Civilization as a whole experienced a reality shattering past year which altered everything, but mostly the global economy and the real estate market together with it. So as the pandemic continues to unravel, the next couple of months can present multiple opportunities that should be seized if you are looking to buy or sell in the real estate market. However, before even considering making a move in the market, you should ask yourself the following questions, which this article goes through in detail.
- Does your current home align with your needs?
Your needs might have been affected by the pandemic and the home you currently reside in might not meet your requirements no longer. Buying a property is one of the most important life decisions and should be done carefully, considering both the financial and the practical parts of the decision. Making an evaluation of your current financial situation can be a good place to start, but also, do not hesitate to consult a professional and get additional advice on the matter.
- What’s happening with the real estate market in your area?
What the media informs you about the situation on the market can be one thing, but the reality can be quite different in the area you are located in. The consequences on the real estate market can vary in different areas. Plenty of things need to be taken into account, such as the state of the market before the crisis began, the amount of lost jobs, and lastly, the direction of the recovery of the market is going on. So, before you consider selling your property, be sure to take enough time to research the market in your area. Also, try to find out how much your next property will cost, given that you might get an outstanding price for your current property; if you’re looking to buy the other property at a significantly higher price, you should be absolutely sure you can afford the extra funding.
- Is the real estate market beginning to recover?
Property sales worldwide have experienced a rising trend, despite the pandemic impacting almost all industries. In the past months, consistent all-time highs keep stacking up, month after month when it comes to sales data. It is safe to say that some bigger markets are definitely recovering, or even booming, with some countries experiencing record breaking numbers in the first pandemic year, compared to the last couple. The rising trend is expected to keep going up.
- Did the mortgage rate go up or down?
Many banks around the world, influenced by the impact of the pandemic, decreased their mortgage interest rates multiple times, leading to historically low levels of interest rates. Experts suggest that an increase is not expected before the end of 2021, given that multiple factors need to be taken into consideration that might affect mortgage interest rates, such as the cost and type of the requested loans. Nevertheless, no matter the mortgage rate, trends and presented opportunities, you still need solid means to make this transaction possible, so these trends without the proper resources won’t have such an impact on your decision. Be sure to thoroughly answer these questions before making a proper decision on the subject of buying or selling in the real estate market today.