Friday, 23 April 2021

Is this Pandemic the Right Time to Make a Move on Buying that House you've Always Wanted?

Hello my Lovelies, how you all doing? hope you all are keeping safe and adhering to all laid down precautionary measures placed by our various health ministries.

Let me pose a question to you all and i know the responses will be in the affirmative. Who does not want to live a good life, own a beautiful house,drive a good car, be able to afford to indulge in your guilty pleasures, go on luxury vacation be it solo or girls trip and then back to reality that is filled with peace of mind but the barrier to all of these many might say is oh i can't afford that lifestyle yet because there isn't enough money to the throw down but this is me telling you right now that you can actually do it when you plan properly.

I had a friend who recently told me that she got a very big property and I was so happy for her but the first thought was that oh maybe she managed to pay for it in full and that's it but she had to make me understand that she got the house on mortgage which was to span for a number of years which she felt was going to be ok for her,given the mortgage payout plan the company had mapped out for her but along the line she was finding it difficult to meet up with the payment plan and that was because the pandemic sort of spoilt lots of busineses coupled with other reasons i would not want to bore you all with but the head and tail of it is that we should at all times avail ourselves with the right infos that will make decision making easier and less cumbersome when we eventually get in. 

This period of the Covid-19 came as avery rude shock to many of us and as well as to businesses, most businesses were not ready for the major blow that came as a result of this pandemic but businesses and life came to an abrupt halt and all were just thinking of staying safe and feeding no body was thinking of investing money in properties and co.

We never knew the pandemic was going to las t for more than a year, flight tickets became cheaper, prices in properties tool a quick nose dive, people were leaving their bigger houses to moderates ones because they couldn't afford the rent no more but even at that there are areas where properties been bought and sold was still going on as normal that's why according to Forbes, "If you’re wondering what your next move should be, I think you should do exactly what you would do if there wasn’t a pandemic. Buy. Sell. Rent. But you need to do it with your eyes wide open, and obviously, some regions in the country are stronger and healthier than others. while certain areas like deep in the city are having trouble, the real estate industry in the suburbs and rural areas is doing marvellously well. Infact the National Association of Realtors reported on August 21 that sales of previously owned homes in the United States rose 24.7% which is one of the best showings on record" because people simply wanted better and airer homes unlike the given in the city.

Infact what many don't know is that mortgage has dropped so low this period that if you have the intention of buying a house,now is the time because according to washington post, "The rate on the popular 30-year mortgage hit a record low, according to a Freddie Mac survey released Thursday, providing a bright spot in the economy by continuing to offer consumers more incentive to buy a home." And it goes further to say that "“Low mortgage rates have become a regular occurrence in the current environment,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”

It's become so easy that you can actually plan and calculate any intending mortgage plan to make things easy and laid out because no one wants to start a journey and then hit a blockage thereby running helter skelter looking for how to salvage the situation. I know of people that also use loans to solve and offset situations and it works pretty well for them while there are some that don't stretch their payment plan to the 30years given because they've been able to adopt a repayment that is suitable and extremely convinient for them.

The truth is life as a while, there is no perfect time to do anything rather weigh the odds and go for it and with that i would love to hear your opinion about owning your first home or making a move to a bigger apartment.


Laura said...

This is an interesting read, the Forbes quote is definitely food for thought. Buying is something I'm thinking about atm so I definitely enjoyed reading this, thank you!

Elke Lopez said...

Great article. I actually moved into my home the same week we were put on lockdown out here in New Jersey. It was very scary since the pandemic hit us with our jobs. But now that we're okay and doing well, the economy, after coming slowly out of the pandemic has helped the value of homes go up, so that's a definite win for home owners. Wishing all homeowners, whether it's selling or buying the best of luck.