A lot of people have halted their plans to make real estate investments because of this coronavirus pandemic, considering the fact that most countries have already sustained “irreparable” damages. From high death tolls to the economy of the country, the coronavirus is damaging almost every sector of the world.
Buying a house or a property is one of the most common, important, and prudent financial investment one can make throughout their lives.
During times of a distress, like now or the 2008 global financial crisis, things become worst as it breaks down our confidence and will to make such investments.
Problems like a pandemic are very hard to predict, considering the fact that we have no clue when the next one can come and affect our lives.
When it comes to investments, the property market has remained resilient or was affected in the most minor ways.
DhruvArora, the CEO of Syfe, a Digital Wealth Manager, said:
In most historic recessions, the property market has either remained largely resilient or was only impacted across certain real estate sectors.
The most affected areas of this coronavirus pandemic are hotels, restaurants, and other Calgary mortgage agent related establishments that rely on services that require gatherings.
These things are currently prohibited, because doctors and researches point out that the best way to stop the spread of this virus is by practicing social distancing measures.
This also means that investors that were planning to open restaurants, hotels, gyms, and other businesses are going to halt their plans.
But the big question remains, should you purchase a real estate property during this pandemic?
The answer to that is yes, because of the current market rates, mortgage broker Calgary rates can buy properties at rates that have not been seen in a couple of years.
This is a good thing and a bad thing at the same time.
It is a good thing for buyers, but for sellers, they are potentially losing some money in the investment that they made a couple of years ago.