COVID-19 And The Housing Market in Orlando
Is this a good time to invest in real estate?
With the COVID-19 pandemic we are experiencing a rapidly evolving situation that has affected the economic wellbeing of the nation, and the housing market sector is not the exception. Buyers and sellers alike are asking themselves: Are home prices going to drop? Is it time to purchase/sell property, or should I wait?
It is normal to expect the housing market to be affected during recessions. Low property inventories and low interest rates are conducive to a very competitive homebuying season. But this pandemic is a factor that has being affecting the housing market in ways we have never seen before.
While it is true that home sales have dropped dramatically in recent months, as have mortgage applications, there is hope. Historically, during pandemic times home prices have stayed the same or have suffered a little adjustment. In other words, the housing market is put on a sort of hold.
No one can guarantee what is going to happen, but we have already seen measures from the federal and state governments that are intended to avoid a major collapse of the nation’s economy. On the other hand, the large tourism corporations in Orlando such as Disney and Universal, are already making arrangements for reopening its operations in the near future and, with them, the hospitality industry in general. Once this happens and tourists start coming back to Central Florida, our housing market is expected to experience a quick recovery.
Every housing market has its own characteristics but it looks like once again we will prevail.