Local "We Buy Houses" Company Details how Covid-19 is Affecting the Housing Market in NC
Lou Gimbutis, of Property Solutions, LLC, has been buying and selling houses since 2004, and offers his perspective on the very unique circumstances we are seeing in today's real estate market.
"In times of fear and uncertainty,"
According to the National Association of Realtors, far less people are putting their houses on the market for sale now, acting in accordance with the above-stated assertion that people put off major changes in times of uncertainty.
However, people are still moving to the Greater Charlotte area in large numbers, and those people need, not want a place to live. This is further complicated by the Center for Disease Control (CDC's) national mortarium on evictions. Normal turnover of rental property has all but stopped, leaving far less choices for those willing to rent.
"And uncertainty or not," says Gimbutis of Property Solutions, LLC, a lot of people wind up in situations where they have to sell their houses, and sell quickly." Job transfer or moving (and now with Covid, income loss), divorce, inherited property, and a host of other difficulties mean that there will always be folks needing to sell quickly for cash, rather than waiting around to see if someone can get qualified for a mortgage.
Property Solutions, LLC buys houses from people like this, and can close in as little as 7 days because they use private funds and do not require home inspections, appraisals, or the myriad of delays that banks do. They maintain a website, www.SoldCarolina.com, where Sellers can submit their information 24 hours a day for an offer online.
"I don't know how long these market conditions will last," concludes Gimbutis, "but there is pent-up demand currently being created by the large number of people who would prefer to sell now, but are waiting. Add that to the fact that bank mortgages are becoming harder and harder to qualify for by the week, and it isn't hard to see that when this Seller's Market ends, we are in for a strong correction and a very strong Buyer's Market. There's never been a better time to sell than now."