Like every industry, the real estate market has also been severely impacted by COVID-19. While any long-term impact of the pandemic on house prices remains to be seen, the immediate real estate outlook is unknown.
Although some buyers and sellers are reacting by sitting tight and waiting for the impact on the housing market to unfold during the coming months, in some circumstances it may not be that easy to put plans on hold. For example, some people might have a current pre-approval for a home loan, a baby on the way or simply need to get into a specific school zoning for the start of the New Year.
Whatever your situation, experts have advised that were are in a very fluid situation right now with new developments evolving every day. In light of this, now is the time to step back and view the wider picture by taking stock of all your financial assets as a whole, everything from income and property to super and identifying your financial commitments across the board before you rush into making any big financial decisions.
Tips for Buyers during COVID-19
It is important to have an awareness of the numerous additional expenses which are incurred when buying a property over and above the purchase price itself. If you’re in the early part of the buying process, take the time to think about all the financial considerations involved and view the wider picture given your current financial outlook.
Tips for Sellers during COVID-19
Given the pandemic, your wider financial situation may now have changed and it may be in your best interests to hold off on selling the property for a while. Property experts have said that If you do need to sell more quickly, it’s all about timings and reading the current property market. Due to the fluidity of the current market, it is understandable that people would be reluctant to sell their property. Take stock of all your assets, your current financial situation and also your general living circumstances and ask yourself if now is the best time to be selling your property.