Real Estate Covid-19 Trends

What is happening in the Florida Real Estate market right now?

1. Sales are occurring.
   • Our June closings are not too far off from last year (that is saying a lot considering we lost 6 weeks of showings). We already have 9 closings set for July. Read more from last week’s article on why the market is so hot.
2. Showing Activity. 
   • Showing activity is on par with last year at this time in the state of Florida. That has been occurring every day for the last 14 days as I wrote about previously. Florida. The Northern Palm Beaches might be higher as well because we are seeing buying activity from Miami and Fort Lauderdale to the Northern Palm Beaches.
3. Leaving on a Jet Plane…Not just John Denver
   • There is a ton of pent up demand for this. Corporately, our client concierge  talked with 12 Buyers yesterday by early afternoon that were all from up North. That may occur in a travel wave.  All of our agents are saying the same thing.
4. Summer Market ?
   • Our summer market is historically our weakest. July is always the slowest month for showings because snowbirds, renters, and families have finished purchasing and are either up north or on summer vacation. The pent up demand of Buyers from the Northeast and Midwest might rewrite those rules this summer.
5. Some Sellers on the sideline
   • There are also some sellers who haven’t put their home on the market yet because of Covid concerns but we think that number is less than pent up demand at this point.
6. Guest Home and Mother In Law Suite Demand
   • We have seen demand direct sales and  increase for homes that have guest houses or mother in law suites.  2 sales this week I’m aware of and direct calls for this personally. More families living together, avoidance of assisted living and working from home are factors.
7. Urban Flight
   • We’ve had movement from not only within our area but from within Florida (Fort Lauderdale and Miami).  We rented a large home at Trump National last week from a family looking to get out of Fort Lauderdale. The calls from Northern and Midwestern cities are running at 80% of our call volume activity. Demand to get out of high density urban areas for healthy lifestyle, tax savings,  and other monetary reasons is sky high.
8. 3D Tour Premium.
   • Every listing we put on now has a premium 3D Virtual Tour no matter if it’s a $5M listing or a $150K listing.  We also have a search filter for 3D VR tours now on our website. This was a major capital expenditure but homes searching this way is off the charts. https://jeftestechofinepropertiescom.kinsta.cloud/search/

Search by 3D Virtual Realtiy Only…Right Now.  Very Kewl!

Jeff Lichtenstein

561-346-8383

Jeff@EchoFineProperties.com

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