January and February was a great start for the housing market this year. Given that 2019 ended up so well, it was forecasted that 2020 was about to be turning the corner—that was until Coronavirus happened. It was so sudden that the whole world was caught off guard totally unprepared and the global economy was disrupted. Who knew that it’d go this far?
The social-distancing and stay-at-home orders are affecting the home viewings, and closing of deals in such a way that movements have been limited, and the number of unemployment has risen. In the midst of all these issues, the confidence in the market has gone down.
This year, the Federal Reserve has already cut the interest rates twice. This led to the drop in mortgage rates which under normal circumstances should boost the sales as a surge of applications of refinancing would flood in.
But even so, there are other pressing problems that the home buyers are facing. People who are laid off from their jobs, especially those who are deemed nonessential workers, are putting home buying as one of their least priorities for the meantime.
However, that doesn’t mean a total halt in the home buying activities. In fact, real estate is classified as an essential service in some states and although the movement in the market is limited, the business still continues.
If you have been thinking about selling your home even before the coronavirus, don’t ditch the idea completely. After all, there is an advantage putting your house on the market this time—the competition tends to be lower and you may receive more offers for your home than you would have expected.
On the other hand, if you were in the process of buying a home before the pandemic started, go on. Especially now that mortgage rates are low and are expected to stay that way for some time.
Talk to a real estate professional about the best things you can do. You could also take advantage of the virtual viewings and other ways to do remote house visits. But if it is inevitable that you visit the property personally, make sure to equip yourself with protective gears, prevent from touching things, and keep distant from others.
Electronic signatures are now being utilized to complete the closings, but that is not enough because there are still other requirements that need to be met before the process is done, like obtaining a smoke detector certificate for example. That means, closing of home may be delayed.
With all that being said, we can only hope that the housing market is just on pause until the novel coronavirus has passed. Chances are, mortgage rates may increase in the near future. That is why, your decisions today matter the most whether you are refinancing or you are planning to buy a new home.
Furthermore, there are other ways to go around the market if you were planning to sell your home. You can get in touch with a direct investor just like Mrs. Property Solutions. With a direct investor, you can sell your house fast as they buy houses for cash.
Their services are reliably available online. What they do is give you a fair written offer with no obligation in the quickest time frame possible within 24 hours. It is an all-cash offer which would be an advantage especially if you are in dire need of cash for your other necessities. From there, they can make the close fast in seven days or on the schedule you prefer.
The best part about this is you are not obligated to clean your house or do upgrades and put it on listings. That means, you do not have to wait in line for a buyer to be interested and do house tours in your home before buying it. You can also avoid the risks of having many strangers inspect your property. Selling a house could be a long and tiring process, but Mrs. Property Solutions is providing a convenient, and seamless process to make your life easier.
Get in contact with a real estate expert now from Ms. Property Solutions and get a no-obligation offer for your home. This might exactly be just what you need during this trying time when going around proves to be difficult. They offer cash for houses Los Angeles which definitely helps a lot of people at this time of crisis.