The coronavirus pandemic has affected many things, and one of them is the real estate sector. If you are looking to purchase property during this time, you need to ensure that you get the right valuation to avoid losses.
So, how can you get a near-perfect property valuation? For starters, you can consider hiring a qualified valuer to help you out in this process. However, there are also other various ways to make sure you do that right.
When it comes to property valuation, there are two types of people: the buyer and the seller. If you are a buyer, being cautious will help you purchase the right property, while sellers also need to be crucial to ensure their property is value right to avoid losses.
During this coronavirus pandemic period, buying and selling of property should be done right, and this is one issue that the real estate sector is currently facing.
Lost Data Points
It is evident that the coronavirus has caused a lot of people to become jobless, and others have to contend with pay cuts. This makes it hard for tenants to be able to honor their monthly rent. A near perfect valuation has to cater for rental income, and this is hard to substantiate during the epidemic.
The data points that property valuers were using before the outbreak of coronavirus have all become obsolete. This makes it hard to get a near perfect valuation, but there are other parameters that highly skilled valuers can use to get positive results.
Property Valuation for Buyers Amid Coronavirus
Without a doubt, the coronavirus pandemic has negatively affected the real estate market. If you are looking to buy property in Australia, it would be easier if you are in a very secure job. Being in a stable job puts you in a good position since the overall real estate market is weaker.
The low-interest-rate currently in the market is estimated to be temporary. This means that property prices will bounce back when the economy returns to normal. Although the current state of low-interest rates is ideal for buying property, banks have adapted and have tightened lending policies.
This has made it difficult for most people to purchase homes. Therefore, this is something that you need to consider.
But, if you can bypass such stringencies and manage to secure approval for buying property, you need to ensure you get the valuation right. This calls for hiring a qualified valuer to assist you.
If you are a foreigner and considering purchasing property in Australia, you should consider doing it sooner, since the exchange rates are still quite low.
Property Valuation for Sellers Amid Coronavirus
For sellers, property valuation has been immensely affected by the coronavirus pandemic. Things have become weaker on the market, and high-end properties are significantly affected compared to low-end properties.
The pandemic has caused a fall in prices, and the turnover is expected to decline drastically. No matter where you are in Australia, the overall situation is the same since coronavirus’s impact on the property market is everywhere.
Therefore, you need to be cautious about how your property is valued during the selling process. Over the past few years, the western market has been fragile, and rents have been falling for some time now.
Although there are signs that the market is stabilizing, coronavirus is negatively affecting those signs. A qualified valuer is what you need if you want to sell your property at a reasonable price.
With this in mind, you need to ensure that you tread carefully since the market has drastically changed, and is expected to remain the same until the economy regains momentum.