Buying a home during COVID times: A quick look at 5 Tips from Real Estate strategist Hirav Shah
In our lifetimes, real estate has suffered major setbacks – 2008 recession and Covid-19 pandemic. Also, it’s difficult to time the real estate market. But, if you are planning to buy a house/property, here are top 5 tips from Astro Strategist cum Business Astrologer.
In the past few weeks, Hirav Shah has been receiving many questions about COVID-19 and how the coronavirus pandemic has affected local real estate markets. Many buyers and sellers are worried about making a move right now, which makes us think real estate has already come to a near-complete halt.
As everyone knows, Mr. Hirav Shah, the world-famous Astro Strategist cum Business Astrologer, has been working closely with many of the leading Developers, Infrastructure, and Real Estate giants of India, USA, etc as a Real Estate Strategist, Real Estate Investment Advisor and has been actively involved in providing concrete predictions through Real Estate Astrology and Property Astrology.
Some of his followers from all over the globe are saying that the whole COVID-19 pandemic has made them very nervous about the real estate market and their neighborhood in particular. What are Hirav Shah’s thoughts for first-time homebuyers purchasing a home right now? Does he feel that it is a good time since interest rates are low? Or does he feel the housing market will crash and buyers should wait?
Hirav Shah says, “That’s a loaded set of questions. Given what we don’t know about the coronavirus/COVID-19, where you live, and how long the country (and the world) will be locked down, we can’t provide a definitive answer.”
Hirav Shah starts explaining, “Let’s start with the basics. If you want to move, and you find a home that seems right for you, you have job stability and can get financing at historically low rates, buying a home might be a wise choice and the right thing to do even now.”
He says, “The same story is true for someone who wants to buy an investment property. Ten years ago, the housing crisis gave investors a unique opportunity to scoop up properties at extremely low prices and finance them with also historically low-interest rates. While we don’t know if property prices will go that low again, and even the government is not trying to support by providing cash, deferring mortgage and other debt payments, and keeping businesses from laying off people, many Indians and even Americans simply won’t have enough money and will likely walk away from their properties.”
“It’s difficult to time the real estate market. For decades, it was understood that you could safely put your money into a home, sit back, and watch your home’s value go up. In our lifetimes, the real estate market has now suffered at least two major shocks. The first one was the shock of the Great Recession back in 2008 and the second one is the one just beginning with the COVID-19 pandemic.”
“While most people are focused on the immediate impact of the virus — the lives lost, the health issues, and the immediate financial costs — the longer-term prospects look bleak for the real estate market. As unemployment goes up, the number of people that can afford to buy homes or, at the very least, are willing to buy a home is reduced. Unemployment and job insecurity will contribute to a huge drop in the people looking for real estate.”
“Without a job, people will have trouble paying rents and mortgages. During the Great Recession, homeowners didn’t get the benefit of most government programs, and the programs that were created took too much time to get up and running and were difficult to apply for and navigate. As a result, millions of homeowners lost their homes through foreclosure. Only time will tell whether the current programs work to help homeowners and renters. We mention renters because as renters stop making their rent payments, those rental unit owners (the investors) will suffer.”
“We usually think of rental property owners as being large companies or entities, but there are millions of rental units owned by individuals. If those individuals have no income from their tenants, those owners will likely default on their mortgage payments or they might try to sell their units. And, when we say units, those units may be single-family homes, townhouse units, or condominium units.”
Finding and moving into a new home right now has become impossible for some and incredibly difficult for others. However, if you are still planning on purchasing a home, here are some tips from Hirav Shah to keep in mind.
1. Get pre-approved
Do you understand the costs of purchasing a new home? With the economic outlook has changed, and your own financial realities possibly different too, you will want to understand all fees before entering the real estate market.
It is a great idea to get pre-approved by the bank before looking for a home. This way, you know exactly how much you need to budget for and can look for properties within those boundaries.
Keep in mind that you don’t need to spend as much as your bank is willing to pay. You should make sure that your monthly mortgage payments would fit into your budget, leaving you money for unexpected home expenses.
A listing price is never set in stone, but this is more true now than ever before. With so much uncertainty, many sellers are willing to take a significant cut to get their home off the market. They would rather have money in the bank than hold out for a bigger offer that may never come.
They also understand that almost everyone is strapped for cash and dealing with the uncertainty of COVID-19 right now. No matter how much you have in savings, or how secure you feel your paycheck is, 2020 has shown us that nothing is safe.
Don’t negotiate just for the sake of it – the seller needs the money too – but don’t feel guilty about getting a deal. Today’s reality is that we can all do with as much money in the bank as possible.
3. Get a home warranty
No matter what is going on in the world, regular home maintenance is always important. However, in this day and age, it is impossible to be certain that you will have funds available when your home appliances and systems are short of a total breakdown. A home warranty ensures you are always covered, protecting you from high out of pocket expenses.
A home warranty covers repairs and maintenance for an affordable monthly fee. Here’s a review of the best home warranties in 2020. It’s important to look for an option available in your area with guarantees, excellent service, few exclusions, and quick response times.
A home warranty also ensures that if you do need to sell the home in a few years, it will have retained its value. In a world as unstable as this, that is the least you can ask for.
4. Consider your health
Although it may seem obvious, choosing a home that does not put your health at risk is more important than ever. COVID-19 has shown us that almost anyone is susceptible to getting sick, and being vaguely healthy is not enough to keep us safe from viruses.
Homes with poor insulation, a lack of reliable heating options, dust, lead, and so on, can put you at a health risk. This is especially true for families with young children, as pollutants and other factors can create chronic health problems for them.
And last but not least,
5. Take Property Astrologer or Real Estate Astrologer’s Advice
Many property-related matters can be derived from a careful study of a horoscope. An efficient Property Astrologer or Real Estate Astrologer can give property buying advice on the basis of date of birth and horoscopes and with the analysis of property and also can tell the good and bad aspects of the property you are interested in.. He can also tell about the chances of losing property and risks involved in the investment. An astrologer can also predict what would be the best time for you to buy a house of your own.
These days, Hirav Shah is also working with India’s leading builders and real estate developers mainly from Mumbai, Delhi, Bangalore, Chennai, Ahmedabad, Calcutta, and small Builders from small cities etc for their existing and new projects to help them out, increase certainty, and to make strategies.
Hirav Shah’s mission is simple:
Why earn less when you have the potential to earn more?
Good Luck for the “NEW HOME”