Something we have all been waiting for as the conclusion to 2020 has been finally announced: the Coronavirus vaccine has been discovered and will be distributed soon. Finally, there’s an end in sight to the Pandemic, but what does this mean for the world of real estate?

As of now, home prices have never been higher while record low mortgage rates and a lowered supply of homes are available. Many large cities have the opposite problem as they’ve seen people flee to suburbs as they’re not attending their office jobs due to their new virtual nature.

“[The vaccine is] not going to be a light switch,” Jonathan Miller, president of Miller Samuel, a real estate appraiser and consultant in New York City told CNN. “But the news is starting to get people to be hopeful and think about returning to the city. Because right now, without a vaccine, it is status quo.”

However, while mortgage rates are low now, there may be a reversal in that trend in the future.

“While rates are always unpredictable, sustained record lows are looking less likely in light of recent events,” said Brendan Phillips, a capital markets analyst at Better.com, an online lender. “Rates jumped when pharmaceutical giant Pfizer announced its Covid-19 vaccine had shown 90% efficacy in trials.”

However, it does seem to be a bright future for the real estate market in the future, especially for commercial real estate. With Goldman Sachs stating there’s going to be a V-shapes recovery, it makes sense that Florida will see plenty of growth. Keith Poliakoff, a lawyer who represented developers seeking governmental permits, said that his clients will be starting over $2.5 billion in projects over the next year, signaling that the Florida Real Estate boom is not going to end in 2021.