A Closer Look at How Florida Real Estate Market May Be Effected by the Virus

Perhaps you have been a landlord for decades and have reaped the benefits of years of tourism. Today, with this new normal, South Florida will see a slight drop in visitors from around the world in the immediate future. Let us also add the decline in cruise ships with this new normal. Many experts are saying: “Who in their right mind would get on another cruise ship?”

Many landlords are looking into the house selling as-is and they have found their team at Rockvale Real Estate Mtg, LLC. Founder Robert M. Garcia has stated: “We have a great experienced team in the U.S. market. We are now expanding here in Florida. We believes that everyone must win in a transaction. It helps the company build trust and credibility with the community.” For more information contact them at Robert@RobyBuysHouses.com or (804)315-9099.

The COVID-19 pandemic has hit hard in South Florida. According to Rob Wile of The Miami Herald: “It also threatens the health of one of South Florida’s largest and most iconic industries, responsible for nearly $9 billion in annual economic impact to Florida - most in Miami-Dade and Broward counties.” This will make it even more difficult to find buyers offering cash for houses during these unstable times.

In a recent Sun-Sentinel article written by David Lyons: “According to Port Everglades, more than 3.9 million passengers passed through the Broward County gateway in the fiscal year 2019. The port served by 10 cruise lines, 40 cruise ships, and one ferry service.” It may be a bit more difficult to attempt house selling as is this year due to so much uncertainty.

Just recently the Governor of Florida signed an executive order which imposes an eviction moratorium for 45 days. The order suspends eviction for non-payment of rent due to the COVID-19 emergency. This new order applies to all of Florida’s housing residents. To add to that point, Congress also passed the CARES Act; furthermore, if your landlords’ mortgage is federally backed, the landlord may not file an eviction for non-payment of rent or charge you late fees for the next 120 days, ending on July 25, 2020.

If your rental properties are ready for remodeling and you are uncertain about reinvesting money into your property, the team at Rockvale Property Mtg, LLC is looking for landlords that are house selling as is, and ready to offer cash for houses with no hidden fees. To add to that point, a third of home building supplies come from China and that will play a huge role down the line.

The current COVID-19 situation is like nothing we have experienced in our lifetime. While some are enthusiastic about great opportunities, many are concerned and anxious.

According to Think Realty: “We are in the middle of the greatest opportunities when it comes to investing.” This is mere speculation because we have never experienced anything like what is happening. On one end we had people spending their life savings on toilet paper, thinking the bottom is going to fall out. On the other end of the spectrum, we have people who think it will blow over in a few weeks. First, we will feel ramifications in the economy then after the real estate market. Selling a house fast for cash in Florida has a solution with the team Rockvale Property Mtg, LLC ready and willing to make cash for houses offers with no hidden fees. For more information visit RobyBuysHouses.com.

No one had the answers to these events before the virus. The real estate market had a solid foundation, low-interest rates, and high demand that made the market very healthy.

According to Diana Olick of CNBC: “Pending home, sales plummeted 35% YoY. Biggest drop ever as buyers forfeit deposit.” Making it a bit more difficult at selling a house fast for cash in Florida.

To finish up the point on the real estate market, Realtor.com was quoted saying: “Weekly housing inventory showed continued tightening. New listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As time on market was 15 days slower YoY, asking prices moved up 1.5% YoY.”

Conclusion: With the Mortgage Forbearance Program, the real estate market will remain stable this year. Which means now may be the time to attempt house selling, as is before the market is saturated with properties. Also, with lenders raising qualifications and unemployment at an all-time high, it will be difficult for buyers to line up willing to make cash for houses offers.

Robert M. Garcia and his team are experienced and ready to pay cash for houses now. You may contact them at Robert@RobyBuysHouses.com for more information. How would you like an all-cash offer with no hidden fees made today?

Contact Information

Robert M. Garcia

Founder

Rockvale Property Mtg, LLC

(1) (804)315-9099

Robert@RobyBuysHouses.com