Is it a good idea to invest in real estate and buy a house in 2020?
This is the year for the presidential election in the United States. What makes it even more interesting is whether Trump will be re-elected into office or not. The intensity of this year’s election will generate instability in the real estate market. So the best time to buy a house would be during the first half of the year before the political campaigns.
The markets look different every year; several factors determine whether you will get an excellent deal for the homes in real estate or not. If you are keen on the market factors that influence the real estate industry and invest at the right time, then you might save millions of dollars.
The big question is, will the year 2020 be the year to make that real estate investment that will save you millions?
“One of the questions I get asked is if 2020 will be a great year to invest in real estate?” The CEO of a real estate listing based in New York said in an interview. So many consumers are speculating on how the real estate industry will be in 2020.
Buyers will dictate the market.
Unlike other years where sellers have the upper hand while negotiating for the houses, this year will be different. The supply for homes has gone up; many people are looking to sell their properties, while at the same time, the demand has gone down. So it means that buyers will have the upper hand while negotiating for houses. Real estate companies such as UpNest will see a rise because sellers and buyers will be looking for a platform where they can get connected and get great deals. The amount the buyer is paying upfront will be lower compared to other years, and the mortgage will offer homes buyers a better deal. So 2020 will be a great year to invest in real estate.
The Coronavirus Crisis.
At first, everybody thought that the impact of coronavirus would be felt in the short run. It seems that the virus is only spreading by the day, and real estate is not the only industry that has been affected. The coronavirus scare has hit every sector around the world.
Mortgage rates have hit the lowest due to the coronavirus crisis, banks and lenders have reduced the interest rates to encourage home buyers to invest. This is the kind of situation that every buyer should take advantage of, even though nobody knows when the coronavirus scare will end. If the mortgages are charging low-interest rates, it means that every home buyer can make one hell of a deal in 2020, a deal where they will pay a lower interest rate and maybe pay a lower upfront fee while buying the house.
China is the country that has been affected the most by the coronavirus, but the same effect has rippled into the United States Real Estate Company. Some of the biggest home buyers in the United States are actually from China, so it means that the demand for homes has declined, and this has led to the decline in interest rates to encourage home buyers to make their offers.
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