With the global call for social distancing still in force in many countries, many property owners are holding on to their properties amid a perceived perception that the market is down. However, due to the consequential decline housing in supply, housing prices have surprisingly remained strong in the US amid the coronavirus pandemic, reports CNBC.

The challenges facing property sellers amid COVID-19

One of the biggest challenges that home sellers are facing right now is the risk of exposure to the coronavirus while showcasing their properties to potential buyers. However, some property management companies have found a way to get around the problem by use of video captures of the property walkthrough. 

Another major concern for property sellers comes from the global country lockdowns, which have slowed business activity. Some businesses have been forced to close shop altogether, which means they vacated their offices thereby creating additional supply. At the same time, very few people will be looking for commercial property to buy or rent for business amid the highlighted lockdown challenges.

Property owners have also experienced the challenge of delayed rental payments in some areas where occupants lost their jobs or their businesses experienced low sales amid the COVID-19 pandemic.

There is also a cloud of uncertainty about whether the markets will recover soon after the world overcomes the coronavirus pandemic. Some experts have claimed that it could take up to 18 months before a vaccine is for the disease is found and approved for human use. On the other hand, some drug manufacturers in conjunction with health research institutions have claimed to be on course to launch a COVID-19 vaccine as soon as September this year.

Overall, this creates uncertainties for the foreseeable future, which puts the housing market alongside other global financial markets at risk of a slowdown. If the world cannot overcome COVID-19 soon enough, then we could witness more declines in housing prices in the coming months.

So, where does this leave property owners?

Property companies have been forced to reduce their house selling prices significantly. A good example, in this case, is the London Property Group and Quadrant Property Management, both based in the UK. Others like Zoom Property Buyer which offers home sellers an opportunity to sell their property fast also provide an interesting alternative to the market that is currently under pressure. If you’re planning to sell house fast in Star, try to find a house buying company in Idaho that gives a fair cash offer and accepts your property as-is.

With the UK being one of the worst-hit countries by the coronavirus, several sections of the market have been affected. Small businesses have been forced to either furlough their employees or close shop. The UK remains under lockdown and reports indicate this could last well into next month before current social distancing restrictions are relaxed.

Conclusion

In summary, the global property market is experiencing bottlenecks caused by coronavirus pandemic. It is becoming harder to sell commercial and residential properties while rentals have also started to experience delays in rental payments and high rates of vacancies.

Nonetheless, there are some platforms out there like Zoom Property Buyer that are desiccated to expediting the process of selling property in the UK, which could come in handy at this time of uncertainty.