Welcome to April and the coronavirus, which is impacting the real estate market. Interest rates are wildly fluctuating – one day they are way down, which is great for those ready to buy and lock in their mortgage, or looking to refinance their current mortgage. The next day they jump up, although they are still at historical lows. The stock market has seen dramatic downturns eliminating many of the gains of the past few years, impacting a buyer’s ability to make a downpayment, or affecting a buyer’s confidence about the future. People’s jobs and businesses are impacted with social distancing. Realtors have showings and transactions cancelled. Virtual tours of properties, electronic signing of documents, and limited real estate closings are a few ways the industry is working with social distancing required by the coronavirus. I suspect we will see a slowdown, yet there are millions of dollars of real estate business still being conducted in North Florida.
In Deercreek, ten homes sold over the last 3 months. Ranging in price from $351,000 (10065 Deercreek Club Rd) – $747,500 (7945 McLaurin Rd), the homes were on the market on average 159 days. Currently, 5 homes ranging from $450,000 to $785,000 are under contract. Ten homes are for sale according to the 3/18/20 NEFMLS. Priced from $425,000 to $669,900, these homes have been on the market from 4 – 160 days. New homes on the market this month include 8128 Suffield Ct ($425,000) and 7798 Rittenhouse Lane ($598,000).
When social distancing ends, we will look back and will have decided what is really important to us. Don’t let fear get in your way. Be smart! Stay away from others, wash your hands, and wipe down surfaces. If you are considering a move this year, use this time to clean out closets and complete the projects around the house which need to be done. You will be ready!