As of April 9th, 2020 the world is in a global health crisis. This has led us into an economic standstill of epic proportions. Our safety and well-being is more important now than ever before.
The Miami real estate market is not immune to the impacts of Covid-19. In the recent weeks, we have experienced a noticeable slowdown in home sales.
What’s important to remember is that we are not in a real estate crisis, we’re in a health crisis.
The Miami market has been healthy and balanced. In the first quarter of 2020, a total of 2853 single family homes were sold.
Mortgage rates are at historic lows (3.49%) which is great for homebuyers. And the never ending demand for Miami real estate makes it a great time for home sellers as prices continue to rise.
What’s the good news? Fall 2020 will be the beginning of the red hot Miami real estate market rebound.