With the current situation in the World, we can all assume that some things will change for sure. For instance, some prices of real estate will change depending on the circumstances. In this article, we will discuss more how is global pandemic affecting Florida RE market and how you can deal with it.
Global pandemic affecting Florida RE market is different than the crash in 2008
You may be happy to know that unlike the crash in 2008, this pandemic is not influencing the RE that much. The statistics were done in 2008 and three years before providing us with the information that Americans cashed over $820 billion in equity. And, for the last three years, the number goes around $232 billion. Almost 40% of American homes do not have any mortgage, while the remaining have some homes with 50% equity. What is good to know is that a vast number of Americans have equity, thus there will be no need for them to sell their homes. Global pandemic affecting Florida RE market currently doesn’t have that much influence as the economic crash in 2008. Although there are some Americans that can face some difficult times in this current pandemic, there are some measures implemented that will help them overcome it.
Although the real estate market hasn’t got that big of a hit, people are still planning their relocation. And with the current pandemic in the world, you should always remain careful about how you are planning to move to your new home! Luckily, there are some moving companies NYC to Florida that keep the highest standards when moving! That way you can know everyone and everything is well protected.
Previously, according to Wells Fargo, we witnessed a significant double-digit drop over the years before the coronavirus restrictions started. Mortgage applications dropped for over 30%, which is a significant drop from the high in March. And these are just nationwide statistics. When it comes to local restrictions, there will be a slowdown. Although the pre-existing conditions and contracts are still valid and are moving forward. For now, it is just too early to draw any conclusions on this topic. The residential market is, for now straightforward. As for the market, the main question is will it stall for some time until people pull themselves up from these situations. Although the predictions are optimistic, one thing is for sure. And that is that mortgage rates are remaining low. As you may see there is no significant change with global pandemic affecting Florida RE market!
With the overall situation across the globe, a lot of moving companies are aware that it won’t be easy to organize a relocation right now. Although they are not forbidden, a certain dose of precaution still exists. And if you are worried about the safety of your trip, then you will be happy to know that moving services Miami are more than ready to help you with your relocation!
Stay at home and take care of yourself and your home
With everything that is going on currently around us, this is one of the biggest battles we have to wager today. Coronavirus is very dangerous for the elderly and people with pre-existing health conditions. Which is why it is very important to stay at home and only go out to buy groceries, pay bills and visit the pharmacy! Now, we know that this can be a really stressful situation, especially for those who do not like to stay indoors, but it has to be done. But, if you already planed and scheduled your relocation, then you should do some of the following steps:
- Clean and disinfect your home with proper cleaning kits and chemicals – which is a good way to make sure that your home is virus-free and that you won’t bring the virus into your home!
- Wash your clothes and take off your shoes before entering your home
- Always wash your hands for at least 20 seconds with proper soaps.
This is not something you aren’t already doing in your home. But you will have to pay more attention to your health and your home before you move out! You will be happy to know that there are simple house cleaning tricks you can also follow! They will help you maintain your home in top condition before you move to your new place.
The job market situation
Before everything even began, the RE market was very solid and it wasn’t shaken by the current situation. A number of real estates for sale were low, but constant. With the low mortgage rate, people started to buy homes in the early spring season. The time it took to sell homes in March was remarkable. But, the sudden situation with the coronavirus has led to jobless claims and people are now scared of the similar recession with the following foreclosure. Most of the experts do believe that will not be the case when it comes to global pandemic affecting Florida RE market. Now that the budget is tight, it is time to think about saving money. Especially if you are preparing your home for sale or just simple redecoration. There are affordable home improvement guides you can follow to make your home look better.
The question of how is global pandemic affecting Florida RE market is not easy to answer because there are many predictions on how things can end up. The main thing you can do is to remain calm and only worry about your health and the well being of your loved ones. We hope you found the answers you were looking for in our article. If you know something new or have your own opinion on this topic, you can leave us a comment in the comment section!