Despite the coronavirus concerns, a recent Forbes article presents some interesting observations regarding the southeast Florida real estate market. According to the author, this particular area should see “robust” recovery once the pandemic is over and the economy has stabilized. It’s expected that the demand for housing is likely to recover quicker compared to that of the United States as a whole.
Before the health scare, homebuilders were facing challenges in meeting demand. Today, mainly limited to selling properties over the internet, house purchases are only a fraction of what they were two months earlier. Many of the would-be buyers are facing unemployment or are scared to risk money in the near future. And when a borrower steps up in this setting they may have difficulty securing a mortgage.
Two kinds of pent-up demand currently exist, both figurative and literal. People are getting “pent-up” in their own homes, itching to go out, and the desire to go on an excursion is manifesting. If the limitations are lifted, only slightly, certain forms of consumer spending would increase. Headwinds will exist, but this spending boom will fuel a housing market rebound.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on a Florida hard money loan or Florida hard money lending, please call 954-816-0388 or fill out our application.