Real Estate Market During COVID-19

The housing market in Florida is usually on a tear during this time of year. Unfortunately, COVID-19 is not only having an impact on the Fernandina Beach real estate market, but on most businesses around the city, state, country, and world. Quarantine orders throughout the country have brought commerce to a halt and over 200,000,000+ million Americans are told to stay home to limit the spread of COVID-19. Within a matter of 3 weeks everyone’s lives have been put on pause.

Buyers and Sellers at A Standstill

Sellers
During these uncertain times both sellers and buyers are apprehensive. Sellers are nervous because interest has slowed due to quarantines. With market activity slowing down dramatically, there is a chance property values could decrease. If there is less demand and an abundance on inventory on the market price will go down. Lastly, sellers homes could remain on the market for months depending on the severity and rate of recovery once the quarantine is lifted.

Buyers
Buyers are nervous due to the current uncertainty in the market place. Will they continue to have a job? How long will this last? Can they afford a large investment at this time? If they are a business owner, can their business survive this quarantine? There is a lot of unknowns at this time, but there is also a lot of opportunity for buyers. Interest rates are at a 3- year low, with the average 30yr mortgage rate at 3.5%. If inventory continues to build then buyers will be able to better negotiate the sale price of the home they are looking to purchase.

At Summer House Realty we have years of experience dealing with both buyers and sellers. We understand what motivates buyers and apply that knowledge to assist our sellers in maximizing their home’s potential

Real Estate Agents are Getting Creative

At Summer House Realty we want everyone to stay safe and abide by the Governor’s order to self-quarantine. In an effort to assist our clients’ we are offering on-site virtual tours for those interested in viewing homes for sale within the Fernandina Beach/Amelia Island area. If you go to our site you can register for online scheduling to make our virtual tours a convenient way to view home(s) you may be interested in. We are here for you every step of the way with all of our virtual options. We offer the entire process virtually from the tour to the money wiring to the key delivery. We at Summer House want to keep your dreams of buying your dream home alive!

If you would like to schedule a virtual tour click here or call us at (904) 557-3020.

Why Choose Summer House Realty

Summer House Realty in Fernandina Beach specializes in helping both buyers and sellers with all of their real estate needs. As one of the largest real estate agencies in Amelia Island, we have made a name for ourselves as the go-to agency for anyone looking to sell their home, or purchase a new home. We pride ourselves on customer service, availability, knowledge, and honesty. If you are in the market to purchase a new home or list your existing home for sale, call Summer House Realty today at (904) 557-3020.