As we all know by now, the COVID-19 pandemic has changed many parts of our lives and caused a lot of uncertainty in the financial markets.
As local market experts, we want to keep you informed of what we are seeing so that you as a homeowner have all of the tools you need to make the best decisions going forward.
If you were thinking of selling your home at the beginning of the pandemic, but aren’t really sure what is happening now, read on to find out more!
Kansas City Real Estate Trends in 2021
Over the course of 2020, the traditional real estate market slowed down considerably. There was an increase of ~7% for properties on the market, but sales of property decreased by ~60% from February. Many people were worried about how the pandemic would affect the overall economy as well as about how it would affect their personal wellbeing. Therefore, many people decided just to hunker down and stay put. This put less inventory into the market and drove up prices. This was a pretty good time to be a buyer, but a scary time to be a seller.
Many buyers were also sitting on the sidelines waiting to see what will happen to the real estate market once the coronavirus pandemic subsides. And with prices increasing, many were just waiting for the economy and housing prices to collapse. This didn’t happen and we’re seeing the same trends continue in 2021, although there is less negativity in the market overall.
With everyone working from home though and supply chains messed up everywhere, it has become harder than it used to be to get deals done. Things just take longer and cost more these days.
If you are looking to sell your property and don’t want to wait months to receive cash from the sale of the property, we can help. We don’t charge any fees or commissions. Call us today to discuss your options.
Foreclosures in Kansas City During Coronavirus/COVID
There has also been an increase in foreclosures which hit their highest number since last April. As the economy starts to struggle this is expected. If you are heading into foreclosure, then speak with your lender. There is currently no restriction on foreclosures, although they will likely be delayed through the court system.
On March 22, 2020, the Missouri Supreme Court entered an order suspending, “all in-person proceedings in all appellate and circuit courts – including all associate, family, juvenile, municipal, and probate divisions” through April 3, 2020. Although the order does not specifically address eviction or foreclosure proceedings, it is likely to delay them. The Supreme Court updated the order on March 22, 2020.
At this time, we are not aware of any executive orders restricting commercial foreclosures or evictions on a statewide basis in Missouri.https://www.jdsupra.com/legalnews/covid-19-related-moratorium-on-48251/
This means that homeowners facing foreclosure now have more time to find a solution for their property. One such solution is to sell your property to a cash buyer such as us. This may allow you to avoid foreclosure and can even put money in your pocket.
A temporary solution is to request a forbearance from your lender. The federal government signed H.R. 748 into law on March 27th which allows for 180 days of forbearance (temporary suspension of payments) for federally backed mortgages (most are). So if you’re experiencing financial difficulty paying a mortgage speak to your lender ASAP. Be warned that you may need to pay higher monthly costs or large lump sums after the 180 days.
Our Local Kansas City Cash For Homes Program – How It Works
With Green Sparrow Properties, our process works like this…
- Fill out the short form on this site or give us a call at 816-800-9238. This helps us learn basic info about your house so we can make an educated and fair offer on your house. Many “cash for houses” or “we buy houses” companies throw out low ball offers without learning about your house. We try to learn as much as we can about your house and your situation so we can make sure our offer is the highest possible price we can pay for your house, and a fair offer for everyone.
- Take as much time as you need to see if the offer is right for you. There are no hassles when working with us. We make you a fair offer, you can then take that offer and talk to people you trust, shop it around, whatever. We never want to do a transaction unless it’s an absolute fit.
- We will get photos and videos of the property using your smartphone. This process avoids in person contact and we will walk you through the entire, easy process in less than 10 minutes.
- We draw up the paperwork and handle everything from start to finish. You will be able to sign the documents electronically and the title company will close the property while keeping you safe.
- You get cash in your hand quickly, rather than waiting months and months selling the traditional route.
Give Us A Try! See How Our Fair Offer On Your Kansas City Missouri Area House Stacks Up! Start Below…
Step 1: Give us a call at 816-800-9238 or fill out the short form on this website
Step 2: We’ll connect with you with your offer and to discuss the options
Step 3: Make a well educated decision on what your best option is.
Go fill out the form on this website and let us know if you have any questions!