The pandemic continues to affect all manner of businesses and everyday life. Many industries including retail, and the hospitality sector, were hit extremely hard during 2020 and continue to suffer today.
Unemployment rates surged during the pandemic, and younger age groups experienced over 10% jobless numbers. The lack of work, dwindling finances, and debts have meant that many people have already sold their homes, or need to sell urgently.
Selling a house during 2021 might be a different proposition to normal though, and the traditional routes may not be the quickest and best in an emergency.
How is the pandemic affecting house sales?
The pandemic has affected everything from how people shop, to their social lives, and to how they work. Some businesses, especially online ones such as streaming services, have done well through the lockdowns. Others, such as restaurants, less so.
The housing market is also going through changes and has seen house sale figures that are quite different from 2019, and before the pandemic.
Despite the pandemic and lockdowns, or perhaps because of them, house sales rose by 500,000 last year in the states. They are also predicted to rise by another 600,000 in 2021. But, why could this be?
What is causing house sales to rise?
On paper, looking at these figures it would seem that the housing market is going well. However, there may be a darker side to all these house sales, and Covid has plenty to do with it.
People sell homes to upgrade or downsize often, but other people sell their property because they need cash. Looking back at those unemployment figures possibly gives a better indicator of why people are selling homes more frequently.
A lack of employment has led to many depleting their savings, racking up debt on credit cards, falling behind with mortgages, and becoming homeless. If you were in this situation then it might come to the point where selling a house becomes the best option to stay afloat. The question then would be, how to do this quickly and easily?
How can you sell a house quickly in 2021?
The keyword in this question is ‘quickly’, as selling a house is usually not such a problem. Normally you would visit a real estate agent and they would put your home on the market. However, it can take months to sell a house, and then there are the costs to consider.
When selling a property you have to ask yourself how much is a real estate agent’s commission, and how much are you giving away? Similarly, if you use auctions you could find you lose a chunk of your sales price too.
One other way to sell a house is to find a property investor. These companies are also called cash for houses, or cash for home buyers.
What is cash for houses buyers?
Put simply, they are individuals or businesses that buy property as an investment and then later sell it for a profit. They will look for the best places to invest in the real estate market and may make offers on properties, or wait for sellers to come to them.
When it comes to selling a house fast, they are hard to beat, as they are ready to make offers. They move much faster than most house buyers, and they avoid a lot of the processes that slow down sales.
What can you gain by using cash for houses business?
If you wanted to sell a house quickly then it is likely that you would find there are plenty of advantages to trying one of these businesses.
For instance, Vol Homes – Knoxville TN when asked, would make an offer on a property within 24 hours. This is fairly typical of these businesses and they can often close the sale within a week too.
So, someone needing a quick sale, without the worry of making repairs, or viewings, could have an offer within a day and cash a week later. No commission, no closing fees, means the seller gets the full amount offered.
What are the downsides to selling this way?
Of course, nothing is perfect and there are some downsides to selling to these buyers. Selling on the open market means that 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 for home buyer will make one offer and then you have to decide whether it is acceptable. Typically this will be lower than what you would get by selling through a real estate agent. This is because these buyers are looking to make a profit later down the line.
Summary
House sales are rising, and it may be a good idea to use a real estate agent if you want the full market value for your home. However, if you need a quick sale and want cash because of personal or financial problems caused by the pandemic, then cash buyers are the fastest way.
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