Home sellers and buyers alike have been faced with unprecedented uncertainty during the last several months. Reports from across the nation raved about upticks in the real estate industry over the past few years, and market analysts predicted this trend would continue for 2020. Though property values and home prices have remained steady through the coronavirus pandemic, sales in and around Greenville, South Carolina are down 12 percent at this point according to a recent write-up. This leaves many homeowners racing against the clock to sell their homes in a time when listings aren’t moving quite as quickly as usual.
Why Have Home Sales Plummeted?
Home sales have plummeted in the Greater Greenville area for several reasons. For one, local business shutdowns and reduced hours of operation have caused a number of people to shy away from the thought of purchasing a home. Some fear they can’t afford the mortgage payments while others just aren’t sure how long they’ll be faced with faltering incomes. Lenders are tightening the reins on potential borrowers as well. Since the pandemic’s full effect on the real estate market and the economy as a whole aren’t clear right now, they’re making every effort to reduce the risks for themselves moving forward. As such, some sellers are turning to we buy houses company rather than taking the conventional route.
Changes in the home-viewing process are also causing people to turn away from the traditional real estate market. Many sellers are reluctant to allow strangers to walk through their homes considering the circumstances. Masks, gloves, shoe covers, and other precautions are recommended for in-person viewings, but sellers are a bit timid when it comes to asking people to don personal protective gear before walking through their homes. Potential buyers are equally averse to the idea. Though virtual tours are available, would-be buyers are wary of signing on the dotted line without seeing a property in person.
All Things Considered
In light of all this, many prospective buyers are putting their home searches on hold for now. Most plan to resume their efforts once a greater sense of normalcy returns. Certain homeowners are taking their listings off the market for the moment as well. Those who need to sell their properties right away are looking into the options available through websites like https://www.cjkhomesolutions.com/.
For the last few years, homeowners in Greenville and the surrounding areas have enjoyed a seller’s market. Demand for homes has been high, and property owners have been getting at or near their asking prices. Property values haven’t gone down, and mortgage rates remain at all-time lows, so chances are the market will return to its former glory before long.
Choosing an Alternative
Those who don’t want to wait until the real estate market in the Upstate gains steam certainly have other options at their disposal. CJK Home Solutions, LLC buys homes for cash often in seven days or less. As a family-owned company, they strive to help homeowners in Greenville, and other surrounding areas circumvent the challenges and hardships of the conventional real estate industry.