Nobody has foreseen this 2020 pandemic. Buying and investing decisions are greatly affected due to the full impact of this coronavirus incident. Homebuyers choose alternative plans that they can use in emergency situations like this. From March through May, forever-home seekers fall back in big property purchases during these months. But in June and July, the demand in real-estate started to regain its position. So if you are about to buy a property, make sure you are well informed about the latest updates.
Not good news for most homebuyers but home prices in Montreal have significantly increased in the past few months. People who are originally planning to sell their home will value it more thinking that this kind of investment is of high value at all times. Given the stressful season of COVID-19, other sellers may decide to push ahead and sell their property because there is no assurance that home prices will regain the latest good deals any time soon. The truth is Coronavirus may inflict long-term economic damage. Realtor Montreal ensures that you can still get the best house for you even at these trying times.
Mortgage Interest Rates
Mortgage interest rates have been decreasing even before the pandemic. Later in May, the average interest rate for a 15-year fixed-rate mortgage has dropped to 2.69% which is considered to be the lowest in the past few years. Economists think that interest rates in Montreal will continue to stay low until the economy becomes normal again. But interest rates might not go so slow to the bottom since lenders still have high demand from their current customers to refinance their mortgages at the lowest rate possible.
Millennial Generation as Top Home Buyers
Yes, you heard it right. The most trendy part in the real estate industry is the leading group of home buyers. Once again, the millennials and young professionals score the highest. Almost 38% of the buyers came from them. These people already know what they absolutely need in a home. Whether married or not, house hunting and property investing are on their bucket list.
Buyers are Interested in Safe and Healthy Neighborhood
All of us know that this pandemic affects everyone’s life decisions. Either the home prices become high or low, most of the buyer’s major concern will be their safety. In fact, prospective buyers might solely focus on the safety of the neighborhood. They prefer those that have easy access to hospitals, schools, and supermarkets but aren’t in close proximity to a big and chaotic city. So if you think you are being peculiar for not choosing the city life, you are definitely wrong. Today might be the perfect time to consider looking for a peaceful neighborhood.
Buying a property is a major purchase but there are many good reasons to have one. Owning a home is necessary because it is an asset. Even if the real estate industry moves in cycles, up and down, it’s important to realize that this kind of investment has many other permanent benefits.