COVID-19, Coronavirus, has caused a worldwide pandemic like no one has seen in more than a century. Markets and economies all around the planet are struggling amidst the rising cases of the virus, but especially in the United States. You might think now is the worst time to take a risk and start your own Charleston property company, but there’s never been a better time for qualified investors.
Millions of people in the United States have lost their jobs and haven’t worked for months. Many people were never able to receive the extra unemployment stimulus and the number in the checking account is getting smaller and smaller for many families. While this is terrible news for the housing market, it’s a ripe time for investors that can get past the tightened restrictions on mortgages and have cash on hand.
Many sellers will be willing to sell their homes for deals they would never consider pre-COVID-19. They might have a limited time to pay the mortgage before entering foreclosure and selling as fast as possible will save their credit and reputation. Even properties that are paid off are being put on the market to ensure that families have the extra money in the bank to make it through at least the end of the year.
Although the best part about buying a home during the pandemic is the nearly guaranteed ability to buy for a steal, the sellers are also being put into a position where they will want to rent, rather than buy again. This means that more people will be looking for a Charleston property company to help them find the perfect home for rent.
Every Charleston property company owner knows that having a lower than average interest rate is not something offered to all developers or investors. If you’re wanting to become a property manager and invest in new houses, or flip houses, then rent—the market is on the buyer’s side in 2020.
If you’re ready to take your Charleston property company to the next level, call Scott Properties at 843-790-4929.