World Executives Digest | 5 Things you need to know about Real Estate this Pandemic | There is no doubt that the COVID pandemic has affected many industries. Real estate is no different. Confinements have prevented businesses from carrying on as normal. They have also influenced people’s ability and interest in spending. In short, property prices are reducing rapidly.
The simple fact is that if you’re worried about the security of your job you’re not going to go looking at houses. That reduces the number of potential buyers.
At the same time the number of people considering selling, to prevent future financial problems, is growing. This leads to supply dramatically outweighing demand, forcing the prices down.
But, there are 5 things to consider before you panic!
- Online Sales Continue
Physical premises have been forced to close. Even when re-opening it has been difficult to conduct tours of homes for sale in the way they used to be.
However, this doesn’t affect those offering houses for auction. Online selling, via auction, has become very popular as you can still view a house and get a feel for it while bidding and purchasing, without having to risk your health.
Check out this reputable and established real estate auctioneer Sydney to see how many homes are still available.
- The Process is Slow
Social distancing, a slow market, and other factors are combining to ensure that every house sale is a slow process. Just finding a buyer takes longer than normal and completing the process is certain to be slower.
Be prepared for this and you’ll find the process is easier to cope with. It’s stressful but still possible and ultimately worthwhile.
- Virtual Tours Are Popular
Physically seeing a house is difficult thanks to the hygiene regulations and the problems that multiple visitors to a home can cause. The industry has responded to this by increasing the availability of virtual tours. This is a great way to view any house you like the look of.
Not only can you take your time viewing the property, but you can also look again as often as you like and focus on some of the smaller detail that you may normally miss.
Virtual tours are a practical approach to purchasing a home and are likely to stay with us long after the pandemic has passed.
RWinvest is a specific example of a company that has been using these virtual tours over the past 12 months in order to continue to provide tenants with all the information they might need before going ahead with an investment decision.
In lieu of the traditional property viewing that is unfeasible due to the lockdown restrictions that have been put in place recently (for both domestic and international investors), the award-winning company has been offering virtual reality viewings, in conjunction with guided tours over screen shares with supporting information on the particular property in question. These extensive online meetings give investors all they need to make an informed investment decision from the comfort of their own home and will prove extremely popular in the future.
- Low Mortgage Rates and grants available
The property market is not all gloom and doom. The government is offering grants, especially for first-time buyers. Even mortgage companies are offering some great rates. If you have a little job security it is possible to get a good deal.
Add to this the fact that property prices are down and it really is a great opportunity to buy, especially if it’s your first home.
- Wait It Out
Prices may be down but the general trend in the real estate market is for prices to rise. Unless you have a desperate need to sell at the moment you may b best simply to wait it out. Prices will inevitably rise again and your equity will return.