At this time of pandemic, buying a new house is probably the last thing on your mind. But maybe this shouldn’t be the case because you might be missing out on some unique buying opportunities. Keep in mind though that buying a property isn’t something that you do on a whim. It takes some serious cash to be able to buy a property and for most of us its hard-earned cash. This is why we have to plan and carefully consider our real estate purchases for 2021 and the post pandemic years.
What is the real estate outlook for 2021?
Despite the uncertainties of the pandemic, real estate outlook remained positive in the past year. Industry experts are confident that the industry is on its way to recovery and growth as early as 2020. Projections for growth and recovery were backed by BSP data on the growth of residential real estate prices in the second quarter of 2020. Things are also expected to look up in 2021 due to the upward trend in pageviews for residential properties. This reflects market readiness to make real estate purchases in the coming months.
Given the lifestyle changes brought by the pandemic, the real estate landscape is also expected to shift in terms of design or architecture and direction of growth. Work from home arrangements is likely to stay which is why developers are already incorporating work space in future homes. The need for space and migration of industries to the outskirts of the metro also mean potential real estate booms in rural areas.
Is it a good time to make real estate purchases?
It is understandable that the uncertainties brought by the pandemic can result to buying hesitancy. But this shouldn’t stop property seekers from keeping an eye out for good buys. One should consider that there are also economic measures and market scenarios that make real estate purchases more affordable during this pandemic. These include low lending rates, flexible payment terms from developers, negotiable prices from sellers who need to cash in on their property, and slightly lower prices from the foreclosed market.
Where can I find good property buys?
If you want to save on time, money, and effort in house hunting, then property portals are good places to start. These websites usually feature a wide range of properties which you can filter according to your preferences. You may also go directly to the websites of reputable developers if you prefer brand new units or if you want to score on low pre-selling rates.
Am I ready to make real estate purchases?
The best time to buy a property is when you are ready for it financially, mentally, and emotionally. Simply because you have to make sure that you have enough money to buy the property and able to take on the responsibilities of property ownership.
You are financially ready if you at least have a stable income that cover more than just your needs and a decent amount of savings. Mortgage calculators can help you asses your financial readiness to buy a property. Just remember that you don’t have to pay for real estate purchases in full. You can avail of flexible terms from developers or secure financing from banks or lending institutions.
If you’ve deemed yourself ready to make real estate purchases, then start making your shortlist or properties and negotiate your way to the best deal around. Just remember to do your homework and transact with authorized personnel only to avoid complications. If you are unsure of what to do then its best to get the help of a real estate professional.