With so much ongoing anxiety about the COVID-19 pandemic, you could be forgiven for thinking you should avoid doing anything in the property market right now. But if you feel your job is secure, now is a great time for buyers to get into the market.
Here’s why:
1. Prices are cooling
After more than six years of constant price growth, property is becoming affordable again. Prices, while firm, are now off their peaks meaning there is some good buying to be had in highly desirable neighborhoods.
2. There are not many other buyers about
This is great news because it means you have choice and can take your time. Competition for properties is lower. You’ll have time to do due diligence and do multiple walkthroughs on properties to feel confident when you make your offer.
3. Sellers are anxious
Time on market is starting to rise as properties fail to sell and discounting is increasing. This can create a sense of desperation in some sellers and lead to even further price falls, or a willingness to negotiate to get a sale.
4. Money is cheap
Interest rates are at their most affordable levels in decades. If your job is secure, you have a good wage coming in, good credit history and your paperwork is in order, getting finance has never been cheaper.
5. It’s when investors typically act
Successful investors typically come into a market at times like now because they know the buying is good. This can fundamentally change the quality of their investment for the better. It pays to follow the smart money.