Disasters and recessions can happen and can pose a threat to the economies of countries and Covid-19 is no exception. Aside from serious health risks, one of the ill effects of recession because of this dreaded disease is the falling down of prices in property and like it or not, it is the best time to invest in owning a house or a condo. If you are planning to invest, here are 8 reasons why you should consider calling your agent and get the best property that’s a bang on your buck.
Stagnant property prices
Majority of realtors and developers will avert price increase as the market is unstable and buyers do not have the financial capacity to cope with the crisis.
Stock market reliability
Traditionally, real estate and property gains has low correlation to the movement of the stock market especially in recessions and crashes so owning one is a good choice for buyers.
Lower mortgage rates
With economic crashes, property buyers get the benefit of lower interest rates.
Find the best deal in the market
It is a crisis and most businesses are preparing for the worst as well as setting up where they can find profit even in small gains. Most property owners in this situation will also sell their properties at low prices to also secure profit.
Easier and flexible payment options
As it is a crisis period, buyers will get softer and flexible payment options from developers and property owners.
Plenty of property choices in the market
Everybody is after financial security in a crisis, so property buyers can expect an influx of properties for sale at the best value with less competition.
Get value added benefits and perks
it is during these times that buyers can ask for perks in a property such as furniture, a selection in floor tiles or a paint job for the home which they couldn’t normally ask for during healthier market times
Although some desperate homeowners may strip their homes of essentials before selling their property, this can be an opportunity for the wise property buyer to negotiate to lower the prices even more
Buying a property in an economic crash can result in owning a property which may have been out of reach in better times. Consult with your agent today for the best guidance.
Credited to: JA