What should be the start of peak season for Orlando real estate is instead a slower market for both buyers and sellers. Coronavirus has made it difficult for potential buyers to look at homes.
However, despite our current situation with the Pandemic, there are still some signs of life according to real estate agents in Orlando.
Jenny Zamora, Owner/ Broker at Orlando Realty Consultants breaks down what’s currently going on in the Orlando real estate market while Florida residents are under strong recommendations to stay home.
RE Transactions Still Being Made
Even though most employees at title and mortgage companies are working from home instead of the office, they are still working hard putting through mortgage and refinance applications as mortgage rates continue to drop.
“Offers are still being made,” said Zamora. “I am still receiving offers on my listings and buyers are still making appointments to visit homes”
Virtual Tours More Common
Even though most people aren’t physically looking at homes right now, it doesn’t stop them from shopping around. Although people are a bit afraid to look at homes in person, it doesn’t mean they aren’t shopping around.
Virtual tours of Orlando homes are now more popular than ever. People are carefully going through all the photos and videos that they can on a home. They’re doing as much research as possible so that when they’re allowed to physically see the homes, they’ll be ready with a plan to move forward.
Zamora says “Potential homebuyers are relying heavily on any pics and videos they can find online. Some people are in situations where they need to move, so they have no option but to keep pressing forward with their home search.”
Transactions Taking Longer to Close
Luckily, title and mortgage companies can push through deals that have been started before the pandemic on time. However, moving forward, transactions are now expected to take a bit longer to close until things get back to normal.
“Appraisers, home inspectors, and surveyors have had an easier time scheduling visits as these can work while maintaining social distance.
Will it Be A Seller or Buyers Market When Things Are Normal Again?
Before the COVID-19 pandemic began, inventory was low and home values were high making it a seller’s market. However, with the current rising unemployment rate and an economy on a downward spiral, Orlando home values are expected to fall rather quickly. When this happens it will shift the market making it a buyer’s market. Right now it’s just too early to say for sure what will happen.
“As of today, I don’t believe there’s been a major shift yet,” said Zamora. “Buying power is still there for the most part. Interest rates are at an all-time low, so money costs less. This is what helps to counterbalance the market and current home values that are out there. It’s still a bit too early to tell if the pandemic will have a more sustained impact on homes sitting on the market for longer periods.”
