I’ve been getting a lot of phone calls lately from possible investors with anticipation on the housing market taking a severe hit. It feels like everyone continues to wait for 2008 to happen all over again. I am writing to tell you it won’t.

This crisis is different from the mortgage and financial crisis we had over a decade ago. Yes, there are many people being laid off as approximately 3.3 million Americans have filed for unemployment. And yes, this in turn has taken some buyers (approximately 37% according to a March poll from the National Association of Realtors) out of the hunt for a home. But just as many buyers that have removed themselves from the market, there is also close to the same amount of sellers that have done the same.

Basic economics tells us all that the higher the supply or inventory, vs the demand there is, the lower the sales price. This is what happened in 2008-2010; most people purchased (unqualified for the loan they were obtaining) with the intention of selling again within months or a year. The market got saturated with inventory, people held on to their properties for longer than they anticipated unable to afford the payments required…and we all know what happened from there.

In today’s crisis, there still appears to be an equal balance of sellers and buyers, keeping prices fairly steady. My message remains the same if you are a buyer: stay the course, count on your realtor to send you videos of the homes you are interested in, go through the process of elimination from the comfort of your own living room and go see the homes that really interest you once you have narrowed down your list. If you are a seller: stay the course; the unmotivated sellers will withdraw their listings from the market allowing less inventory to choose from, while the motivated buyers remain on the search for their dream home, and it could be yours!

For a free virtual consultation and to discuss your real estate vision, please do not hesitate to contact the husband and wife real estate duo.

This update is brought to you by Jon Gilman, a specialist in Coral Gables homes for sale. Whether you’re interested in buying a condo in Coral Gables or a single-family home in Coral Gables, or in the surrounding Miami areas like Pinecrest, South Miami, Schenley Park, and Downtown Dadeland contact Jon to assist you in discovering why the city is among the most valuable and in-demand in South Florida. Call 786.486.9560 for any questions on Coral Gables Real Estate.