After the initial wave of the Coronavirus in May, Bonita Springs-Estero REALTORS® (BER) saw a two week dip in the real estate market. Many active and closed listings went down as people went into their homes for quarantine. There were some significant effects of the virus in early May that seemed to be short lived. Since then, realtors have seen the listing numbers come back up to where they were before lockdown.
Despite fears, the prices of homes in this area have been steadily rising over the 2020 sales year. There has also been a 12% year-over-year increase in sales across Florida as a whole. In addition, there are historically low interest rates further inciting buyers to make the leap. All of this has helped the market rebound quickly.
In particular larger or more luxury homes have become more popular, especially among the pandemic. As people are beginning to work from home, some are deciding to buy their second or third homes to escape the big cities while they are on lockdown. These buyers would be looking for bigger homes with room for home offices, and gyms. In fact the Broker at Domain Realty in Naples, Adam Ruud, stated that “There have been more multi-million dollar contracts in the past 6 months than have ever been in the history of our brokerage.” In fact, the luxury home market has almost been boosted by the global pandemic. He says that Domain Realty recognized that demand and the desirability of the luxury home market.
Brokers also noticed a trend among the willingness of people re-entering the market: buyers are far more anxious to get back than sellers. With a lot of buyers moving down South from the Northeast parts of the country, and other buyers needing a place to stay. It is a great time to get yourself out there and list a home. Real estate search websites such as Realator.com have reported that there have been more searches for homes in the area this year, on average than last year. If you are worried about listing due to the current situation, never fear, there are many technological ways to show off the property in these troubling times, including software such as Zoom, Skype, and FaceTime. These virtual meeting platforms are free and easy to use and your agent will be sure to help you.
With this rise in people buying houses, many investors have been buying real estate as well. Due to concerns with other markets being unstable during this challenging time, many have turned to real estate as a prime investment opportunity. Currently the market stands high among the rest currently resting in the number one spot in America, passing stocks, savings accounts, and gold.
As the real estate market rebounds after a short fumble from the Coronavirus Bonita Springs-Estero becomes a desirable location for many trying to escape the big cities. With buyers out there hungry for a home, right now is a great time to take your shot at selling.