South Florida Real Estate Still Moving Despite Coronavirus Outbreak
South Florida homeowners are still selling and buyers are still buying during the coronavirus outbreak – just maybe not with the same vigor in the last few months.
“In the last seven days, week, we have made 407 closed sales, so it is moving,” said real estate agent Rebecca Carmona.
There are deals out there as sellers get real about the times we are living in.
“Last week, last 7 days, we had 488 price decreases. So what that means is that sellers are getting realistic about prices and they are bringing them to where they need to be for a sale,” Carmona said.
But do not get too excited.
There are a number of potential homebuyers with jobs and income who are on the hunt, including investors with cash.
Low interest rates – around 3.4% – means there’s an incentive to make a move now.
That said, Carmona added that “the bigger banks have made regulations a little harder for people, credit scores, liquid cash on hand to be able to close.”
“Ultimately, if one bank turns you down, keep looking because there will be a bank that will finance you,” she said.
But there is a caution here.
With uncertain times upon us, a structured home deal today might be ugly in coming months.
“Twelve to 18 months down the line, a wave of foreclosures will come because those people have no equity in their property and their job situation changed,” Carmona explained.
Source: CBS 4
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