People often see the pandemic has brought many problems to the real estate industry. The demand for property decreases as the customer can’t directly visit the product to find out more about its quality, like what a property buyer did in the past. However, the reality is the opposite. Close to the end of 2020, the real estate market, especially the housing market, shows a great improvement. One of the top experts in the real estate market and investment, Vassilis Milionis, even recommended people to buy or sell the property because the market situation hasn’t been as good as today.
One of the reasons that drive the real estate market to move in a better direction is the product and interest rate. Currently, the supply of property products is deficient. This condition is a good thing for the seller because their product will have a high demand in the market. On the other hand, the buyer also can see it as the chance to get the product that is difficult to get previously. Thanks to this condition, the wheel of the real estate market has started to spin once more. And, the expert also predicts that it will move even faster next year, which could be the year where the real estate industry rises to its history’s top condition.
Vasilis Milionis also noticed some changes to the interest rate of the property product. This year and maybe the next year will become one of the lowest interest rates that clients can find on the real estate market. The low-interest rates that many real estate agencies put on their product are another reason why the real estate market looks so promising today. During the pandemic, where the number of customers drops drastically, this company has some problems selling their product. So, to fill the quota of this year, many real estate companies try to offer benefits for the clients who want to buy their product by lowering the interest rate.
Real estate products, especially the suburban areas, have also become popular these days. There is a trend where many people that used to live in the big city move to the suburban area to find a more peaceful situation. Thanks to this trend, Milionis said that the property market in this area had grown significantly. With a better spread of need like this, it is no doubt that the real estate market is in top condition today.