The year 2020 was a rollercoaster ride and repayment of mortgages came along with its problems. Many homeowners who opted for the government-backed mortgage programs missed taking its advantage. This made them lag behind their mortgage loan repayments. As the suspension of the programs is closing, people are stuck in rut thinking about how would they satisfy the outstanding payment? If you are one of them who are stuck with mortgage repayment in COVID? This is how 2021 may look like for you.
Act Fast To Avoid Foreclosures
If you are one of the homeowners who are facing a financial crunch during the coronavirus pandemic you’ll have to act fast. At the beginning of 2021, you may have to make use of your credit or the built-up equity to save your house. This may save you from being evicted from the house but it won’t suffice in the longer run. If you are considering these options try and do proper research before diving in. You can also choose to have communication with lenders and figure out a solution to avoid foreclosure.
Additionally, you can also contact we buy houses for cash companies and sell your house to them. This way you save your equity and the remaining sales amount in hand that will help you start afresh.
Investing While Moving Out May Not Be The Best Decision
If you are planning to list your home in the market it may come with additional costs. While the situation is already tough, listing your home will require many thousand dollars to close a deal. If your house is in a good condition you may get away without spending any money on the improvements. When your house is in a bad condition and requires a lot of work, it is better to sell it to a cash buying company.
If you opt for the traditional estate sale process New York, it will require agents, staging inclusive of closing costs and commissions. Choose your options wisely as staying afloat during the crisis is important without bearing the loss of your property.
Consider Selling Your Property As-Is
Let us say 2021 is going to be tough as far as repayments are in the picture. The traditional home selling process will be a tedious task and will come with a huge budget. Owning a home in America is a dream for many and when you sight losing it, it’s heartbreaking.
To survive the financial catastrophe and avoid foreclosures you can contact Elite Properties New York or call us at 718-977-5462. We will buy your house as-is with no required paperwork and give you hard cash in return. Additionally, we also pay the closing costs with no hidden fees and extra expenditures. We provide you with the fair market value of your property and close the deal in less than 7 days. This way you pay the outstanding mortgage and invest in another home.
We know businesses around the world faced a hard hit due to the COVID-19 pandemic, and the real estate market was not left behind. Initially, in 2020 the housing market in the United States started with a good strike. Although, amidst March the coronavirus outbreak came into play; everything including job losses, economic slowdown due to closed business, and uncertainty in home sales waved across the nation. With home-stay-orders still in the uplifting process, you can see the ‘Impact of COVID-19 on Real Estate Prices’.
Situations Post Covid-19 Pandemic
Stated in the first week of April, the statics showed one million-plus positive cases around the globe with constant additions. The crises have impacted the global economy, and the unemployment rates have risen. According to recent claims, the unemployment rate is approximately 30 million, which becomes the justified reason for the steep economy of the states.
Regarding the real estate sector, the existing home sales witnessed an approximate 7.2% increase from February 2019 to February 2020 (sources). Furthermore, according to the National Association of Realtors (NAR), the recorded static gain which was 6.5% in January and February 2020 combined. A joint report from new home sales from the U.S. Census Bureau and Department of Housing and Urban Development (HUD) stated; there was a mere drop in home sales by 4.4% since January 2020 (as per current post Covid-19 scenario).The home sales report on a year-on-year basis (2019-2020) shows a positive growth although; it started to tumble gradually starting from January 2020.
Housing Inventory Situation
The housing inventory has been quite low, as of February 2020 it went down approximately by 10% on a year-over-year basis. This apparently dropped the supply of the housing. As the stay-in-house orders are in the reliving process it is still not possible to choose a house showing or walkthrough service. Although, a great option available for new home buyers is virtual tours. Sources specify, the virtual tour requests in April made up one-third ofthe total requests as compared in the month of March.
A Complete Home Sales Analysis
As mentioned in the previous blogs, the best time to sell a house is from March to Mid-May. The reason being winters are gone and spring blooms, which accelerates the home selling process. The new listings, as per the pre-COVID scenario were increased by 5% on a year-over-year average. Although the current status of the newly listed properties post 29th March -5th April has decreased by 34% and 31% on a year-over-year basis (sources). The percentage stands to be amongst the biggest declinations of this year. If the situation prolongs, the bar may see a fall in inventory in the coming times.
