There is much to be afraid and anxious about under the current situation, but we should focus on what we can control and how we will react once the worst of it is over.
If you’re thinking about selling your property, it might be wise to hold off for a year or two until the market settles down and begins to recover. If you must sell for any reason, realise that it is not the end of the world, to get the best advice, speak to a Vendor Advocate first. You might not get the price you would have received late last year, but the property market is volatile and highly sensitive to things like pandemics. This is a major, global event which is effecting everyone to some degree and you could always be worse off.
If you wanted to buy, but now find yourself unable to afford it, focus on securing your financial position so that when things are back to normal, you can burst out the gates and score a good deal. You might find yourself regretting the fact that you can’t buy something right away, but if you are patient, keep your wits about you and keep putting money away for a home, you will come out on top and potentially find a great property at an even better price.
If you have the means to buy a property, then you should do so. There will be some great deals on the market in the months to come and you should find that your dollar will buy you more than it did a little while ago.
We suggest hiring a buyer’s agent to help you navigate the current property market. There are still plenty of pitfalls for buyers eager to scoop up a cheap property. Don’t let attractive prices and low competition stop you from doing your due diligence, and everything you otherwise would have in a normal market.