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.
An Elite Page With Abundant Information on Real Estate and Much More
Real Estate is one of the finest investment strategies you can look forward to if considered seriously. It indeed isn’t child’s play. One might become a millionaire or easily lose property worth his lifetime savings just in a blink of an eye. Well, every business has its pros and cons, but that doesn’t make real estate business something you should leave only for white collared professionals. Everyone got a shot at real estate. This is the only profession where you can clearly see how much you have escalated both mentally and financially.
We, the Elite Properties have been one of the prominent real estate companies in New York City since 2009. Throughout our 9 years of thriving for the success, we have learned and practiced many strategies which will impact a drastic inclination on your success graph. With a determined motto for sharing the information we acquired, Elite Properties are starting a blog which only contains legit information on all real estate related conveyancing and vendor ship. Through this blog, we intend to share all the pivot information and tips for a fast and hassle-free real estate business.
What Elite Properties Has to Offer You?
Elite properties is one of the top-notch real estate platforms in NYC that help you buy and sell a house in a hassle-free manner. Property consultants at Elite Properties are extremely professional and have years of experience in dealing with all kind of real estate matters. Here’s why you should opt for Elite Properties to buy a house in New York.
Unbiased Approach –
Customer-eccentricity is the key feature of Elite Properties. They value the time and money of their customers. Rather than making tall claims, they are committed to satisfying the needs of their clients.
Thorough Evaluation –
Consultants at Elite Properties provide you an honest market analysis and exact portfolio valuations. The valuable insight will help you understand the current trends in real estate market in NYC.
Clear Objectives –
Depending on your financial status they recommend the best property deals for you. They keep everything transparent and along with the benefits, they will make you understand the risks associated with real estate sector.
Buying or selling a property when it’s under some legal consequences or formalities are hectic and daunting if not proceeded cautiously. Peoples who don’t know much about the real estate and the jargons might really feel like they are running around circles when it comes to selling or buying. Real Estate agents and dealer take advantage of this situation and convinces their clients to accept an unfair offer on their property. It would be too late when they finally realize they’ve have been framed. Being a regular visitor to our blog will help you to get a hang of all the recent updates on real estate and its hurdles.
So, if you are facing any trouble in understanding what real estate is and the things adjoining it like foreclosure, short sales, estate sales, probate sales, trustee, distress properties, tenants or anything else related to aforementioned things, Elite Properties blog should definitely be one among your bookmarks. Our blogs will also be covering all the tips and tricks you must follow to buy or sell your property quick. We’ll also let you know which locality is reigning ahead in real estate business so that if you have a property nearby it would be high time you thought of selling it.