There are two predominant scenarios in home sales namely V-shaped and U-shaped scenarios. The V-shaped scenario drops in the second quarter and recovers through the summer and the recovery stretches till the end of the year. Whereas, the U-shaped scenario shows the home sales to drop gradually with constant declinations extending through the end of the year 2020. Not leaving behind, the Coronavirus has Pushed Mortgage Rates Lower, which has also made a great impact in the housing market.
What To Expect From Home Selling Or Buying?
Home selling or buying includes multiple processes to reach the end goal including paperwork, verification process, walkthroughs, etc. As the pandemic is still stagnant in place there are many changes that one has to adapt in respect to the real estate.
- If you are looking to sell your house try pushing to the late summer or fall. As per buyers, the home prices usually drop in colder months, making it the best time to buy a house.
- The closing process might witness a slow down. Although, with digital walkthroughs and remote signings are still taking place. If you are a buyer or seller proceeding with transactions can be the best option.
- Use mortgage relief programs if you are a home seller and planning to pay off your mortgage. You may also qualify for mortgage forbearance if you’re unable to repay the monthly instalments.
Additionally, to elude the lengthy home selling process you can get in touch with Elite Properties they will help in easy home selling. Also we buy houses in as-is condition which avoids the hassles of upkeep and repair. In such tight circumstances the most feasible option is to sell home for cash with a cash buying company, call us today at 7189775462.
COVID-19; A horrifying pandemic crisis that the world is facing right now. As the situation is affecting many sectors around the globe,real estate isn’t left behind.The raging effect of COVID-19 has created a major void in the market, resulting in a huge downfall with respect to the world market andeconomy.
Many services offered by the real estate market like walkthroughs, rentals, etc. had a hard hit by the virus. As these aren’t the only services that have been suffered, other facilities like foreclosures and short sales have also been adversely affected. In this blog we will tell you How COVID-19 has affected the Foreclosure and Short Sales Market.
The Imprint of Coronavirus on the Foreclosure Market
As everyone is witnessing the catastrophic situation of coronavirus, its effects are also visible in respect with the economy. The loss industries have been facing is immense and would take a while to make up forthe loss. Although, the foreclosure market is going through an uptick, according to the research by FTSE (Financial Times Stock Exchange) and REITs (Real Estate Investment Trusts) say there’s an evident index downfall approximately by 7.7 percent (noted on March 9, 2020).
If this prolongs, it would be difficult for homeowners to keep up with the monthly mortgage payments which will later result in increased foreclosure cases, although it is tough to predict the real estate market. As facts are stated, in some states the mortgage payments have been kept on hold for some time until the pandemic contains.
Coronavirus has Pushed Mortgage Rates Lower
The coronavirus outbreak has made the Federal Reserve to take two emergency rate cuts which apparently brought the bond yields to almost zero. The usual 30-year-fixed-rate-mortgage has been dropped to 3.29% (noted on 5 March). As stated in the records, previously the 30-year-fixed-rate-mortgage was lowest in the year 2012 amid the recession when it hit 3.31%. Additionally, the 15-year-fixed-rate-mortgage also fell by 16 basis point to 2.79% according to Freddie Mac.
The main cause of the mortgage rates to slump is because of the treasury market which has sunken with a lot of margin in the past months. Furthermore, the uncertainty of mortgage rates shall remain in the ditch for a long period.
Corona on Short Sales
When businesses are closed around the globe and many of them can’t go on their jobs, homeowners are forced to sell their houses for a living. Homeowners with no jobs are forced to sell their house for bare minimum profits to perform their regular routine and satiate their daily needs. As a short sale can cost less than the foreclosure to the lender, it always proves to be the most viable way for the lenders to minimize the loss and improve profits. Additionally, a short sale might not damage the credit score of a homeowner.
