Buying in times of uncertainty

There is so much change taking place in our world right now as we navigate our way through a new way of living as the COVID-19 global pandemic unfolds.

Our home is our castle and we are truly at bay, remaining cautious with concerns about job security, household income and our new stay-at-home lifestyle.

The property market is also changing and we are receiving a lot of questions from both sellers and potential buyers seeking advice on the current landscape.

With job losses on the immediate horizon and financial security at the top of minds around the country, it is difficult to look to the future and to make major decisions based on purchasing or selling.

Like a breath of fresh air, it is with welcome relief that many organisations are already starting to look forward to spring in the form of a light at the end of the tunnel, and this is the same in the property industry.

The cost of borrowing is lower than it has ever been; interest rates are at an all-time low and banks are continuing to lend. With stimulus packages coming into play over the coming weeks and month, it is likely that the property market will remain stable on the back of additional funds being put back into the economy.

So should you be selling or buying in the current market? First you need to understand what your rationale is for purchasing or selling. Is your decision a financial or emotional reaction?

For investors, sellers and buyers, this is a time to seek out opportunities and to research your local area. As a real estate agent, I can provide you with market insights and trends which are changing daily. Dependent on your needs, your local agent is a vital source of knowledge during uncertain financial times.

While coronavirus is making the community nervous, the supply and demand of property will always be there. While we may see a short period of disruption – like with all industries – the property market, which has an excellent foundation following a price growth in 2019, will still maintain its strong hold through this stormy ride.