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Max Maran | Your Real Estate Agent

Property Purchase During Recession

Property Purchase During Recession

The demand for homebuyers may have hit a decrease in recent months due to the COVID-19 pandemic, but that does not mean that selling has completely halted.

According to data from the Urban Redevelopment Authority (URA), the overall price index of private homes slipped by 1.0 in the first quarter of 2020, after rising for three consecutive quarters.

This goes to show that despite the circuit breaker measures, there was still demand for home buying and selling and homeowners alongside real estate agents found new and creative ways to continue with sales. Therefore, purchases were not entirely halted, but new ways of selling were created, which has proven to be effective and may continue on past post-covid due to the efficiency of online and virtual viewings.

Why it is best to purchase property during this recession period

If you have extra cash or impacted with dip in income, it’s still wise to consider purchase a house due to following reasons:

Bank offers lower interest rates

Property Prices dip due to bank foreclosure sale

Property owners wants to sell lower than market value just to dispose property

Property developers are giving discounts, extra freebies and deferred payment offer

If you need to evaluate your options to purchase/sell or maintain, do reach out to Max Maran for free consultation for your affordable property options.

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