Amid coronavirus crisis, some buyers are favoring houses over condos, say Realtors
Northeasterners who were already wintering in South Florida are looking to extend their stays. Some are converting from renting to buying; others are looking to move from condos (where building amenities are now shut) to single-family homes with yards.
Those are among the impacts of the coronavirus on the local real estate market, according to five top residential Realtors who spoke at a RE|source Miami webinar Wednesday.
Other findings:
▪ While some sales contracts are going forward, some buyers have asked for extensions — and sellers have agreed.
▪ Getting appraisals and financing have become more difficult. As a result, Realtors said they expect to see sellers favor cash deals, much as they did after the Great Recession.
▪ Several Realtors said they expected prices to dip after the quarantine lifts — but perhaps not for long.
A recording of the entire webinar is available online at https://bit.ly/2JSgE26.
On the panel were Nelson Gonzalez, senior vice president of Berkshire Hathaway HomeServices EWM Realty; Jorge Guerra Jr., chairman, Miami Realtors Association; Robert Hite, Realtor associate at One Sotheby’s; Karen Matluck, Sunny Isles specialist and a member of the Master Brokers Forum; Carole Smith, vice president, Compass Realty. Miami Herald Business Editor Jane Wooldridge moderated the panel.
This story was originally published April 8, 2020 at 5:08 PM.
