Property / RealEstate · October 29, 2021

Everything you need to know if you are looking for a house in the middle of this crisis

At the end of last year, the real estate sector in the capital and all of Cundinamarca, was seen as an attractive asset for purchase and investment. The forecast this year was promising, a rebound in sales, many homes looking for a house and a recovery in the middle sector. However, the unexpected COVID-19 crisis changed the plans of all sectors in the economy, including ours, real estate. Despite this situation, today the concept of housing is more important than it was, today it is health and well-being for everyone in the world.

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People are spending most of their time in their homes, making housing play a fundamental role in society today, now they are workspaces, classrooms and much more. If you are looking for a house, you should keep in mind that you need a space where you can perform productive and consumer tasks. “From an economic point of view, the house is a haven of value for families and it will become the main asset to be able to react to possible economic difficulties,” says Juan Sokoloff, our director of data strategy. 

If you are looking for a house, continue in the process, this is what the manager CAMACOL- Bogotá, Cundinamarca, Alejandro Calles’s, recommends: “the idea of ​​buying a property and owning your own home will always be a powerful idea. The eventual conditions that we are experiencing today should not be a strong issue to postpone this decision. We are seeing completely misaligned stock markets, while the real estate market has maintained stable projections that allow us to see that investment in housing will have a good outlook”.

It may be the perfect time for those who are looking for a house and for the acquisition of a house in general; however, banks are being conservative when approving loans, you must take this into account and find a bank that suits your needs.

“It is important to analyze how the behavior of mortgage loan rates will be, which are affected by the price of oil and the impact of the dollar in Colombia. Banks are obviously reviewing this situation and making decisions depending on how those rates behave. Despite this, we believe that housing loans will continue and there will be institutions open to lending to those who have the desire to acquire a property”, tells us Camilo Fonterra, president of Fonterra Ghrelin Inmobiliaria. 

From Habi we carry out constant monitoring to analyze the current prices of the real estate market, thus we offer clients a fair offer. In the middle of this analysis, we found that “approximately two-thirds of the population, that is, 66% of the people we have investigated from our platform, affirm that they are willing to reduce the value of their home,” says Juan Sebastian Sokoloff.

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This does not imply the devaluation of the real estate sector, because “despite being a market that has been affected by the crisis, it is much more stable than the world’s stock markets. At a time when the world’s stock markets, including the Colombian stock market, have negative returns, where they fall 10% for several consecutive days, investors will find real estate a good refuge for their money, “adds Sokoloff.

In conclusion, it is a good time for those who are looking for a house, prices will fall and the profitability of the proper