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Impact Of COVID-19 On Real Estate Prices

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.

Relocating and selling your house requires time and these situations often occur when you are falling short of it. If you own a house and are relocating to a new area, there is a lot of pressure coming your way. In the following blog, we will be explaining the options to consider when selling your house while relocating.

Reason for Relocation

As stated earlier, the reasons for relocating and selling your house are infinite. In the majority of cases the reasons for relocating is due to the change of occupation, being promoted, new job opportunities, transferred or deployed overseas, etc. There could also be other reasons like you are going through a divorce and do not wish to keep the property anymore. Else, post-divorce you got the house in alimony, but wish to sell it for gaining financial stability.

Ways to Sell Your House Fast

Relocating is a very stressful phase for a homeowner. There are multiple ways to sell your house, which has its own pros and cons. Moreover, there are multiple factors involved in the home selling process. Factors like if you are capable of paying two mortgages at once? Do you have enough equity? etc.

Given below are some of the ways to sell your house –

Rent Your House

If renting is on your mind, then read this before you proceed. Although renting sounds like a great source of passive income it also comes with liabilities. Renting your house means investing ample amount of time in preserving the property and managing it. If you are a truant homeowner renting your house turns out to be a mess altogether. You’ll require money for improvements, you’ll need a person always available to satiate your concerns for the property’s issue like painting, plumbing, power supply, etc.

You will have to apply for a home owner’s insurance, which is 25% more than classic home insurance. Additionally, you are also liable to pay the capital gain tax on the basis of your rent. Briefly, it will cost you money and time with added risks.

• Bridge Loan

A bridge loan will help you in the current situation. A bridge loan utilizes your current property as a security to finance your new property, away from the state. It is typically sanctioned in the span of 6 months and holds a higher interest rate than an average loan. Here, you can purchase the new property, sell your old house later and collectively pay off both mortgages.

As it sounds like a robust solution for your problem it also has a disadvantage. The drawback of a bridge loan is that your property should be lien-free and your credit score should be positive.

FSBO (For Sale By Owner)

FSBO (For Sale By Owner) is a mandated way to list your property on market for sale. You have to prepare your house in regards to the repairs and upkeep. Post preparing the house you have to market it. You can do it yourself or hire a real estate agent. Your home will require a detailed description and pictures of the property for listing. Besides, you can advertise your property locally by printing flyers and posting ads on newspapers. You’ll also have to schedule walkthroughs for potential buyers. All your transactions will need a legit proof which you can’t run away from.

By reading the above you might have understood this is not probably the solution you are searching for. Opting for FSBO will request for a lot of time which you are lacking currently.

• Sell Home For Cash

If you are in a situation where you have to buy and sell property at the same time, then selling your house to companies that buy houses for cash is the best option for you. ‘Elite Properties’ is a company that states ‘we buy houses all cash’, you can also sell your house within 3 days in any condition to them. Selling your home as is to cash buyer will directly cut down your time and take you away from all the hassle of legal processes.

Last Words, Before You Sell Your Property

In the blog above, we have briefly mentioned about the possible reasons for relocating inclusive of the methods to sell your house. We hope the specified ways would aid in selling your house fast. Whatever your problems are, there is always a solution for it. If you are living in New York and want to sell your house reason being relocation, you can get in touch with us by calling on this number 718-977-5462. Rest assured we’ll provide the best solution for your real estate queries.

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