If you have a hefty amount of mortgage to repay then your only possible option to fulfil the amount is by selling your house to cash buying company. As there is a rapid increase in short sales it is evident that problems like unresponsive lenders, misplaced documents, erroneous or unrealistic home value assessments, and prolonging processes may make the whole process difficult. In such chaotic situation Elite Properties is one such company which will help you sell your home fast for cash on afair market value. We alsobuy your house as-is, we won’t ask for any lengthy documentation process, which automatically cuts the hassles of a troublesome sale.
You can call us at 7189775462 or visit us at Elite Properties NY to learn more about the home selling process with us. Where everyone around the world is going through the pandemic crisis we’ll help you be at ease with the home selling or short sale process.
Losing your job is a very tensed and stressful situation after which selling your house becomes the only feasible option. The burden of covering insurance and mortgage stands to be the need of the hour. In such circumstances, you wouldn’t want to wait for the traditional home selling process which can take months or even years. If you want to learn about the topic on ‘How do I sell my house fast after job loss?’ scroll down below to get the insights.
Selling your house to ‘we buy houses for cash’ company will help you in many ways especially when financial crisis come into play. Many foreclosures occur due to job loss and unemployment or homeowners lack cash, which becomes a problem while you pay mortgage or insurances. As a fact, foreclosures can lead you to bankruptcy and you won’t be given any loan further as your credit score is affected.
Avoid the Hassles of Clean Up and Repairs
In such tight constraints, it is almost impossible to give an aesthetical change to your house. Making physical changes or cleaning your house can be time – consuming whereas, staging your home can be extremely costly. Furthermore, it is difficult to find buyers who would buy your house in a traditional way. Here, you can get in touch with ‘we buy house as-is’ companies and they will take care of the rest. There is no need to spend a dime on de-cluttering of your house, staging or improving the curb appeal, once you get in touch with them.
No Need of Listing Your House in the Market
Listing your home in the market requires a lot of time, the process can last up to many months until you have found a serious buyer. People end up hiring a real estate agent which again is an additional cost while they have naught budget. An Agent will always end up advising to stage your home and make it presentable before you list the home in the market. Not forgetting, you will have to pay around 6% commission for the services they provide adding to the rest, closing costs and tax fees are the left out aspects that round up the deal while closing.
You can also chuck the process of walkthrough, as it typifies in energy, money and time consumption. It is a long process that doesn’t elude the havoc created by inviting strangers to have a look around your place. Showings additionally can hamper your timeline as well, instead of finding ways to achieve an income source you end up showing your house to strangers who’d hardly care to buy.
Sell Your House Fast For Cash
Lastly, all you can do is sell your house fast for cash and save yourself from the frustration of home selling process. Selling your house to Elite Properties can save a lot of your time and money altogether in one, how? We are a cash buying company which means we buy your house as-is without any commissions lying in the middle of the road. We propose you a no obligation offer and buy your house at the current market value which means; only profit and no loss. We also pay the legal fees and closing costs. It also advised to do some research around the neighborhood and get insights of selling your house.
The most feasible option is to sell your house as-is to us, rest assured we’ll help you in this tough situation. Call us today at 718-977-5462 or visit us at Elite Properties.
The housing market is ever – evolving and constantly fluctuating. As 2019 is coming to an end and 2020 is making its way, the real estate market seems to be a lot more fragile. There are a lot of real estate predictions and trends that will be witnessed in the coming year. The past decade had multiple changes in retrospect with the laws, technology and economy. We’ll have a detailed look at what part of the demography will be affected the most. Questions like what chunk will fall in home buyers and sellers? Will the market favor mortgage rates or no? All these queries will be countered as we read further.
Check These Prediction by Experts before Investing In Real Estate
Home Sales to Rise Gradually
The very first prediction by real estate gurus has been stated about the gradual growth of home sales. It is predicted that the home sales nationwide might touch around 6 million by year end and rise by point one percent higher by 2020. The chief causes for the rapid growth are the fiscal vagueness where home sellers hold on to their houses until the market booms in their favor.
Managing Inventory Will Be a Challenge
As home sales are going to rise gradually, the upkeep of inventory will face challenges too. If there would be a high demand of home sales across the nation then inventories in 2020 would be made more available. The housing market has been facing a lack of home sales since the year 2015 due to which there are few to nothing number of homes for sale, which is making it difficult to cope with the demands of home buyers. Although, there is an understatement that home inventories might escalate in Nashville, Seattle and San Jose.
