What the Pandemic Has Taught Us About Real Estate

The last few months have been an absolute rollercoaster, especially for anyone looking to buy or sell a home. And while nobody could have predicted a global pandemic and subsequent economic downturn, we’re now seeing some positive trends here in the Syracuse market!

As we continue to navigate the uncertain days ahead, let’s take a look and see what the pandemic has taught us about real estate.

What You Need to Know About Buying or Selling During a Pandemic

Home for sale

Back in March, both buyers and sellers pressed pause on their real estate goals due to the COVID-19 pandemic. Although many expected another market crash akin to what we saw in 2008, real estate was (and still is) considered one of the best investments you can make in 2020. Here’s why.

It’s Essential

Hand sanitizer and mask

In spring, most of Syracuse was forced to shut down due to COVID-19 related restrictions. However, real estate was still considered an essential business—so we kept our doors open and adapted to suit our clients’ changing needs.

Despite the challenges that came with buying and selling homes during a pandemic, our team crafted unique resources that allowed us to provide the same level of superior service. And even though Syracuse is no longer under a stay-at-home order, we’re still offering personal video conferences and virtual tours and taking additional precautions to protect you!

It’s Stable

Looking at sales graphs

To everyone’s surprise, the real estate market has actually strengthened over the last few months, especially here in Syracuse! After a slight downturn during early spring, we’re finally starting to see signs of recovery—which means now could be the right time to make a move.

According to the National Association of Realtors, home prices in Syracuse actually grew by 1.7% during June, and the number of national pending home sales increased by a jaw-dropping 16.6%. While it may not be possible to predict the future, the Syracuse market is showing no signs of slowing down again during 2020!

It’s a Great Long-Term Investment

House built with money

If COVID-19 has caused you to take a closer look at your finances, you’re definitely not alone. Even during times of economic uncertainty, real estate is still one of the best long-term investments you can make.

Wondering why you should add real estate to your portfolio? As prices continue to rise, homeowners and investors stand to gain quite a bit of equity over time. Real estate is also a tangible investment that can be improved, which can further increase your profit when you sell. And to top it all off, mortgage rates have also hit record lows, which can save you thousands throughout the lifespan of your loan.

Buying or Selling a Home in the Syracuse Area?

While buying or selling a home during a pandemic may seem difficult, entering the market is easily one of the smartest financial decisions you can make right now.

Looking for an agent who can get the job done right? Just contact the Pei Lin Team for all of your real estate needs—we’d be happy to help you get started!

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