The present global health crisis continues to affect all the different aspects of society. One sector that is also greatly affected by it is the housing market. Real estate professionals, property owners, and those looking to buy properties all have different concerns in mind at this time.
From taxes to acquisition of property to market values, folks have been bugged by these concerns with some causing stress and anxiety that have been leading to different health conditions.
Is there any good news about the real estate market amid all this uncertainty?
Property Taxes
When the pandemic broke out, it was already on the verge of tax season. With all the sudden restrictions implemented by the government, with social distancing and the lockdown, people wondered how they would be able to file and pay taxes on time.
Fortunately, at the onset of the lockdown season, the government has announced certain provisions for the tax-paying public about their concerns. Relief came in the form of the Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S) Act with the extension of filing and paying, rate reductions, waived or reduced penalties, and added employee benefits for the working class.
You may get in touch with some property tax grievance companies for a more in-depth consultation to get the answers to your most pressing concerns about your property tax.
Buying and Selling
When the health crisis hit us, some folks have started or been already in the middle of negotiations and transactions for properties. Buying a home is already challenging under normal circumstances. The pandemic took the challenge to a whole new level.
While homebuyers have gone home and their numbers have decreased over the past two months, it doesn’t mean that they’re completely gone. Sellers still have enough people to market to, albeit a smaller one.
This works to your advantage as a buyer because there’s lesser competition. The downside: fewer listings.
Depending on where you are, the downpayment amount may remain the same or increase significantly due to the surge of forbearance requests as lenders need to protect themselves and their investors.
Market Stability
Questions and concerns about the real estate market’s stability also continue to hound realtors due to the uncertainties brought about by COVID-19. Anxiety and worry build up as talks of market crash make their rounds within the industry.
There is no doubt that the long and short-term impact of the novel coronavirus will be painful for the real estate market, but analysts and experts predict that the housing market will recover faster than the other sectors because of the constant need for housing. In fact, companies like Zillow Offers and Redfin are opening their doors again and will start flipping houses as the demand for homes rebound from the health crisis.
Of course, certain adjustments and changes will be made to their processes but experts are confident in the resiliency of the real estate market. If you have recently made any negotiations and have yet to finalize, get in touch with your lawyers to determine which steps you should take moving forward.
People’s need for housing is constant despite these unpredictable variables surrounding us. The circumstances surrounding us will never take away that need. Getting yourself properly informed by keeping in touch with a professional and understanding the changes in the entire process will help you make wiser and well-informed decisions regarding your property taxes, and selling or acquisition of a home.
