Many clients are asking “How should I approach the summer home buying season here in Fort Lauderdale, during the covid-19 pandemic?”
Well, we are definitely in a unique time. With new norms for social distancing, working from home for some, and financial changes, we sure do have a lot of concerns. We try to foresee the future, which can possibly prepare us for either good or bad things to come. But let’s focus on the positive side of what the Fort Lauderdale Real Estate Market is evolving into.
-Inventory is still quite low.
-Home Buyer Demand is still high.
-Mortgage rates have never been better.
Most importantly, the goal for many big city residents, especially from the North East and Canada, is to relocate south for lower home prices, warm weather and a more relaxed life. That is what has, and will continue to keep our Fort Lauderdale Real Estate Market flourishing.
Everyday, the latest covid-19 news and updates alter our decision making in most aspects of our life. Now combine that uncertainty with making one of the largest purchases/investment you will probably make. But lets look at a brighter side. Historically, home prices have minimally dropped in previous pandemics.
There is always a need for home buyers to get into a home or to move up in home size due to their growing family.
I think the most important factor will be what happens in the mortgage lending industry. Yes lenders are making their loans more cautiously, but they are still in the business of making loans. So their requirements list from you may be a little longer and more detailed, but if you can get through that, you stand to save a lot of money, not only on the long term costs of the mortgage, but definitely in your monthly costs.
We will be keeping you up to date on the Mortgage and Real Estate industry here in Fort Lauderdale throughout these Covid-19 times so check back often to keep yourself informed.
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