The COVID-19 pandemic took the world by storm this year, and it shows no signs of going away soon. It seems that, for the time being, we’ll have to get used to “the new normal”. But what does that look like for the real estate market? The virus and all attempts to stop it have already changed how we work, travel, even shop for groceries. Indeed, buying a house is going to look different in this new world too. It’s still hard to say precisely which changes are here to stay for good and which are just temporary. But one thing is for sure: the health crisis is affecting buyers in urban areas at the moment. In some ways, city dwellers looking for a real estate investment have an advantage because of this. In other ways, however, buying a home in the city right now is more challenging than ever.
There is less competition for urban properties at the moment
Before the coronavirus pandemic struck, experts predicted 2020 would be one of the best years for real estate in decades. While those predictions never quite came true, they also weren’t that far off: most real estate agents are reporting postponements rather than cancellations from potential buyers. This proves that people are still very much interested in investing in real estate even now.Continue reading