Have you noticed that more apartments are being built in our local area? The reason for this new crop of apartment buildings is actually two fold.
First, there is a lack of affordable housing for the average home buyer. Next, since the start of the pandemic, people are holding on to their properties and staying put.
Usually, summertime in Florida means repositioning for local families. Families move and relocate to different counties to place their children in the desired school zone for the upcoming school year. However, since the start of the pandemic, families are home schooling and staying in place. Therefore, the usual buying and selling isn't happening right now.
The good news is that more states are beginning to lift the ban and people are slowly beginning to move around again. As people begin to shift and move again, housing will come available and inventory on the market will slowly rise.
Until then, you will continue to see apartments cropping up around town for those in need of a place to live until home inventory rises. Be assured, the real estate market has suffered worse than this and like a Phoenix from the ashes, we will rise again.
Sandra Tuff-Galvin, Broker