These days the future of real estate is uncertain as Corona brings uncertainty in every aspect of life and a feeling of discomfort in buyers, agents and even sellers. Therefore if you are expecting a new member to family or want a bigger house and as a result want to purchase property soon, there are new things to expect during this time, some of which may be classified as disadvantage or advantage.

1) You Are Likely to Face Less Competition
First of all, as a buyer, expect less rivals this season. Because due to Corona stress and lack of economical stability, buyers are decreasing in number. Normally during summer it’s common to expect a lot of customers demanding the same house, competition and stress rising out of it among buyers. Now, on the other hand this new Corona situation gives more equality to the side of buyers, in comparison with sellers. Buyers are more in control of the market, prices, house availability and so on because the amount of potential customers decreased significantly due to the pandemic. This puts you, as a buyer, in a more advantageous position when closing the deal.

2) You Will Have to Handle The Process Digitally
Secondly, as physical house tours are no longer an option due to Corona, you will need to tour the house virtually through apps such as Zoom, Skype or watch pre-recorded videos of the flat to see how it looks inside and outside. For the record, there are still in-person tours organized by realtors but they are so limited.

3) You Are Likely to Have Fewer Options
In many big cities of the world, we observe a decline in the supply of for-sale homes which means you have less alternatives when purchasing a home. This is not necessarily a bright side of the situation, but not a terrible outcome either. It might actually be an easier process to find what you look for in an apartment, as there is less inventory of houses this season.

4) Interest Rates are Low
If you decided on buying real estate property and are in need of a loan, there has never been a better time to get it. During Corona, interest rates hit an unprecedented low and some interest rates have been fluctuating around 3% and 4% recently.

The Summary
In a nutshell, if you have a steady salary or just some good amount of savings in your bank account, you can consider buying property during this period as there will be less competition, lower interest rates. However get ready to experience many aspects of the process through digital mediums and fewer options, which aren’t bad at all considering the pandemic situation and impacts it caused. Good luck with finding your dreamy house.