It should be no surprise that many individuals who may have hoped to sell properties this season are pondering whether to put those plans on hold or have already given up entirely on the idea. This is due to the ongoing threat posed by the COVID-19 pandemic, as well as a shaky economy and the prevalence of layoffs occurring left and right. However, the absurdity of the situation is that many real estate investors feel this is the best time to sell their property.

The Buyer Demand is Back with a Vengeance

During the spring when COVID-19 was making its way across the country and prompting several states to impose quarantines and outlaw empty houses, it is understandable that the real estate market slowed down significantly. But now that many states are settling their limits on the lockdown period, house buyers are out in full force, and many are ready to make up for the lost time.

According to the Pending Home Sales Index published by the National Association of Realtors®, as of 2021-2022, the ever-popular real estate market is exhibiting clear indications that it will soon begin to recover (a forward-looking indicator of residential property sales based on contract signings). Pending home sales increased by 44.3% in May after two consecutive months of fall.

As more businesses follow in the footsteps of tech giants like Google, Amazon, and Microsoft in allowing employees to work remotely for the foreseeable future, there is a very significant demand, and it is strongest right now in the suburbs and in smaller, affordable cities. This is because buyers are looking to escape the metros to migrate farther afield, where they can get more for the money.

The Economy is Showing Slow Signs of Recovery

Even though the pandemic caused record-high unemployment rates, these numbers have lately reduced marginally—a positive indicator that buyers are still ready to purchase property despite the economic climate. In the future, further jumps in COVID-19 may have a detrimental effect on employment levels in some regions, but for the time being, the national trends are going up.

Additionally, the pandemic significantly impacted economic productivity and consumer expenditure. As a direct consequence of this, the number of unemployed individuals increased. However, figures from May and June show that businesses are bringing back employment as consumers go back to spending, and some real estate investors are already trying to keep up with the current demand.

Mortgage Rates Are Lower Than Ever

The low-interest record rates on mortgages are another element that encourages buyers to look around for new properties. According to a study by Freddie Mac, the current average interest rate for a 30-year fixed-rate mortgage has just set a new record low of 3.07%. It is not surprising that the number of individuals applying for mortgages has increased over the last year, given the fact that this might result in savings of tens of thousands of dollars throughout the loan’s lifespan.

Sell Your Property to SellMyBuildings

Whether you’re going through a foreclosure, need to sell the property fast and liquidate, or just can’t sell your property at all—At SellMyBuildings, we make that happen. We’re a family-owned business based out of Florida, buying your multi-family properties in cash at irresistible prices – so good you can’t decline. We practice complete transparency, which means no hidden costs, fees, or conditions.