by Jacques Poujade
There’s no denying that we’re living in uncertain times. While there’s no planning for a pandemic, Covid-19 has forced us all to try and build our worlds in this uncertain future.
Whether you’re a buyer or a seller in real estate, everyone is left wondering how the housing market will be affected by the many side effects of home prices.
As the managing partner of LendPlus and as someone who has been working in the real estate field for decades, I know the importance of staying up to date on the latest information. With Covid-19 changing everything by the day, it’s more important than ever to stay on top of the trends.
That’s why I’m analyzing home prices vs. Covid-19. Will prices rise or fall after the pandemic?
Take this time to learn everything that you can about fluctuations in the market and what your comfortable range is. With the pandemic causing everyone to take an extra look at every aspect of their lives, there are a lot of resources out there to better understand the housing market.
That means that if you’re considering buying a home, it’s a great time to learn more about the process than ever before! While there’s no predicting what happens next, take this time to ask questions and do research to better understand your options.
Once you’ve done a little bit of research, take into account what your goals are. Have you been planning to buy a house or simply considering it at the hopes the prices fall? What is the range you’re willing to pay for your house? What would stop you from buying a house?
These are all good things to establish so that you can return to a set of goals, rather than simply relying on the market to make your decisions.
What If Prices Fall?
Mortgage rates have slipped even deeper into record territory and may fall more, possibly even under 3%, before the year’s end as the economy navigates the effects of the coronavirus.
Even so, it’s important to ensure that you’re making the decision out of necessity or genuine interest rather than just opportunity. Likewise, if you choose to buy a house, make sure that you are ready for the financial and time investment you are making.
Remember that if the prices fall, it’s often due to the uncertainty. While this can be a great opportunity if you are in a more stable position, it’d be smart to reevaluate your savings and back up plans.
What If Prices Rise?
This is where that list of goals that you made earlier comes in handy. If you’re concerned over rising prices, but are still interested in buying a home, compare your need and budget to what you will pay.
If you are in need of a home and the prices are still within your range, you can begin to make the call of whether or not you’re interested in buying. Remember to root your purchase in safety and necessity.Learn more about Jacques Poujade here.