Assessing the Current Real Estate Market Amidst the Pandemic
Unfortunately, the future of many industries will be impacted by the spread of coronavirus (COVID-19). Few will feel as big of an impact as the real estate market. In this brief article, the professionals at Gateway House Buyers will discuss some areas of real estate undergoing changes due to the spread of the virus. With an expected uptick in homeowners looking for cash for homes in Clarksville, TN, visit our website today to learn more about our buying process.
Assessing the Modern Day Real Estate Market
As local government orders begin to be lifted across the country, here are a few areas of the real estate industry our investors are evaluating right now:
Although the technology landscape has made it feasible to purchase a home you’ve never seen in-person, there are unique challenges with this process. Mostly, the lack of personal contact or firsthand experience of physically seeing a property can make it a strange investment. For example, what condition is the home and its components actually in? What’s the neighborhood truly like aside from online reviews? Although there should be an increase in homes purchased through online mediums, most potential buyers will remain wary of investing in a home online unless it’s their last resort.
After a few months of shelter-in-place orders, potential buyers may be able to visit a home again for an open house. Like all nonessential businesses, real estate agents are beginning to go back to work while honoring social distancing requirements. This is still a work in progress as most Americans are only leaving home to go to work or the store.
The biggest uncertainty is evaluating the market price for homes. Across the country, many potential buyers will pause their efforts and take a wait-and-see approach to the housing market in their area. With forecasted drops in home prices over the next six months to a year, this is yet another challenge for homeowners looking to sell their home this summer.
Many homeowners that were renting out their property are now facing the biggest problems. Whether their Airbnb partnership has resulted in massive cancelations or the current tenant is struggling to make rent, landlords will be working extra hard in the upcoming months to earn a profit.
As this is a unique time, the real estate investors at Gateway House Buyers remain committed to our buying process. When you fill out our instant cash offer form, we assess the value of your home. If it meets our criteria, we will make a fair, all-cash offer for your home. If you accept this offer, you walk away with cash in your pocket and we handle all the repair expenses. Selling your home during a difficult time really can be this easy. If you’re saying, “sell my house in Clarksville, TN,” we can help.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.