Were you thinking of selling this spring but the Corona-virus has you thinking otherwise? Here are 3 reasons why you should still consider selling, and Brotherly Love Real Estate is here to help
Let’s face it, COVID-19 has thrown a very large, unexpected monkey wrench into our lives. People are out of work, and social distancing is the norm. But, life must go on, including selling real estate. We buy houses in Philadelphia, and still plan to buy moving into 2020. It’s actually still a good time to sell a vacant piece of land you’ve been holding on to, that rental with those tenants who aren’t paying rent, the inherited house your grandma left you, even your primary residence. You might be thinking, it’s impossible, there’s no way I can sell my house fast in Philadelphia with the lock down. That’s where you’re wrong – title companies are an essential business and are still able to operate and conduct closings. For example, World Wide Land Transfer is still able to facilitate multiple closings each week! Properties are still able to be toured virtually via Zoom, Face Time, and video, and companies like Brotherly Love Real Estate are still buying. We buy houses, even when times are tough! Here are three reasons why it’s actually a good time to sell.
Philadelphia’s real estate prices have proven to be relatively stable since the pandemic arrived on the east coast. However, this has the potential to change. The stock market has already been largely impacted, seeing its worst day in 33 years in mid-March and unemployment is at all-time highs, with millions of people filing for unemployment. With the uncertainty of the future of the Philadelphia real estate market, there are considerably fewer buyers and investors purchasing land, rentals, fixer-uppers, and even owner-occupied homes to live in themselves. Basic economics will tell us when there is less demand, prices will drop. This is why if you are considering selling, it can be a smart decision to sell sooner rather than later, because prices of the Philadelphia real estate market will have the ability to decline over the next few months, with an unknown time of a bounce back. Are you still wondering if there will be investors that buy houses in Philadelphia during this time? Think Brotherly Love Real Estate! With virtual showings, fair cash offers, and virtual closings, Brotherly Love Real Estate is still creating win-win situations with sellers.
Consumer confidence is becoming lower by the week. Stay at home orders, and more and more job losses are negatively impacting how people are spending their money. Most investors that still have their cash are sitting on the sidelines until this is over, or even worse, pulling out of contract with sellers due to the nervousness of a real estate crash. Committing to a buyer, to then right before closing find out their funds are no longer available and they cannot close, can be extremely detrimental to any seller. Brotherly Love Real Estate commits to sellers as soon as a fair cash offer is made. Sellers can have peace of mind that once an agreement is signed, they will still be closing, and typically on the day of their choice. Brotherly Love Real Estate is backed with cash investors looking to still grow their portfolios, even during a pandemic!
The long term impacts of this virus on the Philadelphia real estate market are unknown. We are seeing so many job losses, with business closures soon to follow. We don’t know when the stay-at-home orders will be lifted when we can once again go watch our beloved Phillies in South Philly or go grab a beer with those old friends at Fishtown’s Frankford Hall. Even though the government has put a temporary pause on foreclosures, we may see a large wave of foreclosures hitting the market in the next year or two due to the large mass of job loss. Again, basic economics tells us when supply is high, prices will drop, which is why it’s a smart idea to consider selling now before the Philadelphia real estate market takes a nosedive. As you guessed it, Brotherly Love Real Estate is committed to fair cash offers while maintaining social distancing practices, flexibility in closing dates, and creating win-win opportunities with sellers.
Heavily consider the importance of your timeline, and confidence of actually being able to get to the closing table and get cash in hand when you sell that headache investment property, vacant land that keeps getting violations from L&I, or your inherited grandma’s house. Call Brotherly Love Real Estate when you’re ready for your cash offer! Stay safe and healthy!