The Impact of COVID-19 on the Housing IndustryAs we approach the one-year mark of the COVID-19 pandemic, there are various industries that have been hit hard, while others are booming. The real estate market is one that falls into the latter category. In fact, this particular area of the economy may have even been changed forever.

One reason for this has to do with extremely low mortgage rates. So, those who are in a position to purchase a new home right now are typically able to attain “cheaper” loans than they would have secured in the first few months of 2020.

In addition, as more people are forced to work and learn from home, separate space may be needed in order to accommodate desks, computers, printers, and other such items. And in many instances, moving or building a new custom home has become a desired alternative in lieu of “making due” with their current residence.

This, in turn, has spiked the need for more building materials and contractors. This is particularly the case in the southern portion of the country where outdoor dining and other activities are more prevalent all year round.

As more people in the U.S. flock to warmer climates like Florida, the waiting list for building a new custom home may be longer than usual. Likewise, the costs may be a bit higher as well, due to supply and increased demand.

But, as limited and small group social activities are likely to be the norm for the foreseeable future, a custom home that is designed to fit your specific needs could still be well worth the wait.

So, if you’re considering a custom built home in Orlando or the surrounding Central Florida area, give us a call and we can provide you with more details regarding price and time-frame, as well as a step-by-step plan for moving forward.