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When the COVID19 pandemic started, it was uncertain what type of impact it would have on the market. However, almost a year into it, it is safe to say that currently the real estate market is thriving. At the very beginning of the pandemic, things within the real estate market were a bit slow. Sellers were hesitant to allow people to tour their homes, and buyers did not want to enter homes as a precaution to avoid the virus. In general, everyone within the real estate industry was extremely careful. Face-to-face interactions were avoided almost entirely, changing The dynamic of the industry as a whole.
Although it took some time to adjust to the new guidelines brought by the pandemic, industry professionals managed to make it work. Agents began offering virtual tours, and other professionals developed practices to make every step of the home buying process safe. A couple of months into the pandemic, the real estate market began to thrive. Because of the pandemic, interest rates are historically low, and many buyers qualified for bigger loans. In addition, the supply of real estate inventory is also low, making it more competitive for buyers, and benefiting sellers. In other words, low inventory and low interest rates means that the real estate market is currently good for both sellers and buyers.
Although the pandemic has had many negative impacts on a number of industries, the real estate is one that has benefitted. Right now, both buyers and sellers can take advantage of all the opportunities that the real estate market has to offer. Interest rates are still low, and competition to buy is high.
About AMG International Realty
AMG International Realty is a global real estate firm specializing in Florida. Are you looking to buy, rent, or sell in Miami? Contact us now!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).