As we all know that COVID 19 is the biggest outbreak of the 21st century, knowing how much it has affected real estate is one of the crucial aspects now.
Whether you are looking for a professional mortgage broker Perth or are a one, this bog will help you know to what extent the coronavirus outbreak and the lockdown have affected the marketplace.
So let’s get started!
What’s happening now?
Undoubtedly, humans are living in a fragile environment. Government restrictions & rules are changing every day. And nobody knows for how long will this last or when will we all get back to our normal lives.
With this statement, here’s how the mortgage market is changing:
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Buyer demand is getting weak with each day
Professional’s research shows that almost 33.9% of buyer enquiry has decreased at the beginning of April. This means people are investing in real estate at a high rate. This is happening because of the low cost of material and social distancing. Many companies are going bankrupt and those who invest in corporate real estate are getting benefits at a bigger amount. Material rate is falling, property rates are falling, and this is no less than a Christmas to all the investors.
However, the biggest problem here is that many of the investors are going bankrupt as well. This is because, the property that has invested last year has lost its value and been sold at almost half of its price.
The single solution here is that if you have enough bank balance to buy and invest in a new property, it’s the right time to do it.
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What it has brought to Property Sellers
Well, now isn’t the right time for the property sellers. Many people are not buying properties because of the virus and those who are buying it are decreasing the cost to less than half. Hence, do not go for selling your property until and unless this is the only option you have.
Things will get better sooner or later. Till then, hold your horses back and don’t sell your property.
Those who have bought the property on loan or have applied for Low Deposit Home Loans might not face any difference. However, many people have lost their employment because of social distancing. If you are one of those, you can request the bank for a hold on your monthly transactions. Moreover, government rules at many places have halted the instalments and many other charges because of the COVID 19 outbreak. For better understanding reach your bank form where you have taken the loan.
Final thoughts…
COVID 19 has affected the entire world not only on the health level but on economy-level as well. The mortgage industry has faced both good and bad changes. Besides, we humans adapt to every environment. Maybe, we will adapt this change as well as you don’t know when the cure will be found to control the virus.
You can stay at the safe side by contacting a leading Mortgage Broker Perth.