Page 7 - Martin Downs Bulletin - October '20

Martin Downs, Page 7

real estate

Treasure Coast Real Estate state moratorium, has many to purchase. Those looking for a bargain, may also find that
Report landlords not getting the some of these homes need some maintenance, since the
landlord may not have had the income to keep up with repairs.
income often needed to pay
their mortgage or keep up Of course the whole COVID-19 pandemic, civil unrest,
Will The Eviction Moratorium Disrupt The with repairs. Even when the and the November elections make it difficult to predict
Housing Market? moratorium ends, landlords what the future housing market will be. One seller listed
are going to have trouble his house with me and told me that he is buying an
By Jim Weix finding suitable tenants. underground bunker in the Upper Peninsula of Michigan.
As any buyer will tell you, trying to buy a home right There may suddenly be I think he was joking, but his home sold in three days.
now is a nightmare. The inventory of existing homes for plenty of people looking Some sellers however are taking advantage of the
sale is at record lows. What is out there is often not selling to rent, but they will market by selling now, while it is a strong seller’s market.
because it is overpriced, needs too many repairs, or is in a have eviction and money Then, rather than trying to find another existing home,
bad location. When a properly priced home in good repair judgements on their record. Some predict that the end they are buying new construction where there is a lot to
goes on the market, it often sells in a day, sometimes above result may be that landlords decide to simply sell their choose from. So, as one buyer asked me: “If it is such a
the asking price. But this may change in 2021. property, particularly if it is a single-family home. This strong seller’s market, why aren’t more people selling?”
The Centers for Disease Control and Prevention (CDC) could result in a new supply of homes hitting the market. While doing my daily phone calling, I found these to
recently enacted an eviction moratorium, effective through Although it is doubtful that home prices will go down, be the top reasons, which you may find interesting:
the end of 2020. The result of that, plus the previous buyers may find that they finally can find a suitable home 1. I don’t want a bunch of people coming through my
home during the COVID-19 pandemic.
2. One member of the household lost their job or
business, so financing another home would be unlikely.
3. I can’t find another home that I like.
4. I just refinanced at a lower rate.
5. I’m waiting until after the November elections.
Last but not least was my favorite: “I’m waiting until
my underground bunker is finished.”
Jim Weix is a broker associate with The Keyes
Company. Jim has 24 years of experience selling real
estate full time. If you have questions or want the services
of an experienced expert, you can reach Jim at (772)
341-2941 or jimweix@jimweix.com.

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