The term “Covid-19 pandemic” has a significant influence on the New York real estate market. The current market trends are in favor to buy land within rural areas of upstate New York. More and more people are considering an urban-centered lifestyle and are interested to acquire a favorable investment in the tough times.
Significantly, there are many “Things to Consider When Buying New York Land in the Age of COVID-19 purchase land” as per your financial condition, health requirements, and investment needs.
The Current New York Market During COVID-19
The current market is showing potential downs and vigorous ups. Particularly, let’s talk about the real estate market in Manhattan. The borough faced the biggest drop in a decade. The median price fell 17.7 percent if we compare it to the same time last year. A New York appraiser, Jonathan Miller, stated “This is what you get when the market is not able to function,”
After the sales evaluation of the second quarter of the pandemic, it’s concluded that more than 90% of sales were signed before the pandemic gripped New York in March, Said Bess Freedom. Besides, the neighboring suburbs of Manhattan showed a high frequency of sales with a 44% sales increase in July 2020.
The cause of this “so-called market crash” is the loss of new listings in the area which is again a setback of COVID-19. On the other hand, regret is already in the air for people who financed a land through a typical mortgage.
COVID-19 Created Uncertainty in the New York Market
According to a survey conducted by a financial information website, LendEDU, most people who bought a house after March 2020 are regretting taking out the mortgage.
The survey is not scientific but it defines the current uncertainty of the market. Land buyers who are interested to secure mortgage land may suffer downsizing.
Hence, to procure a proficient land that is cost-effective and worthy for COVID-19 as well, you can consider our professional service.
How will you Finance to Buy New York Land?
The COVID-19 pandemic outbreak has impacted us physically and economically as well. The plummeting stock market is affected and the interest rates are on the lows. Before investing on any land purchase, you need to ask yourself some questions.
Is Your Job Stable? We already know that only 40% of peoples are working from home during the pandemic. If your job doesn’t seem to be compatible with the pandemic, you should think twice before taking any step
Do You Have Any Savings Left After The Purchase? Don’t put all of your savings towards buying land. The market trends are on a rollercoaster and tend to be unpredictable to some extent.
Have Lender’s Mortgage Qualifications Changed? The current lender qualifications are tightened and you’ll face more scrutiny if you’re applying for a mortgage. Likewise, you will also need to know your financing options contrary to the condition of the real estate market.
Answering these questions will lead you to understand that if you are financially stable to buy land in the age of COVID-19.
