Monday, May 4, 2020

What you should know when it’s time to invest: Coronavirus edition


The task of selling, buying and investing in properties has always been a thoughtful act, full of challenges and bumpy roads. These challenges have only been boosted by the new scenario COVID-19 has provided, making it seem that the road is a little steeper than before. However, there are still many opportunities within this field.

 

Surprisingly (or not), the real estate business in South Florida hasn’t stopped. Just like everything else, it has slowed down: transactions are being delayed or pushed back, but they haven’t stopped completely. In fact, many brokers and companies  keep showing properties all over Coral Gables and Miami Lakes, valued from $300,000 to nearly a million dollars. So, in spite of the circumstances, there are still many alternatives to carry out a safe investment for all the parties involved during the COVID-19 pandemic.

 

     Pricing and Listing: Right now, many transactions are paralyzed, and for fear of losing business opportunities, many owners are lowering their prices; however, this might not be the best strategy to follow. The price fluctuation due to the crisis is temporary, so if you’re thinking about lowering your selling price, make sure it’s not an exaggerated drop. That way, you won’t lose money when the prices start rising up again.

 

Moreover, listing prices and comparisons with other properties are also good measurements, as long as they are up to date. The market has changed in the last few months so there’s no use in checking old references.

 

     Ace negotiation: Buyers are increasing their standards. Why? This pandemic has shown the importance of owning a home that covers all the needs of space, comfort, security, etc., in a long-term period (at the end of the day, we have spent several months at home already), all of which means that brokers and agents must polish their negotiating skills, and even prepare themselves for a little give and take.

 

     Take care of the image: Tidying up, fixing minor construction issues and caring for the visual image have a big impact on a client’s decision. As for COVID-19, the alternatives to carry out meetings and home visits are now restricted by virtuality.

 

An online rendezvous might not be the most comfortable for either of the parties; however, it is one of the makeshift solutions during the crisis. On the other hand, for those who are still able to manage face-to-face visits, it is important to be aware of all the safety measures to preserve health (self-distance, face masks, antibacterial gel).

 

Now more than ever, people are valuing the worth of their own homes at its fullest, which is probably the biggest silver lining in our work field right now. Even when times get tough, there’s always something to bet on, and, for us, that is South Florida.


Copyright 2012 Gables Riches. All rights reserved. 1800 SW 1st Avenue. Suite 504. Miami, FL. 33129. Tel (786) 344-4669. Fax (786) 533-3921 info@gablesriches.com