Home prices stay strong even with pandemic

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Last updated on February 3rd, 2021 at 10:15 am

Amanda Byford
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Real estate prices have been increasing, in spite of the most serious Coronavirus pandemic calamity for almost the last six months! 

Everybody expected the prices to go down, and the demand to decrease. Of course March 22 to June 9 the market was down.

Even when we could not go out and could only do virtual tours and videos to connect with purchasers, some homebuyers actually bought the property without physically entering the premises. 

The prices did not decrease, but sales year-over-year were less. The main reason being, historically low rates. Buyers benefited with the lowest mortgage rates in 50 years. 

So if you are a very serious buyer, (with good to excellent income and very good to amazing credit scores) you need to pursue your  “dream home” while the environment is still pro-buyer and seller and not lose on this once in a lifetime opportunity.

Investing in real estate has provided a safe haven for your money and returns have been quite excellent over the last 50 years. 

It is a profit only when after subtracting your mortgage payments and all the costs affiliated with ownership you have saved some money out of it when you sell it. 

You initially purchase the house to bring up your family and grow roots in the community and probably you will recoup all your money in the end as many have done as well as earning a profit.

Right now the market is great for those who are cashing in as well as those who are buying.

Labor Department reported that unemployment claims went back over one million, but the previous week they hovered around 965,000. 

Without a stimulus package that has stalled for many weeks, this will cause more foreclosures and short sales.

In future usage of cryptocurrencies in the sale and purchase of real estate will change the dynamics and the parameters of how real estate will be conducted, as many foresee digital currency as an excellent shield against inflation that just may be coming down with the ongoing COVID-19 situation that has disrupted all over the globe.

Reference Source: The Islandnow

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