Then comes the coronavirus and we are all living that nightmare. We are in this together and it’s not going to be easy to recover from. I am trying to stay focused and not let the daily onslaught of bad news affect me. I am going to have to work harder than ever, we all are. In the real estate market, it’s going to be a tough climb. Showings have already basically stopped, except for some new listings that hit the market. The Fed cut their interest rate to 0%, but so far mortgage loans have gotten more expensive. They will come down and test all time lows in the not too distant future, or we all are in a lot of trouble.
Sales of condos in the Jupiter area were up over the past 30 days and also compared to last year’s numbers. Because of closings in the pipeline, I think we will see median prices sneak out small gains next month, but after that it’s anyone’s guess. Anyone hoping for higher prices in the months ahead is probably going to be very disappointed.
With everyone told to stay home, there is going to be a period of far slower than expected seasonal buying activity. The months ahead look to be rocky for the real estate industry. A recession is almost guaranteed and how quickly this country can recover once quarantine ends will be the key. Until then, expect fewer new listings and far more difficult times for seller’s, unless they have a highly sought after property. There will be delays in everything, including closings. With inventory levels so poor, prices falling steeply does not appear to be a likely outcome but the depth and length of the recession may change that.
Lots of uncertainty ahead and if you are planning on doing anything real estate, the need to be making educated decisions is more important than ever. Paradise Sharks is open for business. We are here to help. Our prices are still the best you will find anywhere and our service is designed with our client’s happiness in mind. Please feel free to contact us anytime, even if it’s for a simple question, we are here to help. Just email us at email@example.com or give us a call at 561.308.0175. Together, we will make it through a most difficult period. Brighter days are ahead. Stay positive…….