During the first months of the pandemic, social distancing measures and the imposed quarantine caused a downturn in the housing market. Production stopped in many industries, people weren’t spending, and a lot of businesses closed.
However, after July, the economy began a path of recovery that has led to a successful re-opening and lower unemployment rates. Against all odds, the housing market is not only doing well but has also supported the country’s economic recovery.
COVID-19’s Impact on the Real Estate Market
Many investors, property owners, potential home buyers, and landlords are asking themselves: How is the COVID-19 affecting the real estate market? Are sales going up or down? According to updated information, the market isn’t experiencing any delay and the pandemic isn’t reducing the housing demand.
When the first coronavirus case was reported, the real estate market experienced the following changes:
- In early March, the number of potential buyers that were planning to buy a home dropped from 75% to 43%.
- On the other hand, some buyers felt the virus had no impact on their plans, and their interest went up from 18% to 47%.
- In mid-March, 47% of real estate agents said homebuyers’ interest decreased.
However, not everything was lost. Low housing inventory has kept the US housing market strong relative to buyer demand, and home buying and selling prospects drastically improved in September 2020.
Why Selling During the COVID-19 Is a Good Idea
Competition Has Decreased
In June 2020, the housing inventory was 27% lower than last year because many homeowners were scared of selling during COVID-19. If you want to sell your house fast in Milwaukee, this is the right time to do it. You’ll be in a better position and the sale process will be faster and easier, especially if you contact home buying companies.
Home Buying Companies Would Love to Buy Your House
Homebuyers have been the first option during this time because they don’t list your property, they’re the ones buying it. They have the necessary financial resources so there are no banking procedures involved and now that restrictions are loosening up, homebuyers are giving cash for homes in Milwaukee.
Virtual Home Viewing
During this time, it’s safer not to host house showings or walkthroughs, even if you want to sell your house fast in Milwaukee. We live in an online world and virtual tours have become the answer for a social distancing-friendly house showing. Selling online allows you to market your house to a specific audience and attract investors, home developers, and regular buyers.
Many people have bought their houses without seeing them in person because virtual home viewing provided all the information needed. You should also include basic information about the property, such as rooms, bedrooms, house’s size, and more.
If you’re still planning to host house openings, we advised you to follow these health and social distancing measures:
- No more than 10 people
- 6-feet distance between guests
- Masks aren’t optional
- Provide hand sanitizer to every guest
The FED Lowered Interest Rates
Before COVID-19 real estate companies predicted that mortgage interest rates would remain below 4% in 2020. And when the health crisis began, the Federal Reserve (FED) lowered interest rates to help provide reassurance and support to the national economy. As a result, financial institutions are lending money at historically low rates and home sellers are getting cash for homes in Milwaukee easily.
Home Buying Companies Make Sales Happen
Selling a home involves various processes like remodeling, depersonalizing, and researching for real estate agents. Typically, the whole process takes months to complete, time that could be used to find potential buyers.
During the COVID-19 pandemic, home buying companies have been the solution for homeowners who need a quick and easy answer to their problems, especially if they’re experiencing financial hardship. Here are some reasons why getting in touch with them is worth considering:
Stress-Free and Easy Process
One of the main reasons home buying companies make sales happen is the easy process they have. You can contact them through their website by filling out a quick form of your property.
Cash for Homes Offer
When you accept their no-obligation offer, they’ll proceed with the paperwork involved and handle the closing costs. Home buyers pay you with cash seven days after closing the deal.
Sell Your House Fast in Milwaukee
Selling your house during 2020 isn’t impossible, the real estate market doesn’t lose its attractiveness in times of crisis because a home will always be a stable investment. Your decision should be based on your situation and finances.
Captain Save a Home is a home buying company that pays cash for your home. Get in touch with us today. We buy houses in Milwaukee.