Selling your property can be overwhelming, but doing so during an epidemic might be even more daunting. Apart from experiencing safety and health concerns, you are likely to face economic distress on top of the common market conditions in such a scenario.
During the start of the COVID-19 pandemic, many homeowners were considering selling their homes. And a large number actually did it. According to the National Association of Realtors, home sales increased to around 11 percent in August 2020 compared to the same period last year. In essence, the annual rate of homes sold to date is more than 6 million, the highest since December 2006.
The number of those looking for homes during the pandemic has also been on the rise. In June 2020, the home mortgage applications were up by 54 percent from the same month in 2019. This was also 20 percent higher than in May 2020.