Did you know? One in ten Americans moved during the year of the pandemic. Now with increased availability of the various vaccines, we could see more buyers and sellers entering the market as well. As we have written about previously on this site, more buyers are moving to smaller cities and more affordable states. Meanwhile, renters are either buying or moving out of the city.
Of course, the inventory of homes for sale continues to present challenges in the current real estate market. Overall, life and financial uncertainty have been the most common reasons why homeowners have not listed their homes for sale. Social distancing and the desire to not have prospective buyers entering their homes for showings has also been a major factor. However in a recent survey, approximately 70% of homeowners said they would be mostly comfortable moving to a new home once there is widespread vaccine distribution.
Why so many moves?
For starters, new flexibility for many Americans to work remotely has opened the doors for many to relocate. Overall, approximately 75% of Americans surveyed cited positive reasons for their relocation. Living closer to family or friends were the most common reasons cited for moving. Not surprisingly, high-cost cities such as New York, Los Angeles, San Francisco, & Chicago saw the largest numbers of outbound moves during the past year. Interestingly, these markets saw their inventories of homes for sale actually rise during a time when inventories were decreasing throughout the rest of the country.
In closing, the South Florida real estate market continues to experience high buyer demand. Unfortunately, the inventory of homes for sale has not been able to keep up with this robust demand. With the increasing availability of the various vaccines, it is hoped that many sellers will become more comfortable with listing their properties for sale. Of course, the classic next question for these sellers is: “Where do I go after I sell my house?”
In a challenging market like the current one, it is important to have expert guidance. Are you ready to buy or sell a property in South Florida? We can help. Contact Live South Florida Realty, Inc. today!