Is Real Estate an Essential Business Amid COVID-19 Concerns?
Real estate is considered an essential business in Florida as of March 28, 2020. The Department of Homeland Security considers commercial and residential real estate to be in the critical infrastructure category. Social distancing is strongly encouraged to minimize the spread of Covid-19.
What is COVID-19?
Coronavirus disease 2019 (COVID-19) is a highly contagious respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was first identified during an investigation into an outbreak in Wuhan, China.
Everywhere we go and all over the news, all we are hearing about is COVID-19. It is what everyone is talking about. There are many questions, theories, and unknowns. Citizens have been impacted by a global pandemic that is impacting many businesses around the world and will surely impact the United States real estate market.
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.
These unknowns and uncertainty creates volatility in the market and could cause interest rates to rise again.
An Opportunity to Refinance
With mortgage rates at their lowest, homeowners can refinance their mortgages and pay their loans down faster. Lower interest rates could entice more buyers, allowing sellers to increase their prices.
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.
The real estate market is typically not affected by volatile changes in the stock market, but the restrictions the government is putting in place to minimize the spread of COVID-19 is affecting closings. With travel restrictions in place, it makes certain closings impossible to complete. Fortunately, title agencies are considered an essential service, and Florida National Title Services will continue to be here to assist you in every way possible,
The impact of COVID-19 is causing delays in closings because of travel restrictions and social distancing.
Florida National Title Services
COVID-19 fears and uncertainty are on everyone’s mind. Florida National Title hopes everyone is safe and is available to help with many of your real estate needs. Florida National Title Services works under the supervision of attorneys Michele Lewis and Richard S. Weinstein, experienced real estate attorneys. They work to ensure the title of the home you desire is clear and marketable and that title insurance policies are properly issued.
Florida National Title Services provides expert title services. When you are renting, we can help with every step of the way. Florida National Title has years of experience guiding Florida homebuyers through the real estate purchase and refinance experience and have helped them solve the problems that come up in the process. We will decipher the “legalese” and explain what we need and why we need it each step of the way. The blogs to follow will address specific issues to guide buyers to understand the process better and to help them avoid many of the pitfalls. Call us at (561) 408-0729 or visit our website.
Florida National Title Services, LLC
250 S. Central Blvd., Suite 101
Jupiter, Florida 3345
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