The real estate industry is no stranger to market ups and downs as well as booms and busts, but after each upturn or recession things always look a little different in the marketplace, at least for a little while.
The current pandemic is no different. COVID-19 has definitely made its mark on real estate, though not in the same way previous recessions have. For example, while the 2008 recession largely stemmed from the foreclosure crisis, today Miami home values are continuing to retain their mortgage value. There’s no denying, however, that the uncertainty surrounding the economic situation has buyers and sellers on edge. But it has also reshaped – or strengthened – our idea of what a home means.
What Buyers May Be Looking for in a Home Following the Pandemic
During the pandemic, our entire worlds have been brought “home.” We are doing more than just eating and sleeping there, we are working from home, we are teaching our kids from home, and we are playing, exercising, and doing recreation activities at home. It is our place of safety and comfort.
As buyers evaluate their concept of what “home” means following the pandemic, they will also be considering their needs from a whole new vantage point. Here are a few things that may factor into their decisions:
The people of South Florida are resilient and so too is the real estate market. Despite the new waters we’re navigating, people are still buying and selling homes. If you have questions about the market, don’t hesitate to get in touch with us at Drew Kern Real Estate.