With mortgage rates at all-time lows due to the global panic and economic instability caused by Coronavirus, home buyers are having a heyday when it comes to securing extremely favorable interest rates. Or are they? In today’s blog post, we’ll take a look at how Coronavirus and the disease it causes, COVID-19, has created a unique problem for buyers and sellers in the U.S. housing market.
Compass Home Buyers pays cash for homes in the Tampa Bay area. With reliable, fair cash offers, no fees or commission, and a quick closing process, our team of professional real estate investors has helped our Florida neighbors move onto their next chapter with ease. After you finish today’s blog post, check out our services to learn more!
What Happened To The Housing Market In 2008?
During the subprime mortgage crisis of 2008, homeowners began defaulting on their mortgage loans at an unprecedented rate. Lenders had approved loans for borrowers who did not have the means to truly afford them, an action that forcefully drove a sharp tack into the real estate bubble.
How Is COVID-19 Affecting The Housing Market Now?
While the housing market is unlikely to see a crisis as it did back in 2008, a different type of problem is shaking up the industry. Between the time of the first reported COVID-19 case in the U.S. and now, the attitudes of potential home buyers have shifted. Instead of continuing to celebrate record-low mortgage rates, buyers are staying in their current homes amid calls for social distancing, hesitantly peeking around the corner until it’s safe to come outside again.
Social Distancing Is Negatively Impacting Showings And Open Houses
Much of the house-hunting process can be done online, but nothing can replace a good ol’ showing. However, fears regarding the spread of COVID-19 have made welcoming droves of strangers into your home a rather off-putting idea. While large gatherings of people are discouraged by the CDC, individual home showings and regulated open houses most likely won’t surpass the 50-person limit.
If you’re selling your home right now, there are additional precautions you can take to help keep potential buyers (and your family) safe during home showings, including:
- Do not shake hands with potential buyers.
- Maintain distance between all parties during the showing.
- Provide hand sanitizer for potential buyers.
- Insist that buyers wash their hands before and after the showing.
- Consider providing shoe covers for buyers so they can leave their shoes on.
- Put pets in the backyard or spacious closed-off location.*
*While the CDC has no evidence that household pets are at risk for contracting COVID-19, it is best to limit what and who potential buyers can come into contact with in your home. People have a tendency to love on our furry friends, but it’s not likely that Fido or Kitty will get a bath before you love on them next!
Buyers Are Facing Sudden Financial Strain
It’s possible that many people who were just about to jump into house hunting are now rethinking their plan. With businesses experiencing low traffic and limited hours or completely closing their doors until further notice, some individuals may find themselves unable to afford their current mortgage, let alone navigate entering into a new one. For sellers, this means less interest in their listing and a delay on moving forwards with their future plans.
Cash Home Buyers Can Help You Sell Your Home Now
The team at Compass Home Buyers in Tampa is ready to partner with you to sell your home now, so you don’t have to wait and worry. With us, there are no showings or other situations that could pose unnecessary health risks. Our only in-person requirements include an inspection and one to two brief meetings, both of which will be conducted with adherence to CDC guidelines for social interaction and personal hygiene. We’d love to shake your hand, but for now, we won’t!
Find New Home-Selling Solutions With Compass Home Buyers
At Compass Home Buyers in Tampa, we know that selling your home can play a major part in starting your next chapter in life. If your home is stuck on the market or just not selling as quickly as you need it to, contact our team today for a faster, more accessible option. We can provide you with a fair cash offer as soon as the same day you fill out our form online. Get started today by telling us about your home.