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5 THINGS TO DO IF YOU’RE SELLING YOUR HOUSE DURING THE PANDEMIC
1. Clean and disinfect your home thoroughly. Finish up any DIY jobs and work on your homes curb appeal.
2. Reschedule any in-person open houses, ask your Realtor and schedule an online open house. to create a video tour
3. Use teleconferencing and e-signing programs to negotiate contracts.
4. Be flexible. Know that your closing dates could shift, so be sure to account for potential delays.
5. Don’t panic. People have more time now to house-hunt, and everyone needs a place to call home. When the stay-at-home order is lifted, you’ll be ready.
Sources: Forbes, USA Today
Reprinted with permission Florida Realtors. All rights reserved.
HUD Housing Market Conditions Summary for Broward County Florida July 2020
The home sales market in the county is currently balanced. A 3.9-month of supply of single-family homes were for sale in May 2020, down from 4.4 months of supply a year earlier; the inventory of townhomes and condominiums increased from 5.9 months to 6.5 months during the same period. (Broward Miami, a Division of Miami Realtors). The number of homes sold totaled 10,525 year-to-date through May 2020, down about 21% from the same period a year earlier, and single-family homes accounted for 49% of total sales. The average sales price for single-family homes increased 9% to $497,950, while townhome and condominium prices increased 6% to $238,700. Single-family homebuilding activity, as measured by the number of homes permitted, decreased 12% from a year earlier to 1,550 homes permitted during the 12 months ending April 2020 (preliminary data). The apartment market in the county is also balanced. The average rent was $1,643 during the first quarter of 2020, up 3% from a year earlier (RealPage, Inc.). The apartment vacancy rate was 4.2%, down from 4.7% a year ago. Based on preliminary data, multifamily construction, as measured by the number of units permitted, totaled 3,725 units during the 12 months ending April 2020, up nearly 40% from a year earlier. The 142-unit Six13 Apartments, in Fort Lauderdale, opened in June 2020. Rents for the one- and two-bedroom units start at approximately $1,530 and $1,790, respectively.
COVID-19 RESOURCE: Mortgage Relief Options from BANKRATE.COM at https://www.bankrate.com/mortgages/programs-to-freeze-foreclosures-evictions-from-coronavirus-disruptions/