5 Reasons Why US Housings Stay Strong Amid COVID-19
Since the COVID-19 outbreak, many things have certainly changed, including our day-to-day lives. The economy has been profoundly affected, and billions of people around the United States have lost their jobs. However, the US housing market has managed to stay stable amid the situation. Therefore, if you are thinking about selling your home during this time, you can make it happen.
This ongoing situation has taken a toll on almost everybody. Why almost everybody? Because it has been an uneven recession compared to other periods throughout history that had a higher impact in the housing market, as it happened in 2008.
The pandemic situation, in particular, has affected mostly households earning under $35,000 a year. Over 55% of them have lost their jobs and filed for unemployment claims. Those homeowners earning $35,000 to $75,000 a little over half have lost their job income, according to BofA. However, people have managed to endure the situation thanks to certain opportunities allowing the housing market to remain stable. Let’s explore them.
Homeowners Seeking For Opportunities
House owners have been presented with many opportunities, either to extend their mortgage loan payments, selling their homes and moving “to safer areas,” businesses adjusting to work-from-home, and many other circumstances that have helped make the US housing market stay strong.
If you happen to be going through financial hardship and have issues paying your home debt, reviewing the following reasons why the US housing market is in good terms can help you out. Go through them and discover if they can provide you with an idea on how to solve your financial home struggle.
- Businesses Adjusting To Work-From-Home
Adjusting to this working dynamic has helped people keep their jobs. Looking for ways to make a business thrive even during such times, has been possible thanks to working from home. Most importantly, this effective modality has prevented people from losing their jobs, which leads them to stay financially stable and keep paying their home debts.
- Lenders Extending Forbearance Periods
Lenders across the country have followed suit to provide relief and extend forbearance periods. Since billions of people have lost their jobs, lenders have been reasonable and helped their borrowers with extended forbearance agreements. Thanks to such circumstances, people get wiggle room to plan their finances and arrange their mortgage negotiations.
- Families Looking For Safe Destinations
Homeowners in order to keep their families safe in less affected areas, sell their Milwaukee homes and relocate. This helps the housing market to remain stable, especially in outer regions away from the city. Therefore, buying a new home amid COVID-19 is still an appealing activity for some niches.
- Lower Mortgage Rates
In the first week of July, mortgage rates hit a record low close to 3%. The most popular home loan, a 30-year fixed mortgage, dropped to 3.03%, which becomes highly beneficial for borrowers to request refinancing and reduce their monthly mortgage payments.
- Home Buying Companies Offering Fair Home Prices
Home buyers have always been an enticing option for homeowners since their added benefit is to offer a fair price even if they’re going through financial hardships. The Coronavirus situation hasn’t been an exception. There are home buying companies that buy houses for cash in Milwaukee in a seven day period, giving homeowners the chance to get rid of home debts they can no longer afford.
- Sell Your Home Amid COVID-19 – We Can Help You!
If your mortgage loan has become an unbearable burden for you, and none of the cases presented above adjust to your case, don’t worry. At Milwaukee House Solutions, we buy houses in Milwaukee, no matter what situation you’re currently facing. With us, you don’t have to spend extra money on house repairs or have a hard time thinking about how you’ll pay your next mortgage fee. Selling your house to us is the best way out of such a troublesome financial situation.
We’re Milwaukee’s first home selling tool option for those homeowners thinking about “I want to sell my house fast in Milwaukee. One of the main reasons why home sellers trust us is because we offer cash for homes in Milwaukee. We can provide you with a deal you’ll hardly turn down. Therefore, if you recently lost your job and are falling behind your mortgage payments, we will present you with solutions tailored to your case.