Mortgage Rates Can Be a Debatable Talk
The year 2020 will definitely raise talks as far as mortgage rates are concerned. Some say it may stay stagnant while some predicted it may rise for steeper rates. According to Freddie Mac, there won’t be any major increase in the mortgage rates. As predicted in the year 2019 the rates for 30-year fixed-rate will be 3.7% and for the year 2020 it may rise by 3.8%, while the 15-year fixed-rate rate will be 4.4%.
Refinancing Will Be a Continuous Affair
As the current mortgage rates are below 4% the home prices have risen steadily, which made refinancing pick pace during 2019’s fall. This trend would be practiced a lot in the coming year as well. According to the Mortgage Bankers Association a study showed the ‘Refinance Index’ has been increased by over 134% in 2019 which made homeowners make use of the low rates and surging equity.
According to their forecast, the bar might rise by 789 billion dollars to 785 billion dollars with respect to single family refinance mortgage instigations.
Real Estate Trends That Will Take Place In 2020
Tech Updated Real Estate Market
The latter half of 2018 and 2019 have been full of ibuyers, VR (Virtual Reality) and AI (Artificial Intelligence). 2020 again is going to be filled with technological inventions similarly, online selling will gain traction. Real estate market has been booming with full power and most of it is due to the use of technology, things like AI aids in better planning whether it is a commercial, public or private property. While artificial intelligence helps a lot with better planning, virtual reality aids in offering a better vision of your dream home, nowadays architects employ VR to help a clear idea of your property, explaining every nook and corners of your home as you walkthrough without moving an inch physically. As an eminent fact, about 50% of homes were found over the internet meaning; 50% of the population has been fallen in the chunk of ibuyers.
Millennials Remain To Be the Major Chunk of Home Buyers
After the Gen X generation, the biggest cohort of home buyers have been the millennials; they occupied 37% in the house buying arena which led them as the highest unit on home buyers. Millennials have been stated as the most tech savvy and smart people when investing or buying properties come into play. According to the research most of the millennials belong to the middle and upper-middle class which account for the 45% of the market, this automatically led the market and mortgage fluctuations. While millenials rule the 45% in the demographic distribution of home buyers share according to the year 2019 the Gen Xers stand on 37% while Baby Boomer occupy the 17%.
Offering Multiple Amenities to Gain Buyers
This has been the latest real estate trend which 2019 witnessed in the latter half of the year, offering multiple amenities to attract buyers has become the need of the hour. Smart homes are making a gushing entry in 2020, plush amenities like parking facilities, gyms, walking tracks and swimming pools are no more basic. Tenants require these as mandatory facilities these days, real estate investors on the other hand made sure the requisites are fulfilled.
Guide To Sell Your House Fast In 2020
As we have told above the real estate forecasts and trends that we will see in the coming year, home selling still becomes tough most of the times. Finding the right buyer might possibly take a toll on your head and make the home selling process difficult and time consuming hence, we have a guide that helps you sell your house in 2020 without any glitches.
You can opt for the traditional home selling process but we’d suggest you not to do so. Selling your property with cash buying companies will help in a faster and efficient sale. Elite Properties is one such cash buying company that buys and sells home without the hassles of getting into paperwork. The company will sell your house for cash which means they offer hard cash; also the company offers ‘sell house as-is’ service and additionally proposes a no-obligation offer.
Elite properties will buy house in any condition and any location keeping in mind the Fair Market Value of your house which means there’s only profit and no loss. So call us right away on 718-977-5462 or visit us at Elite Properties and rest assured home buying or selling is as easy as snapping fingers.
Losing your home in a fire is a traumatic situation for any home owner. Such situations can leave people in emotional and financial drainage. As the amount of loss is high and the scope of improvement is naught. The amount of tangible destruction that these items cause to the property is devastating. In such instances people often tend to ask a question, how do I sell my house fast with fire damage? First off, ask a question to yourself do you want to repair and sell your house? Or sell it directly to cash buying company?
