The COVID-19 pandemic has caused a major disturbance in our lives. Because of the back-to-back, months-long lockdowns and restrictions, businesses had to either close down or restructure to survive.
Even the real estate industry suffered from the global economic downturn. As a result, those who had been planning to invest in a house or condo had to hold back. However, this year, while the health crisis isn’t quite over yet, things are definitely looking up for the real estate market.
Here are a few reasons why now is the perfect time to buy your new home.
Property prices are starting to increase.
The real estate sector was unfortunately affected in 2020 and 2021. Property prices have even dropped up to 15%.
However, now that the market has started to recover, prices are also starting to increase and will only continue to do so as we see the world opening up again and with inoculation rates rising. Right now is the best opportunity for you to take advantage of the reasonable prices.
Interest rates are lower.
If you’re thinking of taking out a loan to buy a property, this is another good news for you: bank interest rates are still at an all-time low right now. Some banks are even offering an interest rate of as low as 6%.
Just make sure to plan it out well so you can pay off your loan during the fixed-rate period (usually the first 3-5 years). This will definitely make paying for your home much easier.
Developers are offering more flexible payment schemes.
As part of their recovery efforts, real estate developers are offering various payment terms that cater to the needs of buyers, along with promos and deals. You can take advantage of lower down payments, flexible payment terms, and more payment options.
Buyers can pay for their new home via banks, payment centers, or even electronic payment transfer services.
House hunting is made much easier because of online accessibility.
Today's technological advancements have paved the way for accessibility to information and faster transactions. You can order food and a cab, make digital payments, and even do your research on properties you want to buy with just a few taps on your phone.
Aside from being able to check the different properties and developments your preferred real estate developers are offering, you can also easily read up on its neighborhood, the cost of living in the area, and the community’s amenities. You can instantly filter out which houses don’t fit in with your personal preferences.
