Unfortunately, the spread of Coronavirus all over the world continues and this situation obviously negatively affects different aspects of our life. And of course, Coronavirus has its impact on the real estate market. It’s worth noting that COVID 19 has already caused a lot of concern among real estate buyers and sellers.
– Coronavirus, how it can impact the housing market?
– How long Coronavirus will have its impact on the property market?
– Is it the right time to buy or sell properties right now?
– What people, who earn on the housing market, should do during the outbreak of Coronavirus?
A quick Google search reveals that a lot of people are trying to find the answers to all of these important questions today. Uncertainty causes panic. Home buyers as well as home sellers should know how Coronavirus negatively affects the housing market and make smart decisions.
Coronavirus negatively affects the US housing market in a number of different ways. Today, we’ll explain how Coronavirus affects various aspects of the housing market in the United States and other parts of the world. Also, we’ll try to provide with some kind of the 2020 housing market forecast. So, you’ll know what kinds of things are likely to happen on the housing market in the nearest future. Read on to learn more about the effect of Coronavirus on the current housing market.
Mortgage Rates Go Down
Mortgage rates have decreased to 3 – 4% a result of Coronavirus. Experts think that mortgage rates will remain low due to COVID 19. Also, it’s unclear how long mortgage rates will continue to lower.
Less Foreign Buyers Will Be Able to Purchase Property in the US
The statistics shows that foreign buyers represented approximately 4 – 8% before the outbreak of Coronavirus. Without a doubt, Coronavirus makes it difficult for foreign home buyers to purchase properties in the United States.
These numbers are expected to lower significantly during the outbreak of Coronavirus. That means that the demand for properties, which are purchased by foreign buyers in the US, will decrease significantly. As a result, sellers will need to provide discounts and reduce prices in order to be able to sell their properties.
Coronavirus Negatively Affects Builders
There has been a lot of talk about a negative effect that Coronavirus has on home builders in the United States and many other countries around the world. The construction of new homes is most likely to be delayed in the US because of Coronavirus. Home construction is the US will slow if the situation with Coronavirus is not resolved in the nearest future.
The problem is that high amounts of building materials are exported from China. It’s important to know that appliances, bathtubs, sinks and other types of finished products are purchased from China these days.
So, builders in the US largely depend on China. It’s also important to note that there is not enough construction labor in the US right now. The situation is expected to get even worse if Coronavirus continues to spread.
Spring is Coming, What to Expect?
The big question is – what can be expected from the real estate market in the early 2020? It goes without saying that Coronavirus has a huge negative effect on the economy and the real estate market in the US.
All of this means that it can be hard to sell properties at a good price during the outbreak of Coronavirus. That means that people, who are planning to sell their properties in the nearest future, must be prepared to face some challenges.
It can be difficult to find a buyer and sell a property quickly until the situation with Coronavirus comes to an end. Do you find it difficult to sell your house? Do you need to get cash quickly? If so, the best thing that you can do is to sell your property to a real estate investor.
It’s worth noting that property investors are always ready to purchase properties for cash. Another important thing that you need to be aware of cash buyers purchase properties in different conditions.
Do you need to sell your house for cash fast? If so, contact us today! It will take you 24 – 72 hours to get a fair cash offer on your home. If you accept a cash offer, you will be able to make a deal with us and get cash quickly!