Selling and Buying Real Estate among COVID-19 in the Tampa Bay market.
Locally, our housing market has been maintaining its pace of “full speed ahead” for the past decade. In February 2020, existing home sales were closing at decade high price points. In March, COVID-19 surfaced locally; analysts predicting this would begin the housing market crash. Quite the contrary. The buyer demand is at an all-time high and we are experiencing a lack of homes to sell (supply) for the demand. Many factors are contributing to the strong market; for example: there are fewer subprime mortgages, lower borrower debt-to-income ratios, and more equity in homes. Interestingly, while home prices have increased, mortgage costs as a percentage of household income has declined over the last decade (see chart below). With mandated CDC requirements in place for real estate professionals, we are still showing and selling homes! As a buyer, it is requested for all viewings that only one person in the party touch contact points, masks must be worn while inside closed spaces and maintain a safe distance from others. For sellers, leave any lights and doors open that are possible. As agents we will sanitize all touch points before and after each showing appointment and owners should not be present for showings.