As safer-at-home and work-from-home orders are lifted and businesses continue to reopen, residential real estate is positioned to support our community’s economic renewal. Although there have been some concerns about real estate in light of COVID-19, current real estate trends show that market fundamentals remain solid for buyers and sellers.
In the Northeast Florida real estate market, both interest rates and home inventory are exceedingly low, and pricing continues to rise. The Northeast Florida Association of Realtors reported that among all the sales that occurred in April 2020, more than 15 percent achieved more than the original listing price. Home sales numbers are expected to rise once the economy reopens.
The combination of historically-low inventory and historically-low interest rates should help safeguard any decline in pricing this year. Based on market forecasts, home price appreciation is anticipated to increase by about 3 percent this year.
COVID-19 has changed a lot of things about daily life, including how to go about finding and buying a home. Our company has taken proactive steps to continue to provide services where needed and comply with best practices. Our Realtors and partners are equipped with the technology and systems to operate virtually from viewing to closing.
Consumers are embracing virtual offerings. Our Virtual Mega Open House Weekend in May featured more than 100 virtual open houses and reached more than 84,000 people on Facebook.
During this uncertain time, our responsibility as professional Realtors remains the same – to help Buyers and Sellers understand their choices and provide confidence and clarity for them to make good decisions.
Christy Budnick
President and CEO
Berkshire Hathaway HomeServices Florida Network Realty
