COVID creating buying opportunities?
With massive job loss, most buyers have expected real estate prices to drop. This seemed logical at the time and it was hard to stand behind a different idea. We have personally seen properties that have been on the market for a year go under contract during this pandemic. Yes, some deals fell apart early on, only to be brought back together once things settled down. High demand areas don't seem to be negatively impacted, and perhaps even the lower supply has increased prices!
Will the loosening of the stay at home order create a next wave of COVID cases? If so will there be another shut down and create a price drop that everyone was expecting? Or will it stay flat/increase due to lower supply from fear of opening homes to strangers?
Will people in New York City, with high taxes and strict stay at home orders flock to Central Florida?
No one knows, it's all speculation, but as each day goes by we are more optimistic of prices staying stable in our areas of Winter Park, College Park, Baldwin Park, Downtown Orlando, and Maitland.