Real Estate during COVID-19
Today I want to talk about real estate. Real Estate affects all of our lives even if we do not realize it or actively participate in it. This global pandemic of COVID-19 has impacted residential real estate tremendously. This past Spring, the real estate market was affected by the stay-at-home orders issued by some states. No one knew how the virus was spreading and how to prevent it from beckoning a bigger problem. So this had led to fewer buyers looking for homes and fewer sellers willing to list their properties, or allow strangers/the public to enter their homes in fear of contacting COVID-19.
As the pandemic proceeded, life has proceeded as well. Families are growing and looking to expand the size of their homes, some have made the transition to work from work which has them spending even more time inside. All of these factors have caused a desire for stability and safety amongst all age groups. Especially young people, people in their 20’s and 30’s who are needing to buy homes. According to The Guardian, Private property rents fall in UK’s biggest cities by up to 12% amid COVID crisis. Central London and Edinburgh have been hit the hardest by downturn as Northern England sees rising rents. An article also published by The Guardian, earlier earlier this month funds that young adults are moving out of big cities. Young adults are calmer and happier in areas of lower population and best of all, lower rent!
With the 3 month lockdown of London and other areas of the world, it has really made us think about what truly makes us happy. People everywhere are looking for stability and safe homes that they can work from. Whether that’s in a city or away from it. Real estate has always played an essential role in our lives, but now a lot more people are wanting to purchase homes.
It is predicted that the housing market is expecting a boom when the pandemic is over and even now. That is why it is important to make sure that we have plans and know how to do proper calculations regarding mortgages/finances. My personal favorites to use are Mortgage Calculator UK and Finance Girl I find them easy to use/explore and it tells me all the information I need to know when I plug in my numbers. They are great for research and learning more. I hope you all find it as useful as I have.
Take care and stay safe/healthy!
Thank you for reading.