Anyone interested in real estate is particularly interested in how the Coronavirus pandemic has affected the market. Berkshire Hathaway HomeServices EWM Realty released today their Insight 2020 Mid-Year Report highlighting market trends from January 2020 through June 2020. The report includes a special Insight report entitled Impacts: How The Coronavirus Pandemic Has Affected The South Florida Real Estate Market.
Some market speculators have believed that home sales and property values would plummet as a result of the pandemic. Although sales did sharply decline from March 2020 to April 2020–reaching a low-point in May 2020–June 2020 showed an incredible bounceback as a result of pent-up demand. Although there was a change in consumer behavior and confidence brought about by the pandemic, median prices remained stable. The absorption of homes on the market and the decline of new homes coming on to the market create an inventory shortage that is increasing competition among buyers. If this trend continues, we may see prices rise. You can read more about this topic in the Impacts special report.
Other notable information offered in the Insight 2020 Mid-Year Report was some intriguing research on the Millennial generation and their participation in the real estate market. All that can be said is…they’re here! Millennials have now surpassed the Baby Boomer generation as the most active home buyers, making up 37% of all buying activity. The report dives into several myths about Millennials and their habits when it comes to real estate. It’s a must-read for anyone interested in this generation’s rise into homebuying primacy.
The quality of the decisions you make largely depends on the quality of information you have access to. Quality information and a good understanding of how to interpret it will significantly increase your chances of making the right move when it comes to real estate. Knowing when to buy or sell a home can be one of the toughest decisions of your life. Berkshire Hathaway HomeServices EWM Realty and its world-class team of Associates are committed to equipping you with the best information possible. If you’re wondering whether now is the right time for you to get into the market, read the Insight 2020 Mid-Year Market Report, register on our site, and connect with one of our experienced real estate professionals.