Florida had a Listing Shortage Pre-COVID-19 – and It Still Does ☘ Hoey Team ☘ eXp Realty

Dated: May 6 2020

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In 2008, Fla. had too many new homes; but in early 2020, there were too few.   Even if buyer demand falls slightly, a still-low supply will likely push home prices higher.

Florida Realtors 2020 05 06 Florida Had a Housing Listing Shortage belore the COVID-19 pandemic issue and still does Hoey Team eXp Realty

NEW YORK – Housing prices aren’t expected to drop significantly during the COVID-19 pandemic, in part because Florida is facing a statewide housing shortage.

Florida Realtors says that builders have been cautious since the last recession. Florida Realtors chief economist Brad O’Connor says new home sales are down 30% to 40% statewide, but he says there’s a key difference between the housing market of today and the one 10 years ago.

“When we went into the great recession, builders. … all across the United States had massively overbuilt homes,” O’Connor says. However, builders learned their lesson a little too well, and now the state now has a shortage of housing.

“So let’s say the demand for housing falls, houses will still be scarce … So the prices won’t fall as much as they did last time when there were so many houses to choose from,” O’Connor explains. “We haven’t seen a bunch of people leaving their houses on the market and selling for a lower price. What they’re doing is pulling their houses off the market for a couple of months and waiting for all this craziness to go away, and then they will try to put their homes back on the market and sell for a similar value to what they have it posted for now.”

In Tallahassee, local real estate agent Hettie Spooner says there’s not enough housing under $300,000. She has seen people pull their houses off the market during the COVID-19 pandemic, but she believes it’s a temporary trend, noting that Tallahassee has a steady draw from its government offices and universities.

O’Connor agrees that the COVID-19 pandemic will have an impact on the housing market across the state – but that it will pass eventually.  

Article content from Florida Realtors (FR) Newsletter and from other sources including Hoey Team ☘ eXp & WUSF News (05/02/20) Robbie Gaffney

Hoey Team â˜˜ eXp Realty COVID-19 Resource Page

On this page we are adding a list of Vendors for COVID-19 related items here in SWFL.  Please let us know if there is a Vendor / Store we should add:   www.VisitCollier.Com      Feel free to share with anyone looking.

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For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

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