I know this is a very scary 😨 time and with all the negative and pessimistic news 📰, I think it is important to take a look 🔎 at what the experts are saying 🗣 and base our decisions on that information 📝.
Hi, 👋 I’m Carlos Zapata from Pitbull 🐶 Realty. They always ask us “what is happening 🤷♂️ in the real estate market 🏘?” What is going to happen to our economy 💰 and whether we should be thinking 🤔 about buying or selling a home 🏡 here in South Florida? Well, let’s take a look 👀 at what is happening at the national level.
According to Sam Khater, chief economist 💵 at Freddie Mac, and quotes: “Although the uncertainty 😬 of the crisis means that economic 💲 activity forecasts are more confusing 😕 than usual, we expect most of the economic 💵 damage from the virus 😷 to be contained in the first half of the year 📅. In the future, we should see 🔎 a recovery from the second half of 2020. ” Locally, we are still seeing buyers 💰in full force and inventory is very low 📉 right now. We are having multiple offers 📥 on most of our properties, and they are still moving quite fast 🏃♀️.
Obviously, the economy 💲 has a lot of unknowns 🤷♂️ right now that can increase 📈 our anxiety and stress, but if we look 👀 at what we DO know, that can help us 🤝 make more accurate decisions about buying or selling 💰 a home in our counties again.
We know that we are starting this year stronger 💪 than ever, however, due to the pandemic 😷, we have a high unemployment rate 📈 right now, and we know 🤔 that the Fed is doing everything possible to help 👍. The good news 📰 is that we are in an environment 🌏 of unprecedented low interest rates 📉, which makes people want to buy 💰 because they have more purchasing power 💪. Also, the good 👍 news is that the usefulness of the properties 🏘 is solid, according to John Burns Consulting, 42.1% of the owners 📝 have their home 🏡 paid, which means that they do not 🚫 have a mortgage. 16.6% of Americans 🗺 have between 60 and 99% utility in their homes 🏡. Only 7.3% of Americans have less ⬇️ than 10% utility in their homes. This is very different 💥 from 2008, when many people used their homes 🏡 as ATMs, that is not happening now, homeowners seem to have learned the lesson 🤔, since 58.7% of all Americans have at least 60% utility, what that will help 😁 offset a housing crisis.
This is very good news 📰 for Americans. Also, rents continue to go up 📈, we have seen rents go up ⬆️ since 1988 📅, and still continue to rise, this again promotes buyers 💰 who want to buy 💲 as they don’t get the tax advantages and other benefits 🤝 of owning.
However, since the week of April 12 📅, we are seeing an increase 📈 in the rate of home 🏡 showings, which have increased ⬆ as the confinement restrictions ⛔ are easing. So the buyers 💲 are still out there and it’s not all doom and gloom 😣. Feel free to reach out to us ☎ anytime here at Pitbull 🐶 Realty, your local digital 💻 community market leaders to ask questions ❓ or just need advice on what to do to buy or sell your home 🏡 in South Florida.
This is your friend 👍 Carlitos Zapata from PITBULL 🐶 REALTY
REAL ESTATE WITH LOYALTY AND LOVE 💓