The impact of the Coronavirus has threatened to open a Pandora’s Box of economic and financial problems faced by countries all over the world. For the millions of people affected by the coronavirus, whether directly or indirectly, economic survival will be a primary concern. Businesses are forced to close indefinitely and workers are either laid off or forced to take unpaid leave. Bills for unpaid rents, mortgages and consumer loans quickly accumulate, leaving many lives turned upside down caused by financial woes.
Without swift government action and stimulus package, many people will turn to hard money lenders and private money lending real estate to get hard money loans, payday loans and loans to manage their real estate properties.
The pandemic is halting open houses, shuttering sales centers and impacting real estate agencies, changing the industry virtually overnight. Home sellers appear to be holding off listing their properties for sale in anticipation of fewer home buyers during the normally busy spring home-buying season as most people are sheltering at home at the height of the pandemic. The long-term effects are going to vary per sector and market, and will ultimately depend on the overall impact of the coronavirus outbreak on the economy, something that cannot yet be fore casted.
The coronavirus outbreak will also likely impact the inventory of housing markets across the country. With most workers now staying home and more stay-at-home orders being imposed, businesses continue to shut down. As a result, real estate development and access to construction supplies and other resources will be halted. One business that will thrive during this global pandemic is perhaps licensed money lenders and hard money lenders Los Angeles as scores of people are affected financially.
Tips on What You Could Do as a Realtor
Almost all and sundry in the real estate industry all over the world is affected by the coronavirus outbreak. As the pandemic progresses, realtors have to adjust their strategies when it comes to showing homes, meeting clients, arranging closings, etc. If you are a realtor who is impacted by the Coronavirus, you either sink or swim. Don’t sink! Here are some tips and relevant information to help you attract potential clients and maintain your current clientele while you stay safe at home:
- Create and nurture relationships through social media
- Beef up listing info
- Keep your real estate blog or social media sites updated regularly
- Include virtual tours in your marketing efforts
- Get updated on eClosings
How a Probate Loan Can Help You as a Realtor
A probate funding or probate loan is a short-term form (between 6 and 24 months) of financing that capitalizes on your real estate value if you are inheriting a real estate. Loans against probate real estate assets can provide heirs and beneficiaries with some much needed breathing room during a difficult time. You may receive funds in a week or two with your estate considered collateral for the loan.
The Coronavirus will one day be contained, though it may not be completely wiped out. Whether you are in the real estate sector or a salaried employee who is impacted financially by the pandemic, you do not have to suffer financial crisis in silence. Help is always out there, at North Coast Financial Inc.