The pandemic has marked the evolution of the real estate market without a doubt. And it will continue to do so in the future. There had been a slight adjustment in prices recently, but not as strong as predicted at the beginning of the health crisis. We wonder how they will evolve next year and whether buying a home in 2021 will be the right decision.
Where is the market heading?
The forecasts point to a drop in prices around 8-10% in second-hand housing and somewhat less in new construction. But everything would depend on the evolution of demand, conditioned by economic circumstances and the progression of unemployment.
The lockdown has stimulated demand: people who didn't plan to move, now seek to change to another type of housing (with more space, terrace or garden, and away from urban centres). However, the current situation of unemployment and uncertainty is holding many people back from buying a property.
Thus, the adjustment of house prices makes us wonder: should we take advantage of the opportunities now and buy a house in 2021 or wait to see where the market goes? And the answer will depend, mostly, on the property demand. Demand strongly influenced by the development of the job market along with the reactivation of the economy.
Buy or wait
With such an uncertain outlook, buying a home in 2021 or waiting does not have a single answer. Any time of adjustment is a good time to invest in real estate. But there are always nuances and variables that can influence the decision.
In the first place, we must not forget that at this moment the interests are at all-time lows. If you are thinking of acquiring a property as a habitual residence, second residence or even as an investment, it is an opportunity that should not get missed.
Secondly, consider that we don't expect prices to drop as they did in previous crises. Therefore, if you find a property that meets your expectations, spending time waiting for other opportunities can mean losing the one you already have.
And those who don't need housing or are not in a hurry to find it? They can always spend more time searching calmly or waiting for prices to drop more than expected or an irresistible offer appears. However, given the uncertainty, the advice is to take advantage of good opportunities if they present themselves and not wait for that bargain that may not appear.
Besides, the evolution of housing prices can vary considerably from one area to another. While in some the price change may be more pronounced, it won't be in others. That's an issue that must also get meditated when deciding to buy a home in 2021.
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