Analysts predicted major changes in the real estate market for 2020. Early reports showed demand was poised to outweigh supply in spite of a growing number of new builds, and this would’ve sparked rising market values. When combined with interest rates that were creeping toward record lows, the stage was set for a spectacular year. From emerging business hubs to small towns lying on the outskirts of the action, areas throughout the nation had high hopes for real estate sales to come. Of course, no one expected the events to unfold after the fact.
An Unexpected Turn
By March, the COVID-19 outbreak had taken the world by storm. Some experts insist this new virus actually began to emerge in late 2019 and early 2020 without anyone realizing it was there. At any rate, the pandemic altered the course of the world in countless ways. Social distancing became the word of the day. Schools and businesses closed, and supermarkets were forced to limit not only their hours of operation but the number of people allowed in their stores at any given time.
As a result of all this, numerous people either lost their jobs or took unexpected pay cuts. Localized real estate markets weren’t spared from the brunt of the impact. Many who were in the market for a new home halted their searches due to uncertainty as well as suddenly being unable to afford to buy a home or even qualify for a mortgage loan. In turn, sellers gave up hope of finding buyers for their homes and took their listings off the market. Although interest rates continued to inch ever lower, things were at a standstill.
Circumventing the Hardships
Though potential homebuyers have temporarily placed their searches on hold, some homeowners still need to sell their homes. In some cases, time isn’t on their side. All this has left a number of sellers turning to options outside the traditional housing market, such as https://www.webuyazhomes.com/. This allows them to sell their homes regardless of the unexpected turns in the real estate market. It’s a particularly helpful move if their homes aren’t in top-notch condition or they’re having difficulties selling for other reasons.
Phoenix appears to be an exception to the general rule in a sense. Though the housing market dropped here just like it has in other areas, Phoenix hasn’t seen quite as much of a downturn as other areas. Local listings are slowly increasing right now, and people are using technology to their advantage to take virtual tours of homes rather than physical ones. Businesses are beginning to reopen as well, so potential buyers’ financial situations are sure to improve over time.
This doesn’t mean everyone who needs to sell a home will be able to do so in an optimal time frame or at their original asking price. It’s already getting easier to sell a home in Phoenix than it was in previous months, but the market hasn’t fully recovered. Looking for a we buy houses company instead of adhering to the conventional real estate market is still the best option for many sellers. Still, sales are on a more promising upward trend in Phoenix and the surrounding areas than other corners of the nation.
Don’t Be Afraid to Reach out for Help
Companies that buy houses for cash are certainly beneficial in a wide range of situations, and Max Cash Offers is here to help. The company is committed to taking the stress out of selling a home and extending fair offers for homes regardless of their condition. They’ve helped thousands of homeowners in countless situations, and they’re dedicated to continuing this tradition no matter what the future holds in store.
Company Name: Max Cash Offers
Contact Person: Steve Trang
Email: Send Email
Address:10235 S 51st St Ste 195
Country: United States