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Covid outlook of Real Estate Market in South Florida, by Vanessa Grisalez

by Gastón Laugé - July 22, 2020
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Covid outlook of Real Estate Market in South Florida, by Vanessa Grisalez

This article is based and adapted by the video created by Vanessa Grisalez below, and her outlook of the Real Estate Market in Miami and the Global Pandemic.

Vanessa: Hello! Let me start of by saying that I hope you and your loved ones in good health and safe in these trying times. With the widespread of Covid-19 you must be wondering how it may be affecting the real estate market here in Miami. I get a lot of questions about this subject on a regular basis so I will try to address it below.

Should I Buy, Sell or Wait?

The question on everybody’s mind right now is “Should I make the move?”

To be honest Covid doesn’t seem to have slowed down the South Florida market. With a noticeable increase of interest from residents of the North Eastern United States to move down to South Florida. I have to say that even though with a rough start in March and April, there has been a boom in May and June! With a bulk of requests coming from New York, New Jersey, and Pennsylvania to move down here to Sunny South Florida in the next 6-8 months. With a much pricier market price in the North East the coming months are looking to be rather competitive in the South specifically South Florida (even with the increasing number of Florida positive cases)

Maybe it’s because of the limitation imposed by condominiums as far as pool usage or limited amenities accessibility people are showing an increased interest in single family homes. With the freedom to stretch their legs leasing a family home has become the new go to, with interest as low as 3.3 % (depending on your credit). With this in mind suburban areas, areas near schools where rent is still high you are able to buy for as much as you are renting. So with interest rates as low as they are and the rental cost being so high it definitely makes a lot of sense to make the move and by now.

Overseas Market on the Rise!

As for the area’s that I work here in Miami areas like Edgewater, Midtown, Brickell, Miami Beach, South Beach, Bal Harbour, Sunny Isles are all areas that have been getting a lot of interest from overseas investors, especially from Argentina and Mexico. With the effect of Covid being so global and investors becoming weary of their local economies a lot of them are moving to the US where their dollar value is expected to stay strong. International buyers with rates as low as 4.8% and a five year fixed rate financing is definitely on your side!

So, Should You Buy?

With the booming market and the attractive prices I think that if you are ready then now is a great time to make the move! If you are on the fence I would suggest keeping an eye out, I foresee some good deals in the near future.


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