Any hit to the real estate market in Tampa Bay is likely short-lived because of several factors:
- We still have an inventory shortage.
- Interest rates are at an all-time low.
- Even though people lost 30% or more of their stock account value we have NOT lost 30% or more of our homes value!
- We have 900 people per day moving into the State of Florida.
- Out of town buyers- We are experiencing buyers that were coming into town who have postponed their trip to the Clearwater area, the key word is “postponed”. In all likelihood, they will be coming soon and will also be purchasing soon.
- Fannie Mae and Freddie Mac are allowing up to 12 months of forbearance options — this is big as they back half of all of U.S. Mortgages.
- Freezes are on foreclosures and evictions for at least 60 days for immediate assistance.
- Additional help is on the way in stimulus bills.
- Also watch for a new trend, for instance homes with home offices. This could be a significant trend in what people are looking for (or will require in their future home search) since we may experience many more people working from home in the future!
- Tampa Mayor Jane Castor understands the importance of staying home right now to lessen the impact of this virus. Rip the bandaid off quickly, stay at home for 2-3 weeks to lessen the curve and get back out there as soon as this is over!
- Take a long term perspective on a significant short term crisis.
Stay positive and stay healthy!
We assist with real estate transactions and help people get ready to purchase a home by getting them out of debt. We also help to exit a home via a deed in lieu, short sale or other avenue to let a house go if it no longer fits someone’s needs.