It is apparent that the coronavirus has put limitations to movements with the social-distancing and stay-at-home orders in place thus impacting the home-selling activities in California. Spring was supposed to be the peak season of the real estate industry.
Aside from the imposed policies of the government, since the spread of the virus, 85% of homeowners nationwide have actually changed their plans of selling. They simply want to avoid face-to-face transactions which are difficult in this time of health crisis. This leads to abrupt economic disruptions as market activities have slowed down.
The number of new sellers in California has dwindled since March 1 to April 5. In Los Angeles and Orange counties alone, the inventory in the market is down to 19% compared to the same period last year. The drop of homes for sale in the market has become a nationwide trend.
There’s no need to rush. Potential home sellers are doing a wait-and-see approach while in observance to the rules in place. Massive layoffs and sudden shutdowns of the businesses may have scared the market, the economic conditions are constantly changing. The best way to deal with this is to wait. But the main key is how long these uncertain times are going to persist and how quick the government can deal with its blows and get things back to balance.
The good news about this is that the drop in supply and demand is mainly virus-related and not due to massic economic downfall. Depending on how long this will last, the resilient real estate markets can get back to its feet sooner than later.
Instead of the usual market activities peak season in spring, there is a great chance it will be pushed into winter, since a lot are surely going to resume their plans of selling homes and buying one as soon as the health crisis ends. They are just waiting patiently for the dust to settle. But it may not be that quick for things to go back to normal business dealings. It will be gradual as people tend to be more cautious in playing in the market games.
Right now, we could say the markets are still thriving as many people are actually still aggressive and determined to move the soonest they can. Also, realtors and other companies have taken aid from technology to continue doing business. They have provided virtual house viewings using robots, video calls, and 3D online presentations. Others also allow people to do viewings on their own through online one-time passcodes they provide. While the movements are limited, technology has surely eased the current situation.
There is also a rise in the trend of iBuyers—these are companies who buy homes directly from the sellers in a swift and seamless manner before they turn it up for sale. They do not put your house on listings and you don’t have to wait long. Those who badly need to sell their house fast and sell homes for cash, can simply contact iBuyers through their websites and transact online. The convenience they provide is unparalleled in these certainly difficult times.
Take for one the Candid Property Solutions. You can get help and talk with experts online from the comforts of your home while in quarantine. They buy houses fast with ease and less hassle. If you intend to sell your house for cash, they can give you a fair written, no-obligation offer—this means you can get a free consultation as they help you weigh your options before you finally decide. They can provide an all-cash offer within 24 hours and from there, they can close as fast as 7 days or depending on the schedule you would like to set.
The best thing with this kind of deals is that they can buy your house as it is. You do not need to go through the much needed upgrading of your house, get some fixtures done, declutter or do general cleaning, and move out early to accommodate potential buyers who would like to do home viewings. Mrs. Property Solutions do cash for houses Los Angeles and they will take care of the rest of the things needed to be done—however it looks and whatever the property’s condition is.
