Measures to contain the spread of coronavirus are still shifting by the day — and so are responses by investors, developers, builders, banks and buyers. To track the impact in real time, RE|source Miami is asking real estate professionals in various sectors for on-the-ground reports.
Today we hear from Neal Oates, Jr., president and chief executive officer of the Hollywood-based World Renowned Real Estate, which has provided home marketing services since 2014.
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The current market is more cautious. This applies to people physically and mentally in their decision making. The biggest impact is obviously the actual mobility of buyers in the market being able to view properties. Any time there is uncertainty, many people would rather pause, wait-and-see, and do nothing. We are seeing that the good properties, priced attractively, are still selling and qualified, motivated buyers are making the most of the current atmosphere.
Q: How has technology aided the sales process?
Proper use of the right technology is more vital now there ever. The brokerages, agents and title companies who made the smoothest transition during this period were those who either had technology in place previously or pivoted quickly. Many of those who are utilizing tech properly are pulling ahead of the pack and being seen in a more favorable manner by the public and industry as top-tier professionals.
Q: Who is searching for a home in South Florida?
South Florida continues to be a highly sought-after destination for buyers from across the country and world. The search results show the interest from the northeast continues to be strong as well as that from Canada. The countries who have been in the Top 10 for the past few years are not only looking, but have increased the number of property views and duration of visits. Buyers who have available funds are searching for mid-to-top tier properties whose owners may need to sell and willing to negotiate to make it happen.
Q: How have priorities shifted for buyers and renters?
As a result of the current atmosphere we have seen a resurgence of focus on the total livability of a property. With more people spending more time at home, living square footage, exterior and green space has become a priority again. Additional rooms such as dens, offices or playrooms have become buzz words in listing descriptions.
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Q: How will activity likely pan out for the remainder of the second quarter?
The second quarter activity will mirror the confidence of buyers and sellers. As we see an increase in willingness to market properties by sellers and buyers wanting to see properties again, the sales stats will reflect it. It is relatively early to tell because of how quickly restrictions are being updated. One thing that will always impact sales activity is the amount of available inventory, which is clearly less than it was prior to the pandemic. We are excited that the sales prices are holding steady. The other two factors that will likely play a significant role are the availability of financing for buyers and employment stability.
Read more here: https://www.miamiherald.com/news/business/real-estate-news/article242407566.html#storylink=cpy