Fire damage can be a serious thing to tackle as nobody is prepared for the later consequences of the loss. The destruction caused can be to such extent that homeowners prefer selling fire damaged property rather than spending dollars in repairing. First off, get a home inspection done to get the actual worth of your property post the accident. Once you know the value and the percentage of damage you can calculate the amount required for improvements. As you have chosen selling as your option you can list your property by yourself which will evidently cost a lot. Else, you could sell your house as is to cash buying company and save yourself thousands of dollars and time.
How to Sell Your Fire Damaged House Fast?
Selling a house with fire damage could be difficult but companies that buy houses in any condition makes everything easy. These companies do not ask you for any legal documents for closing the deal. Although, it is advised to keep a copy of your insurance, claims, police reports and repairs that you made. Selling house as is slashes many hassles of paperwork and saves you a lot of time and money inclusively. We buy houses companies like ‘Elite Properties’ buy your house for cash in any condition. As stated above choosing such companies will save your time as they close the deal within 3 days. Choose for yourself if you want to spend money on repairs and rehabilitation of your property or gain a cash offer by selling your house with fire damage. Selling your house in as is condition will additionally provide you with the Fair Market Value of your house.
If you are thinking to sell a fire damaged house, you need to do home improvements and home repair to make it ready for sale. Scroll down below to follow the things need to be done –
Get To the Cleaning and Improvements
Repairing your home promises you a better sale but it also comes with a price. Relying on the ratio of the damage repairs can be relatively expensive or even unaffordable. If your home has gone through structural damage, you’ll be bleeding thousands of dollars from pocket. Whereas internal damages can be less expensive. If the majority of damages are claimed you’ll probably only need a little amount to cure the burnt damage.
Fire causes extreme damages to the property, some damages leave the house in an uninhabitable condition. Although, it can be worked out if you have time and dollars to spend. A fire hit house can set you back by 4,000 to 40,000 dollars minimum. The costs vary with the amount of damage caused, in most cases you might need to reconstruct the entire home which is double the retail value of the property. Additional costs will play a massive role in repairing the roof and ceiling if it had caught fire.
Furthermore, repairing requires a lot of your time which goes into the monitoring of the improvements. It takes a toll on your head if you hire contractors to do the needful and creates unwanted hassles. Here the best option to save yourself from the situation is to sell your house as is.
Isolate Damaged Items and Coordinate with Insurance Companies
An insurance claim can cover repair costs or can provide you with the payment for your new home. Although, they have certain restrictions and factors to be assessed upon, which doesn’t aid in anything but energy consumption and stress. As per the policies, some insurance companies might ask you to do a proper documentation of the damage caused. You are expected to click pictures and write descriptions in detail for the inventory. Some mandatory things required to put in the list are –
- Model number
- Serial number
- Purchasing date of the item
- The amount
- A short description of the item
Fire damage claims are the top priority for insurance companies. The company sends an inspector to inspect the damages within a few days so the claims are processed as soon as possible. It is advised to organize the documents promptly to avoid chaos. If you are providing the given details then it becomes easy for the company to document it and claim for the rest.
There are three mandatory steps to claim an insurance –
- Reporting of the incidence
- The company sends an insurer to evaluate the loss and how much you will be paid
- Post the above step the company sends the check through the mail or transfers the amount directly to your bank account
With the ever increasing fire damage property cases it becomes crucial for you to thorough the fire insurance claiming / filing process. In situations where you need to empty the property quickly, you’d leave your vital items in the home. Here, you can urge the insurer to provide you with the advance amount from the insurance to cure the loss.
Find a Temporary Livable Place
As your home is not in a habitable condition you would want to move out until the damages are cured. Such situations are really excruciating as you are already paying for repairs and rent just adds on the expense.
Selling Your House with Fire Damage
A cash home buying company might be your single source of receiving profit and getting rid of fire damaged property with no improvements done. You do not require a realtor to sell your home for cash you can do it yourself and get provided with a no obligation cash offer.
Although, if you choose the traditional way of the home selling process it is suggested to be prepared for a time and money consuming course. If you are stuck with any other real estate related crisis, Elite Properties New York will be at your rescue. Call us on the number given here 718-977-5462 to learn ‘How do I sell my house fast with fire damage’.