The Coronavirus
KCTV5 News tells us, “The Coronavirus is causing the shutdown of businesses and schools, so what does this mean for people buying and selling homes?”
KCTV5 News’ Abby Dodge asked experts about their experience with the pandemic and if it could disrupt the housing market in Kansas City.
For now, signs are still going into yards. You’ll see homes fly off the market because of low-interest rates. And sellers are getting what they need too.
The Coronavirus Lockdown
There is a lockdown in effect for the state of Kansas and the city of Kansas City, Missouri. That means gatherings” of 10 or more people are banned, public or private. And when you’re out, we’re all being asked to not get within 6 ft. of other people (that’s a country-wide thing). With the lockdown, they’re telling everyone to stay inside. It is ok to get food or groceries. You can go out for medical reasons, or to check on relatives. You can go outside or to a park for walks, but still asked to practice the “social distancing” of staying at least 6′ away from others. Aside from that, the authorities tell you to stay home.
The Lockdown
The coronavirus lockdown presents problems for realtors, such as no open houses. Now, if you are interested in seeing a house after you have explored the house online through professionally shot photos, you make an appointment with the realtor to see the house.
On Wednesday, the Mortgage Bankers Association reported that mortgage applications plunged 29.4% last week. People trying to sell homes have canceled showings during the outbreak, and because closings are in person, economists expect sales will decline sharply. But the virus has affected the market in other, unforeseen ways as well.
Despite Cuts to Interest Rates
Despite additional cuts to benchmark interest rates by the U.S. Federal Reserve, mortgage rates have been rising. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said that’s partially because lenders amid the Coronavirus outbreak are wrestling with capacity issues, backlogs in the pipeline, and the challenge of working remotely in real estate.
We Are Here to Help
Terra Firma Property Solutions, LLC, is open and available if you need to sell your house quickly. Whether you need to sell fast because of financial problems, inheriting a house, divorce, or a desire to downsize, we are here to help. We buy as-is. An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property as-is.
When we buy houses fast, there are no fees! We don’t charge you a real estate commission, and we may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC, is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
Photo by engin akyurt on Unsplash
