There are many factors that can
affect economy and eventually have negative or positive impact on sub-sectors
of economy. Real estate is part of the economy that generally shows first
signs of economy changes. That’s why one of the most important factors for economy’s
evaluation is the real estate market condition.
Recently pandemic of novel COVID-19
known as Corona virus creating a global crisis and almost cause the whole word to
shout down. 200 countries got involve and over 1.2 million people got infection
so far and over 200,000 lost their life. Due to the high ability of the
transfer of the virus between human most of the countries went through quarantine
and lots of companies and business were forced to close and lots of jobs
already were lost. This pandemic is
having a negative impact on all industries including real estate industry even
though the interest rate was bring down almost to zero to help real
estate crashes. It has effected
brokerage operations, listing and transaction. It is hard to conduct business
as a real estate agent because that means you cannot go to listing
appointment, walkthrough, showing and etc.
The paramedic of novel COVID-19 cause
some people lose their job and practically are out of market of buying new
properties also since the market is down there are lots of seller will pause at
the moment to see what will happen next. Although I do believe that the crash
might have biggest impact on condominium but it won’t affect single
family houses which are very short inventory of them in south Florida
real estate market. Also commercial property will get negative
impact from this market crash. I think like 2008 if the crisis continue for
long time and we faced such economy crash in 2007and 2008 the inventory of short
sales and foreclosed property will increase and it would be an opportunity
for investors waiting for hunting.
These pandemic may discourage
some of your client or potential client from buying or selling, as a real
state professional you should still keep up and touch bases with them to
make sure in case they decide after all they want to go forward with their
purchase or sell they would choose you because to made a working relationship
with them.
Since your activity in real
estate is limited during these crisis there are some tools that you may use for
example use online virtual tour instead of showing the property or use , online
meeting for your listing appoint and use
online notaries as it was mentioned in these article for your closing.
Although doing all these
differently might makes it harder it is not impossible to conduct business.
Even though it seems that
economy is bad at the moment, I’m hoping that would change as soon as the
corona virus pandemic is over. A lot of people have been stuck at home,
as soon they are allowed to go out the shopping mall and restaurant will be
filled with all customers eager to shop, eat and be outside. The domestic
travel will boom because all these people to have to cancel because of the
virus and the people who have to go somewhere because they were quarantined for
too long.
Florida is one of the dream
vacation distention in the world which would help with season rental or vacation
house purchases .also Florida is a state with no federal income tax and
balanced budget which makes a lot of people want to move here. Since people were quarantined in their house
for long time they might know what to change their house since they found a
flaw with their house or maybe they now know what the need and want.
Florida is also a destination for a lot of rich
people who can hope on their private jet to come to buy their next luxury property
as their water front property on the beautiful Atlantic oceans. So we
can be pretty being optimistic about the real estate market in south Florida. 
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