Hamad Al Wazzan | Pros of Buying a House During Pandemic
Hamad Al Wazzan The COVID-19 Pandemic has shaken the entire world, both physically and emotionally. Moreover, due to the stay-at-home mandates, many people have realized the importance of homeownership as living in your own house is much safer and secure than living in an uncertain rented place.
Therefore, the real estate sector is expected to boom with renewed vigour as the effects of COVID-19 reduces. However, Hamad Al Wazzan, a renowned real estate professional in United States, exclaims that instead of waiting for the COVID-19 effects to subside, it is better to purchase a new house now.
In this article, Hamad Al Wazzan explains the benefits of buying a house during this pandemic, and why you should make a move before the market gets back to full power again.
Low Home Loan Interest Rates
Due to the effects of COVID-19, the interest rates on the mortgage have significantly come down. In fact, the interest rates are known to be the lowest in the last decade, thanks to which the overall cost of homes drastically falls, giving a big boost to the potential homebuyers.
Moreover, the government has also maintained the repo rates at a much lower level and taken measures to make sure that the home loans are less expensive for homebuyers.
Secure and Tangible Asset Class
Real Estate has always been in a secure asset class and is considered as a tangible investment when in times of world crisis, and the COVID-19 pandemic has brought back the attention in people to secure investments again.
Post COVID-19, everyone would want to buy a new home to call their own so as to tackle the problems related to health, hygiene, and social distancing. Even those sitting on the fence are now prompted to buy homes as soon as possible, giving a huge boost to residential real estate.
In any case, real estate is expected to see a surge in demand for homes owing not only to safety reasons but also because of the volatility across stock markets. Thanks to all these factors, real estate has now clearly fallen into a safe investment class.
Attractive Prices and Exciting Offers
Apart from the reasons for low interest and secure investment, real estate is also experiencing a boost thanks to the availability of exciting offers and attractive prices. Property valuations are now more realistic than ever and the cost of getting a loan sanctioned is much lower in some states than in others.
Nowadays, developers are also offering flexible payment schemes, cost-saving incentives, and other offers as well. All of these things imply that the property prices are not inflated anymore and developers are willing to offer attractive deals to potential buyers, making real estate a very real and secured investment.
Ready to Move-In Properties
Hamad Al wazzan The real estate market now has several options available for people who are looking for ready-to-move (RTM) properties. The surprising thing is that now the prices of these RTM properties are almost at par with the under-construction homes, which has almost never happened before and might never happen again.
Moreover, people’s interest in RTM properties has fairly grown and many homebuyers are now showing greater interest and are opting for popular and branded resident developers to make sure that they get premium housing options.