COVID-19 has unquestionably affected many aspects of our lives. It has interrupted building projects, social events, schooling, and the American workforce. The changing work climate has caused a great deal of confusion and fear among workers as they have transitioned to working online, working fewer hours, or being laid off entirely.

Despite the challenges and concerns the pandemic has brought in the housing market, the crisis has overall produced the perfect buyer’s market – where there are plenty of houses for sale at affordable prices.

The information below can show you what benefits, as well as challenges, you can expect to face in the 2020 housing market.

1. Mortgage Foreclosure Relief

One of the most pressing concerns unemployed homeowners are facing now is the fear of mortgage foreclosure. The good news for Floridians is that our governor, Ron DeSantis, has passed an executive order to provide relief to homeowners facing foreclosure. This order was set to end on June 2nd but has now been extended to July 1st. This means that homeowners will have more time to sort out their financial situations and mortgage payments.

2. Low Mortgage Rates

COVID-19 has caused a dramatic decrease in sales for the housing market. This could be because of the aforementioned financial struggles many homeowners are facing – or simply because prospective homebuyers have been following stay at home orders. Whatever the case, this decrease in home sales has caused a decrease in mortgage rates. Now that the nation is beginning to phase out of stay at home orders, and now that mortgage rates are low – there has been an increase in home buying since COVID-19 began. This is what we like to call a buyer’s market, or in other words, the perfect opportunity for buyers to buy their house at a low price. 

3. Online Open Houses

The pandemic still continues to affect the housing market in a variety of ways. According to CNBC, more people are seeking to move from their apartments into less-crowded areas. This shows that homebuyers are now considering proximity as an important feature in the aftermath of COVID-19. Additionally, because of the virus, prospective homebuyers are learning to navigate house tours in new ways. Some are allowed to enter homes on the condition that they wear a mask, while others opt to view houses through online tours. While this can provide difficulties for homebuyers, these obstacles have not slowed the increase in home buying.

After being a seller’s market for so long, homebuyers finally have the advantage. At Glassman Legal Group, we specialize in real estate law. If you need any assistance in matters such as closings, title insurance, or mortgages, do not hesitate to call us at 954-915-8800.