We all know the Coronavirus negatively affects the U.S. housing market and housing markets in other countries all over the world. It’s worth noting that both home buyers and home sellers in the United States experience difficulties today.
The restrictions have a negative impact on everyone who is involved in the US housing market. For safety reasons, US residents are not recommended to contact with each other during the outbreak of the coronavirus. That’s the reason why US realtors find it hard to schedule viewings of properties.
The reality is, many home buyers in the US are afraid to move to other places, visit homes and communicate with others. The same can be said about the home sellers. Obviously, home sellers don’t want everybody to come to their properties until the situation with the coronavirus doesn’t come to an end.
Coronavirus restrictions make it impossible organize viewings of properties, relocate from one place to another, etc. That’s why the process of buying and selling homes in the United States of America has been delayed.
The US government recommends property buyers as well as property sellers to be flexible and adapt to the current situation on the real estate market. For example, both parties (property buyers and property sellers) can agree on new moving dates. There is no need to stop transactions right now. That means that home buyers as well as home sellers can agree on new moving dates.
So, the US property buyers will be able to relocate to newly purchased properties later when all coronavirus restrictions as well as stay-at-home measures against coronavirus are over.
The US banks are advised to provide their customers with effective solutions during the outbreak of the coronavirus. So, banks have to extend mortgage offers if such a need arises. This situation will continue until the coronavirus restrictions are over.
People, who are planning to sell their properties in the nearest future, should follow the certain rules. It’s not allowed to accept visitors during the outbreak of the corona virus. It’s important to know that nobody is allowed to come to your house for viewings and evaluations during the outbreak of the coronavirus.
However, there are many things that property buyers and property sellers can do during the spread of the coronavirus. For example, home sellers can speak to a realtor by phone during the times of the coronavirus. In addition to that, real estate agents can take advantage of 3D techniques and organize virtual viewings of properties.
It goes without saying that going online will help minimize the risks of significantly and stop the virus from spreading.
And of course, the spread of the coronavirus has a negative impact on the U.S. housing rental market. People, who need to rent properties, are not recommended to move these days. So, they are unlikely to decide to relocate in the nearest future. That means that a lot of home owners are likely to find it difficult to find tenants and rent out their properties today.
Lots of operations on the U.S. housing market have been suspended. The suspensions on the real estate market can last for 90 days. It’s also important to note that the suspensions on the housing market can be prolonged if such a need arises in the future.
It’s no surprise that many industries in the US business sector have been affected by the corona virus outbreak. Travel industry, hotels, restaurants and many other business sectors have been hit by the outbreak of the corona virus. That’s why so many people have already lost their jobs. This number of people is likely to grow in the nearest future. Obviously, finding a new job during the outbreak of the corona virus can be hard.
All of this means that some home owners may find it difficult to make their regular monthly mortgage payments during the times of COVID-19. It’s also important to note that some tenants may find it difficult to pay their rent today. That’s why the US government asks landlords and tenants as well as lenders and home owners to reach an agreement with each other during the times of the coronavirus outbreak. Later, they will be able to continue their cooperation when the problem is resolved and the lives of people get back to normal again.
Do you need to sell your property, but can’t find a buyer due to COVID-19? If so, contact us right now. At Candid Property Solutions we are always ready to give you a fair cash offer on your property!