After weeks of a quarantine triggered lull, we’re starting to see real estate activity pick up at the Mauricio J Barba team so we’d like to share our take on the current Miami real estate market. Real estate firms and moving companies have both been deemed essential businesses throughout the country and we’re seeing people taking advantage of that with an uptick in live showings and phone calls/emails. There are significant reasons why we might be able to count on this momentum as well. Miami market data from March has begun percolating, showing that the market was strong right before the pandemic started to take hold. Home sales and home prices were both up from the previous year, continuing a solid trend of strength in our area where we saw 10 consecutive months of incline. The MIAMI Association of Realtors Chairman of the Board called this solid expansion a reason for confidence as we look ahead.
While COVID-19 will have a temporary impact on home sales in the global market, there is an undeniably robust foundation in South Florida in particular which will minimize the overall impact on sales activity as we head into the later part of the year as published in Miami Agent Magazine. As the market normalizes, pent-up demand will build largely fueled by record low mortgage rates which will likely remain low or go lower until a nation-wide recovery is in full effect. And I predict a trend amongst buyers with strong cash reserves looking for bigger spaces (especially home office spaces!) after their first experiences in quarantine. We are also tracking changes to the closing process as technology takes on a larger role and official timelines are extended to account for longer appraisals and inspections. The world and our industry is changing daily, so we encourage you to count on our team navigating you through uncertain times. When you have a strong relationship with your agent, not even site unseen transactions are an issue.
Reach out to learn more as we’re actively hunting out favorable deals for our clients who can take advantage of current conditions to make their next informed real estate move.