{"id":69223,"date":"2020-05-28T12:05:36","date_gmt":"2020-05-28T19:05:36","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=69223"},"modified":"2021-08-31T15:43:10","modified_gmt":"2021-08-31T22:43:10","slug":"miami-real-estate-buying-a-home-during-covid-19","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/miami-real-estate-buying-a-home-during-covid-19\/","title":{"rendered":"Miami Real Estate: What it\u2019s like Buying a Home During COVID-19"},"content":{"rendered":"

In the wake of the Coronavirus pandemic, the <\/span>US housing market<\/span><\/a> has experienced increased volatility, and the real estate industry has responded quickly to the abrupt changes by adjusting processes to fit the \u201cnew normal\u201d for the time being. Nationwide, the industry has shifted in order to continue doing business and to implement all the necessary safety precautions, but this all looks a little different market-to-market.<\/span><\/p>\n

Many of the trends we\u2019re seeing during COVID-19 in <\/span>Miam<\/span><\/a>i<\/span> real estate<\/span> all come down to property type. For single-family homes, the <\/span>Miami real estate market<\/span><\/a> still remains in favor of the seller, and has seen minor changes in buyer demand and inventory. For <\/span>condos in Miami<\/span><\/a>, the demand has decreased as inventory increases, creating a buyer\u2019s market. We\u2019ve asked Redfin agent Maria Garcia-Gonzalez to share her expertise in the Miami real estate market, and her experiences in the field during the pandemic.<\/span><\/p>\n

\"Miami<\/p>\n

What are home tours like for potential homebuyers in Miami?\u00a0<\/span><\/h2>\n

Virtual home tours have become increasingly popular during the COVID-19 pandemic<\/a> as an option for potential homebuyers to tour the home instead of visiting the property in person, but some housing markets are seeing this feature used more than others. When the stay-at-home and shelter-in-place order was issued in Miami, <\/span>virtual home tours<\/span><\/a> was the preferred option. Now, it really just depends on the property type.\u00a0<\/span><\/p>\n

According to Redfin Agent Maria Garcia-Gonzalez, \u201cAt the beginning of quarantine, we only offered <\/span>virtual tours and people really embraced it<\/span><\/a>, clients were grateful to have an alternative option. Now we\u2019re giving clients the option to do an in-person or virtual tour. Those who decide to do an in-person tour are respectful of the social distancing guidelines and are always wearing masks and protective gear,\u201d says agent Garcia-Gonzalez.<\/span><\/p>\n

\u201cPotential homebuyers are doing more in-person tours, especially if it\u2019s single-family homes and vacant homes. I’ve only had one offer where the buyer didn\u2019t see the home in person. But, it\u2019s a different story for apartment buildings and condos, especially occupied units. Because of Coronavirus, many associations aren’t allowing access to buildings, and tenant-occupied units don’t want strangers in their homes.”<\/span><\/p>\n

Has the pandemic affected the competitiveness of the Miami housing market?\u00a0<\/span><\/h2>\n

Spring is typically the busiest season in real estate, and this still holds true for the Miami real estate market during the pandemic. In fact, during COVID-19, Agent Maria Garcia-Gonzalez has experienced homes selling in less than 24 hours.<\/span><\/p>\n

The <\/span>Miami real estate market<\/span><\/a> is still somewhat competitive, but the property type plays a big role in just how competitive. \u201cI still have many single-family homes with multiple offers and very fast sales,\u201d said Garcia-Gonzalez. \u201cCondos, however, are a dime a dozen – prices have lowered and competition has decreased\u201d.\u00a0<\/span><\/p>\n

This could be a result from quarantine, as buyers\u2019 preferences shift towards favoring more room and less people. According to Maria, \u201cIn Miami, people are avoiding crowded buildings and prefer a smaller house with a backyard for the same price as a small condo.\u201d<\/span><\/p>\n

Have stay-at-home orders postponed closings?<\/span><\/h2>\n

The Coronavirus has put Miami real estate to the test in more ways than one, but that hasn\u2019t stopped closings from happening, they\u2019re just being done electronically through <\/span>eClosings<\/span><\/a>.<\/span><\/p>\n

\u201cI still haven’t had any closing postponed or canceled due to the pandemic. I always include a COVID-19 clause in the contract but haven’t had the need to use it. We\u2019ll work with the lenders and the title company to try to actually move the closings sooner rather than later.\u201d Says Garcia-Gonzalez.\u00a0<\/span><\/p>\n

