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Eye on Real Estate after COVID-19...

Eye on Real Estate after COVID-19...

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The Covid-19 pandemic has negatively affected all economies across the globe.  The biggest economies have been hit the hardest.  The first wave has passed and some countries are currently experiencing the second wave.   Governments continue to grapple with several options to maintain balance on all levels.  In the USA Real Estate is one the biggest challenges today, and prices are set to decline based on the domino effect.

The domino effect....

 

Firstly, the rate of unemployment is the highest it has ever been.  Covid-19 has forced employers to seek alternative measures to maintain success.  Many employees still work from home. With a lack of and/ decline in income some companies will never return to 'normal'.  In fact, many companies have closed their doors, and others are downsizing.  People continue to lose their jobs as more businesses compete digitally.  The workforce is being replaced by remote technology and continuously increasing A.I. (artificial intelligence).  


In the news....


The USA government has introduced the 'stimulus funds' to its citizens in order to cushion the financial strain.  These funds are set to be retracted as at the ending of July 2020.   The government  also decreed that mortgage payments and rental payments were detained for a similar time frame.  The problem now is that even with a further extension, in a few months these safety nets will be removed and regular payments will 'kick-in'.  As a result: 
  • many 'homeowners' will be unable to make their mortgage payments 
  • new homes will flood the market
  • and interest rates will decrease
If you are looking to buy anytime soon, your best bet is to wait for the the above to occur.  Begin to work on or improve your credit score; and hold off on 'big-ticket item purchases'.   And if you are looking to sell within the next two years, your best bet would be to sell now.  As the government tries to stabilize the economy, get ready to ride the wave.

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