Ask anyone and they’ll quickly tell you 2020 isn’t the year they signed up for.
The COVID-19 pandemic has taken the global economy to the cleaners. Millions have lost jobs and businesses are shutting down. While we hope for the best, the signs aren’t very promising.
As a homeowner, you probably know too well what an economic crisis can do to the housing market. The Recession of 2008 is an example of how a declining economy can send property prices to the floor.
This brings us to the question: Is 2020 the right year to change homes? And if yes, what are the reasons?
Keep reading for more insight.
How Does the Residential Real Estate Market Look in 2020?
Although the coronavirus crisis has affected the American economy greatly, it’s still too early to tell whether there’ll be a long-term, adverse effect on the real estate market.
Right now, though, we do know what’s happening.
As a result of the stay-at-home orders and because of how coronavirus is transmissible from person to person, it’s not a safe time to sell or buy a home. Checking out a house at this time potentially means interacting with surfaces and other people, thus enhancing your chances of contracting the virus.
That being said, it’s still possible to sell your house if you’re determined enough. By taking the right precautions and safety measures, you can put your home on sale and even buy another one.
Reasons to Change Homes This Year
Sometimes a crisis brings opportunity to some people. As a homeowner who wants to sell and move, you might have a good chance right now.
Here are reasons to be active in the real estate market and property sales tips to work with:
2020 was forecast to be a great year. The economy was doing well. Mortgage approvals were on the rise, meaning more and more people were getting ready to snap up homes.
It’s impossible to think of this year without factoring in the effects of COVID-19. Where there was certainty, there’s now uncertainty. You just don’t know how home values will change as the year progresses.
If you really must move, or if your home is an area where property values are likely to be significantly impacted by COVID-19, why not sell it right now and do away with the uncertainty?
If you’re wondering where you will find a buyer, there are investment companies that’ll snap up the property if the price is good. With cash in your pockets, you won’t have to lose your sleep over market uncertainties.
It’s a Great Time to Buy a New Home
During an economic crisis, you’ve got a good chance of buying a great home at a throwaway price – if you know where to look. There’ll be people in financial distress looking to offload their homes quickly and at a lower price.
Even property development companies are willing to listen to lower offers on their units because sales have gone down.
As such, if you’ve not been financially affected by this crisis, jump into the market right now and look around for deals. You’ll find a good one.
Sell Your Home, Snap Up Another One
No one would have guessed 2020 would slip away from the script, but such is life. As a homeowner, this time presents you with a unique opportunity to change homes while possibly saving money. With this guide, you now have a better understanding of the market and how to approach it.
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