Covid-19 Florida – The situation in Orlando
In the US, the response to the COVID-19 contagion is less centralized. The measures taken are handled according to the states and local authorities. The lack of strong national standard has led to different policies according to the sector.
Our partner in Orlando, Ana GAZZARA, with Florida Association of Realtors shares her feedback on the situation…
“ Orlando is a Dream City, a place where people around the World come to visit all year around. Some call Orlando home and others find it a city of great investment opportunity, when it comes to the Real Estate Market.
The Real Estate Market was flourishing in the beginning of 2020. Home sales and prices were continuing to rising rapidly with a significantly decrease of inventory, making it a very healthy market for sellers. The expectations were for a strong year ahead and what we didn’t expect was the Coronavirus (COVID-19).
Since November, we have been watching on the news many other countries going into a lock down, because of the coronavirus. For our industry, this started to hit the vacation home market. Many people began to cancel travel plans, but the selling market was still very active. Now our reality is a little bit different.
In the beginning of March, we started to encourage people to stay at home and on March 26th it became an official Stay at Home order until April 9th. This order applies to everyone except for the businesses that are considered essential. Real Estate is deemed to be essential for the community and Agents are still working following the CDC (Center for Disease Control) recommendations.
Many agents around the world have been using virtual technology for their transactions, but now this becomes even more popular. Agents are now utilizing Virtual open houses, virtual tours, virtual walk-throughs and even virtual closings.
The State of Florida is part of the group of 22 States in the USA that allows one to operate a closing with the Remote Online Notarization (RON). Most of us are still uncertain how the social distance may impact the Orlando housing market and a global recession seems inevitable according to the experts.
I personally continue to be very optimistic, that the impact won’t be nearly as extreme financially as the housing crises in 2008. However, I have a feeling that our ship may flip to the Buyer’s Market.
The Coronavirus crisis is very different from the housing crisis we had back in 2008.
The US economy is very strong now, the Federal Reserve cut its benchmark interest rate to 0%, and the US Senate recently passed a $2 Trillion stimulus package to help people who have lost their jobs with the social distance restrictions. A plan has been put in place to help families with their mortgage payments and rentals.
We will still stay very positive and with hopes that everything will come back to normal pretty soon. “
EMPIRE NETWORK REALTY