The pandemic continues to affect all kinds of businesses and daily life. Many industries, including retail and hospitality, were hit extremely hard in 2020 and continue to suffer today.
Unemployment rates rose during the pandemic, and younger age groups experienced more than 10% unemployed. Lack of work, dwindling finances, and debts have meant that many people have already sold their homes or have to sell urgently.
Selling a home in 2021 might be a different proposition than normal, however, and traditional routes may not be the fastest and best in an emergency.
How is the pandemic affecting home sales?
The pandemic has affected everything from the way people shop, to their social lives and the way they work. Some businesses, especially online ones like streaming services, have withstood the lockdowns well. Others, like restaurants, less.
The housing market is also undergoing changes and has seen quite different home sales figures from 2019 and before the pandemic.
Despite the pandemic and the lockdowns, or perhaps because of them, home sales increased by 500,000 last year in the United States. They are also expected to increase by another 600,000 in 2021. But why could this be the case?
What drives home sales?
On paper, given these figures, it seems that the real estate market is doing well. However, there can be a darker side to all of these home sales, and Covid has a lot to do with it.
People often sell houses to upgrade or downsize, but others sell their property because they need the money. Looking at these unemployment numbers perhaps gives a better indicator of why people are selling homes more frequently.
Lack of employment has led many people to deplete their savings, accumulate debt on credit cards, fall behind on mortgages and become homeless. If you were in this situation, it could be that selling a home becomes the best option to stay afloat. The question then would be, how do you do this quickly and easily?
How to sell a house quickly in 2021?
The keyword for this question is “quickly” because selling a home is usually not a problem. Normally, you would visit a real estate agent and they would put your house on the market. However, selling a home can take months, and then there are the costs to consider.
When you sell a property, you must ask yourself, how much is a real estate agent’s commission and how much are you giving away? Likewise, if you use auctions, you could lose part of your selling price.
Another way to sell a home is to find a real estate investor. These companies are also known as cash for homes or cash for home buyers.
What is cash for home buyers?
Simply put, these are individuals or businesses who buy a property as an investment and then resell it at a profit. They will look for the best places to invest in the real estate market and can bid on properties, or wait for sellers to come to their homes.
When it comes to selling a home quickly, they are hard to beat because they are ready to make offers. They move much faster than most home buyers and avoid many processes that slow down sales.
What Can You Earn Using Money for Home Business?
If you wanted to sell a home quickly, chances are you would find that there are many benefits to trying one of these companies.
For example, Flights to Knoxville TN when asked, would bid on a property within 24 hours. This is pretty typical of these businesses and they can often close the sale within a week as well.
So someone in need of a quick sale, without worrying about making repairs or visits, could have an offer within the day and cash out a week later. No commission, no closing costs, this means the seller receives the full amount offered.
What are the disadvantages of selling this way?
Of course, nothing is perfect and there are downsides to selling to these buyers. Selling in the open market means you can set your own price and receive offers. You can choose to lower the sale price or be patient and hope for the full amount.
A cash buyer for the home will make an offer and then you will need to decide if it is acceptable. Typically, this will be less than what you would get by selling through a real estate agent. This is because these buyers are looking to make a profit later.
summary
Home sales are on the rise, and it may be a good idea to hire a real estate agent if you want to get the full market value of your home. However, if you need a quick sale and want cash due to personal or financial issues caused by the pandemic, cash buyers are the fastest way.
Interesting Related Article: “Easy Tips for Preparing a Home for Sale”