During the pandemic, the real estate industry has been changing quickly so it\u2019s important to close as soon as possible. \u201cRight now, the financial end is very volatile so it\u2019s especially important to close quickly, Says Maria. \u201cRestrictions on mortgages can change very quickly, so it\u2019s important to keep in touch with the title company and lenders to make sure the buyers and sellers are ready to close.\u201d<\/span><\/p>\n

Is the Miami housing market currently in favor of buyers or sellers?<\/span><\/h2>\n

\u201cFor single-family homes, the current market is in favor of sellers and homes are selling for the asking price, or very close to it. There isn\u2019t much inventory and the homes that are available are going fast,\u201d says Maria. \u201cWe\u2019re seeing the opposite trend with condos. Prices are getting lower and there is a large inventory, even relative to other markets.\u201d<\/span><\/p>\n

Can you tell us about your experience closing on a home in Miami while social distancing?\u00a0<\/span><\/h2>\n

\u201cWe are all getting really creative in order to follow COVID-19 guidelines and close on homes,\u201d says Garcia-Gonzalez. \u201cWe all met in the parking lot of the title company, where they had set up a foldable table outside. The client, the listing agent, and I as the buyer\u2019s agent, all remained in our separate cars to ensure we were social distancing. We all wore protective gear and masks and one by one, the title company called each of us forward to sign.\u201d<\/span><\/p>\n

How is the COVID-19 clause protecting clients?\u00a0<\/span><\/h2>\n

Because of the amount of uncertainty in the market currently, real estate agents are adding special verbiage to new and existing contracts to protect their clients and allow delays in deadlines due to COVID-19 that would otherwise be met. The clause references the Coronavirus specifically and offers flexibility during the challenging time. Many of the milestones that are typically met during the homebuying process may not be feasible in the current state of the market. Perhaps one of the parties involved can\u2019t meet the agreed-upon move-out date, someone begins to feel sick, or the house inspection isn\u2019t performed on time. The Coronavirus addendum could allow for additional time for certain scenarios.\u00a0<\/span><\/p>\n

\u201cI include the COVID-19 clause in all of my contracts and it’s been welcomed with open arms,\u201d says Garcia-Gonzalez. \u201cIt’s extremely important to include the clause in my contract to protect against any open permits, liens, violations, or anything on the property that the seller should take care of before closing, or the buyer may walk out on the contract.\u201d<\/span><\/p>\n

Who can step foot inside the homes during the homebuying process?\u00a0<\/span><\/h2>\n

During the pandemic, people still need to move and still need a place to live, so Miami real estate is considered an essential business. We\u2019re still closing on homes and hitting all the milestones during the homebuying process. Everyone involved has thought of inventive ways to still do business while taking all the necessary precautions and wearing protective gear.<\/span><\/p>\n

According to Maria, \u201cInspectors and agents are still allowed in homes, and as of April 21st, appraisers are not allowed in homes. To estimate the value of the home, appraisers have been working with comps, photos from the MLS, and the exterior of the home.\u201d<\/span><\/p>\n

\u201cWe\u2019ve really had to lean on each other and it\u2019s been a big collaboration between all of us,\u201d says Garcia-Gonzalez. \u201cI write the contracts and work with the inspectors over the phone all while our associate agents tour with the clients.\u201d\u00a0<\/span><\/p>\n

What is your one piece of advice for potential homebuyers in the Miami housing market?<\/span><\/h2>\n

\u201cEven though we\u2019re experiencing a pandemic, the Miami housing market is still a very strong market. It’s an attractive market, a great place to invest and taxes are a lot lower than they are on the West Coast or in the North,\u201d says Redfin agent Maria Garcia-Gonzalez.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In the wake of the Coronavirus pandemic, the US housing market has experienced increased volatility, and the real estate industry has responded quickly to the abrupt changes by adjusting processes to fit the \u201cnew normal\u201d for the time being. Nationwide, the industry has shifted in order to continue doing business and to implement all the […]<\/p>\n","protected":false},"author":520,"featured_media":69224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[3849],"coauthors":[31560],"class_list":["post-69223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-local"],"acf":[],"yoast_head":"\nMiami Real Estate: Buying a Home During COVID-19 | Redfin<\/title>\n<meta name=\"description\" content=\"How has Coronavirus impacted local real estate.markets? 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