With the spread of the novel coronavirus across many borders, people are starting to get more and more worried of its impact on the real estate industry. The precautionary measures that the government has taken, like the social-distancing, community quarantine, and stay-home-order, have taken a toll on the markets as businesses and other establishments were forced to close.
Moreover, those who are deemed as nonessential workers, were mostly laid off from their jobs and others just lost their jobs entirely. This caused them to re-evaluate their resources and rethink their future decisions.
As the uncertainty started to creep up the markets, many sellers have actually been canceling transactions and brokers have been pulling their properties out from the market in the fear of a collapse.
Also, there is a hike in the inventory rate as homes get stuck in the market because buyers are re-organizing their priorities and postponing their buying plans on a later date. With the lesser demand and high inventory, it is safe to say that the prices are expected to drop—this could definitely be a good news to potential buyers, but the challenge is how will the prospective buyers be able to see the house with the stay-at-home order in place?
That’s when technology steps in to aid. Many real estate companies in the housing market have turned into wonderful things the internet could offer so they could remotely make home showings possible. Virtual home tours, 3-D, video call, self-service viewings, and the use of robots—have become an increasing trend right now. Even the usage of electronic signature also increased significantly.
The California Association of Realtors conducted a survey and it turns out, many sellers have adapted new practices such as requiring potential buyers to take off shoes, use hand sanitizer, before taking the home tour—while others just totally cancel open houses. With these new practices to oblige with the safety measures imposed by the government, buyers are now more and more cautious and would rather not want to go through the hassles of current house viewings. They decide to just wait until the health crisis is done before they make their moves.
Another factor to be taken note of is the age group leading the home buying activities these days—the millennials. It is important that we understand how they behave and think so that we can cater to their needs. Some of them are really determined to move to a new home regardless of the situation, which is a good thing somehow keeping the sales to thrive. Millennials also tend to sway more into purchasing homes on the entry-level prompting more constructions of these types of houses. It’s a wise decision actually that housing companies are shifting to build more of the entry-level houses than the luxury properties so they could keep up with the demand of the millennials. Baby boomers on the other hand may contribute to the rise in the demand as they look for a place to retire.
Currently, there are only about 4% of sellers who have already removed their homes from the market. So if you have been thinking of selling your house in these times, you might want to do that fast. If you are in doubt with your decisions, you can ask for advice from the ones well versed on the matter.
You can get help from us at Candid Property Solutions and talk with our experts about the best things you can do in these times of uncertainty. We buy houses fast, easy and less hassle. If you want to sell your house for cash, you can get in touch with us and we will provide you with a fair written, no-obligation offer—which means you can consult us for free as we help you finalize your decisions. You can make an all-cash offer as quick as within 24 hours and we can close as fast as 7 days or on the schedule you prefer.
The best part is that we buy your house as is. No need to go through the hassle of upgrading your house, doing some fixtures, general cleaning, and moving out early just so you could accommodate home viewings to potential buyers. With Mrs. Property Solutions, We buy homes Los Angeles in cash and we will be the ones to take care of the things mentioned above—no matter how ugly or pretty it is, no matter where it is located.