Sellers particularly in the higher end return to market

Sellers particularly in the higher end return to market

Areas that have reopened and faced fewer Covid-19 infections are poised for a speedier, V-shaped recovery

Drew Backoff, a project manager at Compass Florida who’s marketing Magic Village in Orlando and another residential-resort in Palm Beach County, said the new development Amrit Ocean Resort & Residences on Singer Island saw the most deals since he’s been on the project in April, and May is on a similar trajectory.

“The people with the financial means to make a move today are pulling the trigger,” Mr. Backoff said, adding that when new listings do come on the market, “they are getting multiple offers.”

Indeed, for-purchase mortgage applications have jumped in the Sunshine State; last week they were up 13.6% compared to the same time period in 2019, according to MBA data. The question will be if wary sellers can come back in similar numbers.

“A lot of people are still on the sidelines,” Mr. Backoff said. “They’re still looking for some clear path forward.” Read more

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