October 1, 2020

Five tips for dealing with home buying during the health crisis



In full escalation of coronavirus outbreaksIt might seem crazy to embark on buying a home. However, despite the havoc that Covid-19 is causing in society and, above all, in the economy, the real estate plans of many citizens continue their course. The truth is that the sale of housing experienced sharp falls in recent months. According to the National Institute of Statistics, in May they were cut by -53.7%, while in June the fall was -34.3%. Faced with this situation, there are many citizens who doubt whether to carry out the operation now or wait a little longer, looking for a correction in prices. Since floors.com, try to shed some light on this uncertain situation:

1 Attractive financing – Interest rates are lower than ever, making the current financial landscape conducive to home-buying debt. Furthermore, banks are offering advantageous conditions, above all, for clients with a stable employment situation and a medium-high income level. This situation may take a turn, given that a rebound in delinquencies is expected due to the coronavirus, so now is a good time to ask for a mortgage.

2 Quick decision – Some experts agree that there are opportunities in the second hand and that betting on them means buying below the market price. It is true that after a few weeks they could even be cheaper, but if we wait for them to drop more in value, we can run the risk of them disappearing because someone else beats us. At the moment there are many investors hunting for bargain flats, so if you see a home that fits you, go for it.

3 Urgent offer – The coronavirus carries the tragedy of the death of many elderly people. This sector of the population so affected by Covid-19 is leaving on the market real estate for sale that the heirs, in many cases, want to quickly undo. For the potential buyer, this is a great opportunity to get a house at a good price, since the negotiation margin is wider and it is possible to achieve an interesting discount.

4 New construction – If your interest is directed towards new residential developments, it is to be expected that the prices of this typology do not adjust too much. The promoters are being very cautious and, although at the moment of truth there will be small cuts, these will not suppose a weighty argument when it comes to tipping the balance towards the purchase. In any case, it is a good time to select an offer, since the marketing of this kind of product is being very active.

5 Personal situation – Before taking the step and deciding on the property, we must throw numbers and make a conscious analysis of how our finances will be affected. The employment situation is fraught with uncertainty, even for people who accumulate years of seniority in solid companies, given that the negative impact of the coronavirus covers practically all economic activities. Likewise, it is essential to have prior savings and consider our borrowing capacity.

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