The decision to buy or sell in today’s market can be a difficult one, especially with the uncertainty caused by the COVID-19 pandemic. While there are advantages and disadvantages to both options, it ultimately comes down to your individual circumstances and goals. In this article, we’ll explore some factors to consider when making this important decision, and how working with a Local Mortgage Broker can help to guide you through the process.
Pros of Buying in Today’s Market.
Despite the uncertainty caused by the pandemic, there are still some advantages to buying in today’s market. With many people hesitant to buy during the pandemic, there has less competition for properties, giving buyers more negotiating power. Buying now could potentially lead to long-term financial gains if the market rebounds in the future. We are noticing that there is a growing increase in homes sent to auctions and the auction clearance rates in the last quarter showing that competition may soon be increasing again.
Cons of Buying in Today’s Market.
While there are certainly advantages to buying in the recent market, there are also some potential drawbacks to consider. One major concern is the possibility of job loss or financial instability, which could make it difficult to keep up with mortgage payments. Additionally, with the pandemic causing economic uncertainty, there is a risk that property values could decrease in the future, leading to a loss on investment. Finally, with many people working from home and needing more space, increasing competition for larger properties may drive up prices.
However, we need to keep in mind that we seem to be coming out of the tail end of all the job uncertainty caused by the pandemic. If you have job stability then you have no need to feel that is a con for you.
Pros of Selling in Today’s Market.
One major advantage of selling in today’s market is the high demand for larger properties. With the pandemic causing many people to reassess their living situations, there may be increased demand for certain properties, such as outdoor space or home offices. Finally, if you are looking to downsize or move to a different area, selling now could allow you to take advantage of lower prices in other markets.
Cons of Selling in Today’s Market.
While there are certainly advantages to selling in today’s market, there are also some potential drawbacks to consider. One major disadvantage is the competition from other sellers. With so many people looking to take advantage of the high demand, you may find yourself in a crowded market with many similar properties. This can make it harder to stand out and get the price you want. Additionally, if you are looking to buy a new property after selling, you may find that prices in your desired area have also increased, offsetting some of the gains from your sale. Finally, if you are emotionally attached to your current home, it can be difficult to let go and move on, even if it makes financial sense to do so.
Factors to Consider Before Making a Decision, and how your Local Mortgage Broker Besta Loans can help
Before making a decision to buy or sell in today’s market, it’s important to consider a few key factors. First, assess your financial situation and determine if you are in a position to make a move. Consider your current income, savings, and debt, as well as any potential costs associated with buying or selling. Next, think about your long-term goals and how buying or selling fits into those plans. Are you looking to downsize, upgrade, or relocate? Finally, do your research and stay informed about market trends and conditions. This can help you make a more informed decision and avoid any potential pitfalls.
Besta Loans can help to guide you through your budget and work out what you can afford to do. Speak to us today to see what your options are.