A pandemic that slowed down production in all major sectors is beyond capable of slowing things down for the real estate sector. As a result, the year 2020 cannot be termed a great year for the field that deals with properties. But there are certain exceptions to this regard, and one such exception stands to be visible in the form of luxury homes. So to give you an idea of all that is happening, here’s a small take on Covid-19 and its effect on luxury homes.
The Case of Miami Realtors
At the beginning of the pandemic, things were not hitting the right chords for realtors and other kinds of individuals involved in the real estate industry. Their mark of progression was limited with social distancing and different types of rules enforced by the pandemic. But if one has to look at the positive side of the picture, then the pandemic has accelerated a new trend of homebuyers from New York.
Yes, that’s right. The cold weather, tax-burdened North-eastern states, and other related aspects have all come into force to promote sales and help people make the most of the real estate industry.
Visible Changes Throughout the Third Quarter
Terms and figures of the first two quarters might not have anything substantial to showcase, but the third quarters do show a positive growth. The Miami-Dade County single-family home luxury created this understanding as their transactions surged around 55.3% in the third quarter. This form of growth was only possible with the new aspect of functionally that includes working from home, a lower rate of interest, and other related things.
With all that coming into the picture, the sector is trying to regain its position, which was long gone a few months ago. While the virus is yet to leave the world, growth amidst a pandemic is definitely something to look forward to.
The Factors of Demand and Supply
We are all aware of the active role played by demand and supply. As these factors decide things for the market, it is essential to acknowledge the active role that they are playing. While things were normal before the pandemic, demand, and supply were at the same level. But with all the new changes, limited supply, and strong demand is the new norm of business. While people were clueless about how to get things going on in the beginning, things seem to be fetching results at the moment.
The figures that we see and analyze now are only aspects that indicate a portion of the industry. The larger part of the picture is yet to develop, and we all have to wait and watch what it brings to the table.