EWM INSIGHTS 2020

MARKET TRENDS: SOUTH FLORIDA
Scroll to Download Report Below

 

South Florida Real Estate

 

To our South Florida Friends…

We have reached the midway point of 2020, which due to COVID-19 will go down as one of the most extraordinary years that any of us has ever experienced. The rapid changes we’ve made are compelling. Our real estate industry is in the throes of re-imagining the future, and an increasing segment of our “new normal” has been the accelerated
adoption of the virtual real estate experience.

This process, in no small part, was led by the digitally adept millennial generation, which moved ahead of the baby boomers in 2019 as the largest home buying group in America. Millennials are now responsible for 37% of all home purchases according to a National Association of Realtors analysis. This generation is of course totally comfortable
in the virtual space, as will be the generations coming behind them. But don’t discount the baby boomers, who are
fully online, as well!

The real estate community was already heavily embracing innovative products and offerings prior to the arrival of the pandemic, but COVID-19 set that process into overdrive! For example, a staple of the residential real estate industry, ‘open houses’, was replaced with ‘virtual’ showings during the lock-down weeks. While in-person open houses have returned, our homebuyers and commercial property investors have loudly “clicked” their desire to continue receiving available property information via their digital devices, a majority of which are mobile devices.

The negotiation process has also become increasingly virtual. Offers can be made and accepted online. The process to legally close a real estate transaction virtually has also evolved. In short, buying or selling real estate, from the initial search, to negotiations, to contracts, to final signings, are now mostly virtual.

While our state-of-the-art technology utilized by our BHHS EWM Realty Associates is what’s creating the “buzz”today, it’s their one-on-one delivery of personalized service to our buyers and sellers which provides for a seamless and satisfying experience – one that’s remembered long-after the transaction has closed.

In the midst of all that’s been swirling around us over these past five months, we’re the same exciting and growing global center that we were at the beginning of 2020. This pandemic has shined an even brighter light on our community for all the world to see why we are such a desirable place to live and work.

These months and years ahead are going to be exciting ones for us as we collectively continue to grow our communities and enhance our quality of living. The information within this report is designed to provide foundational information about the residential markets of Miami-Dade and Broward Counties, which will hopefully help you, your family and your business as you plan your future in South Florida.

Ron Shuffield, President & CEO
Berkshire Hathaway HomeServices EWM Realty