The global COVID-19 pandemic has affected nearly every industry worldwide. Every industry is adapting to life during a pandemic and real estate is no different. However, even during these difficult times, real estate companies are still able to complete sales and lease deals. A lot of things may have been canceled, but not people’s need for a new home. Let’s take a look at how things changed for Orlando’s real estate market these past months.
A Health Crisis, Not a Housing Crisis
The pandemic may have slowed things down a bit, but the real estate industry is not dead, real estate experts say. Even during the lockdown, real estate professionals could still sell or lease out units because most of the tours could be done virtually. We live in a digital era where (nearly) everything is attainable by a simple touch of a button. It also helped that the pandemic has not affected home prices.
Although Florida’s economy sectors have suffered, the real estate industry showed signs of recovery as early as April, according to chief economist Brad O’Connor from the Florida Association of Realtors. In May, there was a bounce back to normal, with a steady increase in listings and pending sales.
Following the slow activity in April, May, and June, the real estate industry experienced an unexpected surge in July, said Reese Stewart, president of the Orlando Regional Realtor Association. The number of home sales is up, and it looks like they’ll be staying that way. About 3,679 Orlando homes were sold in July, up 18.6% from June 2020 and up 1.5% year over year. Across Central Florida, buyers could choose from about 6,200 homes available for purchase.
What Did Change?
Even during the pandemic, Florida residents and out-of-state buyers from California, Connecticut, New Jersey, and other states have shown interest in purchasing a home in Orlando. But what about the international homebuyers? Florida leads the nation among international homebuyers, but the pandemic did slow down Orlando’s international homebuyer segment.
Nonetheless, for many international real estate investors, now is the time to seal the deal on a property in Orlando. Prices are still low compared to other markets in Florida, such as Miami. This makes investing in Orlando a good strategy for foreign buyers too.
Experts believe the local residential real estate sector is a good indicator of the overall health of the state’s economy. Given the available data and the rising interest in purchasing a home in Central Florida, it is safe to assume that selling or purchasing a property in Orlando during the pandemic is a feasible and beneficial deal for both the seller and the homebuyer.