Dale Bohannon - REALTOR - eXp Realty

TAMPA BAY FLORIDA REAL ESTATE MARKET CORONAVIRUS COVID


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REAL ESTATE MARKET UPDATE: The real estate market runs on confidence. Prior to the Wuhan virus outbreak, confidence was high. Employment was strong, real estate listings were in short supply, and demand was high. We had solid consumer balance sheets, increased savings rates, and record levels of home equity. As the outbreak has impacted the the domestic and global economy, the housing market has followed suit. Housing represents 14.6% of the US Gross Domestic Product. Every home sold in Florida has an estimated impact of $77,858 on the economy according to a 2018 study by the National Association of Realtors® (NAR). How much damage has been done? Will this be a flashcrash or a recession? Will the Fed’s recent actions and the Coronavirus Stimulus Package be enough to buy some time? Most of the current housing market data reflects the era before the Covid-19 fallout. The March data is just starting to roll in, stay tuned...

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