Q: Is Now a Good Time to Buy or Sell?
Here’s what you should know about buying or selling a home right now.
I’m reaching out to you today to answer a question that I’m hearing all the time: Is now a good time to buy or sell a home on the Treasure Coast?
I do believe that it is still a good time to buy and a good time to buy or sell, even with all that’s going on in the world. We’re hearing a lot from buyers who are coming here from the Northeast and California that are in lockdown and they’re sick of it. They haven’t been able to really leave their homes, and they say that if another wave of the virus comes, they don’t want to be cooped inside again so they’re coming here to look at homes in Florida where state income tax doesn’t exist and property taxes are much lower than in a city like New York or LA.
Although certain parts of the state like Broward County and Miami have gone into a heavy lockdown, we didn’t ever fully shut down here because we have had very few cases of COVID-19. It’s still a great time to buy here.
That being said, the market is incredibly hot for sellers right now. We’re seeing an amazing mini-boom going on here. When I see something like this, I do get concerned about a bursting bubble like we saw in 2008. However, property values are certainly on the rise in the short-term.
If you’re a seller, you want to sell when people are buying, and they’re buying right now. That being said, I do believe that we may or may not see certain industries and businesses reopening. I do think commercial real estate is going to take a pretty significant hit as well. Big box stores were already hurting, and it’s only gotten worse due to the pandemic.
The real question is, “Is that going to reverberate out into residential real estate?” Since they are interconnected, I do think there will be an effect of some sort and it’s a very important conversation, but it’s too early to tell right now.
The ultimate point is that it's the right time to buy if you’re in the right scenario, and it’s the perfect time to sell for almost any scenario.
If you are looking to buy or sell a home here along the Treasure Coast, don’t hesitate to reach out via phone or email today. I look forward to hearing from you.