the tight inventory constraints that we have seen in the market for some time now. As a matter of fact, a recent survey found that 70% of homeowners—amounting to more than 14 million homes—would be comfortable moving to a new home after widespread COVID-19 vaccine distribution.
Balancing the virtual and real worlds
While the expectation is that we will slowly return to more face-to-face interactions, it is quite likely that some of our virtual technologies are here to stay. In particular, ultra-competitive markets such as the one that we are currently in make leveraging technology even more critical. Many sellers know that oftentimes the first offer you receive on a property is likely the best. With this said, it is even more critical for buyers to leverage these technologies in order to present their offers in a more timely manner. This may very likely result in securing a property under contract.
In the recent months in South Florida, we have seen the prevalence of in-person showings increase. With this said, we have also seen buyer demand consistently on the rise as well. It is for this reason that being able to leverage technology in this market is even more important. As we have stated in prior articles, once a property is under contract the buyer is still in control of the transaction. Of course, this is contingent on the specified inspection period.
If you are unsure of the real estate transaction process, we can help. Feel free to contact Live South Florida Realty, Inc. today for a free consultation.