Here is the May Real Estate Market Update for Virginia Beach and the surrounding areas of Hampton Roads. This data is based on last month’s statistics. More information can be obtained from The Real Estate Information Network. Read more here….
Is Now a Good Time To Buy Investment Property?
The Coronavirus pandemic has wreaked havoc on people’s lives and may have changed life as we know it. We may know somebody who has been affected negatively, either through the loss of a job or worse yet, may have a loved one due to COVID-19.
No one could have anticipated this pandemic causing businesses, schools, our lives in general to “shut down.” Hopefully, things will turn around quickly and a housing situation like the one in the early 2000s can be avoided. However, it’s nothing new when something happens, especially during an economic upheaval, where individuals may try to benefit from the situation.
I believe there are people out there who are not trying to profit from the misfortune of others, but are looking for a bargain. For those bargain hunters, for now it seems like home prices remain steady and in some markets home values are on the rise. That’s good news for homeowners and those interested in selling their house at this time. This may be due to the low number of housing inventory available for sale.
If you are thinking about buying, it’s a good idea to find out now how much house you can purchase by reviewing your options with a loan officer, especially if you will be using hard or soft lending funds. Of course, paying for a property all cash, if you can afford it, has its advantages. If you are investing in rental properties, consider how the Coronavirus and economic changes can affect a tenant’s ability to pay.
We don’t know how long COVID-19 is going to affect us, but our economy will eventually bounce back. Having enough cash flow and reserve funds will ensure you’ll be able to get a good deal when the time is right.
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I hope that you enjoyed this May Real Estate Market Update post!