The novel coronavirus that first appeared in China has already spread all over the world and affected the lives of so many people. Obviously, people are very much concerned about how long this pandemic is going to last and how deadly it might be. The disease makes people change their plans for an uncertain period of time.
So many aspects of life have been influenced by the novel coronavirus. Some real estate sectors suffer more due to the outbreak of this lethal disease. Thus, a great number of tourists have to cancel their trips. It affects significantly the airlines as well as the hotel industry.
The housing market has been also impacted by the coronavirus outbreak. Are you planning to buy or sell property in the nearest future? Keep on reading to find out whether it is the right time for that decision.
Should You Buy a House during the Coronavirus Outbreak?
There is no doubt about the fact that the novel coronavirus scares people. However, those people who are planning to purchase property can enjoy the benefit of low rates. Mortgage rates are expected to remain low. So, it may encourage people to buy a property. However, market instability and general panic make it almost impossible to predict whether people are still ready to buy a property.
The Way Coronavirus Impacts Construction Industry
The construction industry has also been hit by the spread of the novel coronavirus. Most construction companies continue doing business. At this point, the companies implement the necessary precautions – visitors and employees are regularly screened for flu-like symptoms.
However, there are serious concerns due to the global pandemic. Construction companies may experience difficulties in getting supplies. That means that it might become harder to get cleaning and sanitizing supplies as well as construction materials.
About 30% of the construction products used by the US building companies are imported from China. So, the construction industry in the USA is going to experience a shortage of some materials. At this stage, no one can say how long this shortage will last.
Rising Uncertainty Stops Domestic Buyers from Purchasing Property
The number of people who get infected with the novel coronavirus is rapidly growing. The spread of the deadly virus makes people stay home and postpone their plans. As a result, the uncertainty and the risk of recession deter domestic buyers. However, the mortgage rates fell to just 3 %. For those people who can make their monthly payments, it is a great chance to buy a property.
The uncertain situation in financial markets has influenced significantly the housing prices. It will probably decrease the demand for luxury homes. However, people who still want to purchase luxury property are more likely to get discounts due to this volatile situation.
Fewer Foreigners are Ready to Buy Property in the US
China is known to be the largest buyer of residential property in the US. Slow economic growth in China can reduce demand for real estate in the US this year. In fact, only time can tell how hard the coronavirus will hit the real estate market.
Spring Housing Market Season is Just Beginning. What will it bring?
Most real estate professionals agree that it is still unknown how hard the novel coronavirus outbreak will impact the spring housing market season. People get very much worried about their health as more and more coronavirus cases are confirmed all over the USA. The national state of emergency has been declared. Thus, it may be hard for some people to buy or sell property under such circumstances. Due to the deadly virus outbreak, some sellers change the way they show their property to potential buyers. Thus, sellers ask buyers to wash their hands before entering the house.
If you want to sell your house fast and avoid communicating with too many people during this process, think about dealing with a reputable real estate investor. Most sellers usually have to spend much time to get their home ready for sale. Property investors buy houses in their current condition. You will get a fair cash offer from a real estate investor. Plus, you will have an excellent opportunity to close the deal within 24-48 hours. There is no doubt that a quick property sale is a great option in terms of the global coronavirus outbreak.
Do you need to sell your house for cash quickly? If so, contact us today to get a fair cash offer on your property. At Mrs. Property Solutions, we are always happy to buy your home for cash fast!