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How COVID-19 is Impacting the Real Estate Market
COVID-19

During the Covid-19 Pandemic, is Real Estate Considered an Essential Business in Florida?

The Department of Homeland Security considers commercial and residential real estate to be an essential business in Florida, but still strongly encourages prospective homebuyers and realtors to practice social distancing to minimize the spread of COVID-19.

What is the Coronavirus (COVID-19)?

The  Coronavirus (COVID-19) is a new and highly contagious respiratory illness that started in China. It is highly contagious and can spread from person to person. 

Everywhere around the world, people are talking about the coronavirus. People have many questions about how it started, how best to avoid it, and wonder when and if it is ever going to end. There are so many unknowns, causing uncertainty in the financial world and real estate. This global pandemic is affecting businesses all around the world and changing supply and demand. This volatility could cause interest rates to rise in the future, even though they are the lowest the United States has ever seen.

United States mortgage interest rates are plummeting. “U.S. MORTGAGE RATES HIT AN ALL-TIME LOW IN EARLY MARCH, WITH THE AVERAGE RATE OF THE 30-YEAR FIXED-RATE MORTGAGE DROPPING TO A STAGGERING 3.29%.” The federal government may do more to keep credit available and freeing liquidity. 

Real Estate Opportunities

Homeowners can refinance their mortgages and pay their loans down faster with these low-interest rates. Homeowners could move from a 30-year term to a 15-year term with a similar payment, allowing them to pay off their mortgage much faster.

Delays in Closings

While the real estate market is typically not affected by volatile changes in the stock market, the restrictions the government is putting in place to minimize the spread of COVID-19 is affecting real estate closings. The impact of COVID-19 is causing delays in closings because of travel restrictions and social distancing and delaying closings. Fortunately, because the title industry and county recording offices have been declared to be essential services, most closings will not be delayed by reason of these factors.

Richard S. Weinstein

Richard S. Weinstein cares about you and your family’s health. Please stay safe during this unprecedented time. Richard S. Weinstein is an experienced real estate attorney and title agent who can help you with all of your real estate transactions. Having legal representation makes good real estate business sense. A competent and experienced attorney will protect your interests. 

Real Estate Attorney Jupiter

With over 50 years of experience as an attorney, Richard S. Weinstein assists clients with the important financial situations in their lives. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including short sales, foreclosures, and title insurance), estate planning, probate, business formations, or sales or mergers, Richard S. Weinstein is the attorney with the education, experience, and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.

 

Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone (561) 745-3040
richard@rweinsteinlaw.com

 

 

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