You’ve been working so hard to get that dream house until coronavirus came in and halted your house hunting plans.
Frustrating, isn’t it?
BUT! To give you a hopeful side of the situation, today is actually the best time to buy a house when home loan rates are at the lowest and the competition among buyers is reduced. Well, maybe this whole ‘self-isolation’ thing and all those lock-down regions have their benefits too.
Read on to find out how these uncertain times can be beneficial for home buyers.
The COVID-19 pandemic has hit the economy in a significant way and not even real estate agencies are prepared for this. When social distancing and travel ban guidelines were implemented, the demand for housing, office space, and tourist residency has dropped from 71 to 35 per cent at the beginning of the year.
You know that opportunities do not come knocking on your door very often so you must consider capitalising on these rare chances before the market rebounds in the aftermath of this crisis. For someone who longs to live in their own house, you must already know that a house of your own is better than staying in a rented space while dealing with uncertain crises that cut off your income sources.
Not yet convinced? Here are the top reasons why making a move in the time of a crisis might be right for you.
Prices are more flexible.
When the market is stagnant and more buyers are no longer interested to buy during the pandemic, a lot of homeowners and real estate companies may give in to offering their clients with lower, negotiable prices.
One house-hunting tip is to consider homes that have been in sale for a long time because that’s where there is a higher chance of closing a great deal with the seller — something you may not always get when business is normal. May we also remind you that once this crisis is over, house prices will probably escalate since more house hunters are going back on market for sure.
You face less competition.
The idea that home buying in the time of a crisis can be risky is driving a lot of potential buyers to stop dealing with the sellers. And with buyer competitions reduced, you can have the power to make decisions without any interruption from another buyer. That would also mean you can have more options all for you.
Speaking of options, the number of listings has been lowered by 8% compared to the previous year, which could be a good thing. With less inventory, those who seek tend to find — especially when too many options are making it hard for you to arrive at your final choice.
Real estate is an attractive investment in the long run.
Regardless of world status, a house will always be your greatest asset, especially in the future. We’ve mentioned earlier that the house prices will become skyrockets when everything gets back to normal. Some houses may even triple the price, leaving you with a great resale value should you consider selling it in the long run.
Come to think of it, this pandemic has locked us inside our spaces for a few months already. If you are staying in a rental apartment that does not make you feel secured and comfortable during this uncertain time, then moving into a house you can call your own is worth considering.
The moral of this argument is very simple: there are still good opportunities even in a struggling market. So, go ahead and make the best use of them.
Author Bio: Sarah Contreras is a full-time writer, who likes turning ideas into useful words. Aside from writing sonnets at 6 am, she also blogs for Pilcher Residential, the leading real estate agency in New South Wales.