How the Real Estate Market Responded to COVID-19

 

The real estate market has seen its fair share of ups and downs over the years. When COVID-19 came into the picture, there was a lot of skepticism about how the market would survive. Contrary to people’s expectations, the real estate market managed to not only survive, but thrive.

 

Concerns surrounding the drop in the market included safety aspects, economic instability, and the increase in unemployment. However, at the start of the pandemic, there was a monumental rise in home-buying interest. Google reported that searches for “Process of buying a house” increased by 950%. Other Google searches that saw a significant increase included “Can you use your 401(k) to buy a house?” at a 2,800% increase and “Refinance home loan calculator” at a 4,000% increase.

 

While people were searching for homes, there was a lull in the actual buying and selling aspect of the real estate market. Beginning as early as April for some locations, the market began to bounce back with full force. The housing market saw a rush of buyers, more so than there were sellers. This caused an imbalance of supply and demand, giving sellers the upper hand and resulting in an 8.1% increase in home prices by July.

 

South Florida is no exception to the successful real estate market. According to the Douglas Elliman July 2020 report, Broward and Miami-Dade increased between 82% and 100.8% in the year-over-year condo and single-family homes sales.

 

The real estate market continues to flourish, despite the challenges presented by the pandemic. Whether you are selling your house or looking to purchase your dream home, Posh Properties can guide you through the process. Contact us today to take the first step in your real estate journey.