Since the onset of the Coronavirus pandemic, many industries have been severely affected, and countless businesses have closed. As a result, the global economy has suffered its biggest hit in years. Although the number of people being infected with the virus is still rising, governments across the world have started to lift lockdowns to allow businesses to operate, while practicing strict safety guidelines. However, just like any other story in the world, the Coronavirus situation is also not immune to misinformation.
Of course, the outbreak of COVID-19 has hurt most industries, but not all of them. We all know the current situation in the United States, but this doesn’t mean businesses are not operating at all.
There are some common misconceptions about the real estate industry that came up after the Coronavirus pandemic. These myths are chasing away homeowners from trusted, reliable real estate cash buyers in Royal Oak and other areas in the US, which may result in reduced sellers and buyers in the market.
1. The stock market reflects the real estate
It is true that the stock market reflects the fate of most other industries, but not the housing market. These two markets are entirely different and can rarely affect each other. When it comes to real estate, it is a more stable investment when compared to the stock market. After all, properties will always have a base value no matter what, which is not the case with the stock market. This is why you can’t say just because the stock market is down, the housing market will also be.
The price of a house depends on many factors but the stock market is rarely one of those. Moreover, if you choose cash home buyers in Royal Oak, you can get a fair price for your house, without worrying about the stock market.
2. The real estate market will die
As we are amid a pandemic, people will likely think that the real estate market will also suffer a recession. But this is not entirely true. According to a study by Zillow, although the sales and purchases of property dropped significantly during the outbreaks like Spanish Flu or SARS, they are okay during this epidemic. Plus, the study also showed that the prices of the houses throughout the United States are expected to remain steady. Plus, the chances of a real estate market recession are very low. If you’re planning to sell a house, just get in touch with the right real estate cash buyers in Royal Oak now before things get worse!
3. No sellers
The first few weeks of March saw people withdrawing their properties from the market. By the end of April, most sellers were back again. The number of buyers in the housing market varied from one place to another, which means some cities have experienced more sales than others, despite the pandemic.
4. No buyers in the market
Another common misconception people have about real estate in the United States is that there are no buyers in the market. The truth is, people are still buying homes. But the COVID-19 pandemic has changed what they are looking for in a home. According to a survey conducted by Savills, unlike the recent past, when buyers were not worried about open areas and yards, today, nearly 73% of people want properties surrounded by green space.
Hopefully, with this post, we can dispel some of your misconceptions about the real estate market, and help you make a decision accordingly.
We understand that selling a house during this time of pandemic is not an easy task. But if you are in a hurry to sell your home, get in touch with Detroit Cash For Homes. We are one of the leading cash home buyers in Royal Oak, helping people sell their properties instantly, without any prior cleanings, renovations, and extra charges.