18 May Should I sell my property now or wait it out?
The coronavirus pandemic has had a huge impact on the economy but the property market has remained resilient. There are many factors that can contribute to a buyers’ willingness to buy properties. Should I sell my property now or wait it out?
Should I sell my property now or wait it out? In most countries, within Europe, the interest rates have been slashed to stimulate global economies meaning the cost of borrowing has decreased. This has meant that mortgage interest rates remain low which continues to entice buyers.
Furthermore, according to realtor.com, the March housing trends report stated that as of March this year there are 15.7% fewer homes for sale compared to last year. This decrease in the volume of houses on the market is good news for sellers since there are fewer homes for buyers to choose from.
So many owners are wondering if they should sell their house now or wait.
By looking at Spain’s property market, which has been in high demand over the last couple of years, it can be seen that there are still many foreigners that are interested in investing in properties. Barcelona is and will be a popular destination for many due to its Mediterranean climate and its thriving expat community. For owners, it would therefore be optimal to sell their property now. The Coronavirus pandemic is creating unprecedented times and could trigger significant changes in the real estate market soon.
That said, the nature of the coronavirus pandemic remains uncertain. It’s important to look into the specifics of the local and national market of the city in which you’re looking to buy.
This is what our founder and professional in real estate, Tine Mathiassen, has to say about the situation:
“We see new investors coming into the market now. They are looking for apartments to renovate to then later sell or rent. They are looking for good deals. But we also have a group of buyers who were looking before COVID19 and they already have the money and a reason to buy an apartment in Barcelona. This group may not allow the price decrease in the center of Barcelona for some months. “