With the United States economy for the most part remains at an all out standstill. Now because of the unfortunate COVID-19 pandemic not only has the price of residential properties have gone up, but home maintenance costs with contractors have gone up all at the same time. Also with the passage of the second stimulus package landlords and tenants are looking forward to more rental assistance programs for those who qualify and possibly more forbearance programs for homeowners. One thing is for sure that evictions have been halted until January 31, 2021. Also, the Department of Housing and Urban Development (HUD) issued a moratorium on home foreclosures until February 28, 2021, as long as the mortgages were backed by the Federal Home Administration (FHA) loans. One very great thing to point out is that the bill provides up to $25 billion in rental assistance. Now in my personal opinion that is great news for tenants and landlords all at the same time. Believe it or not, there are a lot of growing tired landlords across the United States of America that ether wants out of the real estate industry because of the lack of rental profits or the landlords are holding on for dear life to hold onto the real estate that they have. Also, real estate investors will have to overpay for a property or deal with today's pandemic situation for a good portion of 2021 non-paying tenants.
President-Elect Joe Biden has promised rental assistance for tenants for the remainder of 2021. However, a lot of landlords including myself are not as optimistic up to this point. As the year of 2021 goes on, one thing to keep in perspective, is that rental leases will begin to expire by March, April and May of 2021. Most landlords across the United States will be within their right to not renew with their tenants if they want to sell their properties, or find new tenants. These actions may change the trajectory of certain real estate markets if the inventory of real estate properties starts to grow in 2021. By the end of 2021 or the beginning of 2022, real estate prices may stabilize if the inventory of real estate increases at a decent rate. Also, real estate in major cities may increase due to the stay at home economy that is starting to grow more within suburban and rural communities.
Please contact us, If you're in need of a wholesaler, weather one is an investor, or homeowner Patterson L. Properties LLC. are here to help. We make it our priority to sale distress real estate properties, and help investors find properties at a low price. Email: PttrsLr1@gmail.com or by telephone number 703-966-6843.
