Is it a good time to buy apartments, sell or invest in housing? What will happen to mortgage loans? How will the real estate industry overcome this crisis? These and other questions were those that 3 experts from the sector told us in the virtual forum: The real estate market in times of COVID-19.
Keep reading and you will find the recording of the transmission along with the summary of the most relevant notes that Alejandro Calles’s (Manager Camacho Cundinamarca), Camilo Fonterra (President of Fonterra Ghrelin Inmobiliaria) and Juan Sokoloff (Director of Data Strategy at Habi) spoke with more than 800 live viewers.
Is it a good time to buy apartments or houses in general?
“The idea of buying a home is always a powerful idea and it will always be a good time to venture into acquiring your own home,” says Calles’s, who undoubtedly made us all think about how important a home is and how important it is to the meaning it has taken on in these days of isolation.
Sokoloff, for his part, believes that it may be a good time to buy apartments and houses, but it will be difficult, since banks are becoming very conservative when generating mortgage loans, the most common form of financing that people have for have your own home.
Camilo Fonterra, assures that many purchasing processes have been postponed and will continue to be postponed until the uncertainty subsides, advises to buy only from people who have economic stability and who were already in the process with an approved loan.
Should I continue with my property for sale?
If you were in the middle of a process and you had already advanced legal matters, the only problem you could have is to continue with the paperwork and signatures at the notary’s office. But if you have not yet found someone to buy your home, you should bear in mind that many potential buyers have decided to give up their intentions and that it will be difficult to find someone who wants to venture into the purchase of apartments or houses.
You must think about your current needs, do you really need the money or not? Camilo Fonterra affirms that sellers who need liquidity will be forced to lower the price of their homes to make them more attractive, this represents a great opportunity for investors.
Investing in real estate at this time is an act of vision that will bear fruit in the future, today the real estate market appreciation may fall and prices fall, but that does not mean that investment in real estate is bad, quite the opposite , in the long term it becomes one of the investments that earns the most profitability.
Vitality in all processes
The dynamics in our sector are still very conservative, not because we don’t want to change, it’s because they have worked that way for years. People still feel the need to go to a sales room even though the project does not exist, to call a notice they saw in a window or to walk around the area where they want to live to look for an apartment or house in a certain way. Very analogous.
The way in which the real estate market operates must change, the sale and purchase of apartments and houses is evolving, it will never be the same as before, these changes have already begun to appear, there are digital buyers such as Habi and tools in the market digital like virtual sales rooms, 360 tours and augmented reality that give a twist to the real estate world.
Not only companies in the sector will have to take a technological turnaround, the Government and entities will also be forced to take the digital step to be able to carry out notarial processes, deeds and other legal matters. To the relief of many, as of April 1, 2020 and until further instruction, the VUR and REL virtual platforms are enabled for all Notaries in the country, through them the registration of deeds can be carried out.
We hope that the advice of these 3 experts has given you a light in the midst of this uncertainty and that now you have a little clearer the picture, we are investigating and working every day to provide you with information that helps you make better decisions.
Tell us any questions you have about the impact of this crisis on our sector! Our team will be ready to help you and give you the advice you need.