How to sell or buy a property at the best price during the pandemic
Every industry has been impacted by the Covid-19 pandemic, even the real estate one. When it comes to buying or selling a property in Malta, people’s way of thinking have changed for sure. Many would expect prices and the household demand to drop down during such a situation. Instead things have gone just on the contrary.
The main reason for these changes is that people are looking for more space. People are now interested in the suburban and even rural ones, whereas urban areas are becoming unpopular.
Some financial circumstances changes can also lead to the desire to sell their real estate or downsize it. Moreover, a great number of people are working remotely. This gives them more time to search and to filter their new home.
If you are looking to sell and buy a home, it is important to know how the market has changed. This will help you to find the best option for you situation and needs. Here are some significant things you should keep in mind.
The local real estate market
To begin with, both buyers and sellers should be informed that markets vary in the different areas. The inventory is tight in many parts of the country. This means if you are selling a home now, lots of offers might appear in a very short time. Take your time and consider every deal carefully. Do not forget to look for buyers that are pre-approved and wait for the best offer out there.
The loan market changes
Some home loan markets are now not operating at full capacity. Due to this loans are taking a bit longer than usual. The pandemic impact has not skipped them. This causes a backlog in their ability to process home loans. In addition, traditional lenders such as banks and credit unions, are busy trying to process SBA loans under the Payroll Protection Program (PPP), placing loans lower on the priority list now.
Patience is the key to success now. Luckily, interest rates and historically low. It is perfect for those planning to buy a home to live in for the next decades. They could save hundreds for dollars over the life of the loan. When new home loans are competing against those looking to refinance, it is easy to see how this can place a drain on the bandwidth and resources of loan advisors.
Employment questions
If you are a buyer be ready for a number of questions about your employment. Lenders are now more careful than ever when it comes to making sure their borrowers have the capacity to pay back their loans. This is all caused by the tens of millions people filed for unemployment.
Expect the loan officers to as whether the applicant’s employment is stable or even be asked to submit pay stubs every two weeks instead of the traditional six weeks.
The COVID-19 pandemic has changed the market forever. People are looking different at the process of selling and buying homes. However, if your dream place is a lovely house in Malta with a beautiful garden and a stunning country views, keep your eyes open many significant opportunities are out there right now.