There is no doubt that the real estate market has been affected in 2020. Covid-19 has seen real estate move to online Auctions, For Sale only negotiations and property inspections by appointment only.
While restrictions are easing and home inspections are beginning again housing prices and rental prices are feeling the pinch. There are many factors that affect house prices and you may be able to get a great purchase in 2020. If you are selling you may still be able to sell for a great price depending on your property, price and its location.
Can you buy
If you have job security and a preapproved mortgage during this time you may be in a great position to buy. In the short-term, the property market has lost a little momentum. Prices have stalled and potentially dropped in some areas.
The economy too has seen a negative impact including employment in many areas. This impact is affecting the rental market as many people cannot afford their rent and landlords have had to bear a significant drop in their income.
If you are looking to buy an investment property, prices may be good but your rental potential may not be as you would expect.
While looking to buy you may also notice less competition as many buyers have been taken out of the housing market search due to their job insecurity.
Do you have to sell
2020 may not be the best year to try to sell your property. The market is weaker than in 2019 and it will again strengthen in 2021 so if you can postpone selling this may be a wise choice. However, as mentioned above you may have a property that is not too adversely affected by this market. Or you may have no choice but to sell and work hard to get the best price for your property. Make sure you gain great advice and do your research to ensure that you are in the best position based on your circumstances.
Every state and suburb is being affected differently during this time. Make sure you do your research and property checks via your conveyancer as normal. Not doing these checks and purchasing with the thought that you are getting a bargain could show up with dire consequences. Now maybe a good time to buy but it is not a good time to cut any corners.
For all your conveyancing needs contact Select Conveyancing Lane Cove.