By María Tapia. If you are looking for a home and you have enough liquidity, there is good news for you: this is the best time to buy a property. As a result of the economic crisis brought by the pandemic, the available supply increased, and many sellers improved prices due to the urgency of obtaining resources.
Rents, on the other hand, increased, so there are fewer options, and due to demand, monthly payments became more expensive by up to 20 percent, explained Óscar Reyes, president of the Mexican Association of Real Estate Professionals in Guadalajara.
This is the time to stop renting and buying a house. Photo: Reforma
“The rents are rising in price, it is becoming a little more expensive to be able to find a well-placed home at a good price in the City of Guadalajara, this due to the same transformation that the city is having, many families who at the time bought in the suburbs and the transfer times do not give them and they prefer to rent closer to their work, “he explained.
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“If we add to this the crisis that people did not want to buy and want to rent, prices rose and there is a shortage of income product.”
Thus, it is an excellent time for the investor who wants to buy and rent because there is a high demand, as well as for those who are looking for housing, because there is more product available, he said.
In addition, in the case of used housing that is sold between individuals, it is possible to access better agreements, because people, being in need of liquidity, are willing to make greater discounts.
He added that for those with greater job security, the conditions for acquiring a mortgage loan are the best that there have been in years.
“It really is an opportunity market. Right now the bank rates are the lowest we have had in many years and it is a good time to invest. () We found bank rates of eight, eight and a half, nine percent, when the last year the lowest were around 9.75 percent, “he explained.
To find a good deal without exposing himself amid the pandemic, he recommended approaching a certified real estate consultant and taking advantage of available digital tools, such as virtual tours and tokens, to pre-select.
“You only go and visit two or three options that seem the best to you, you don’t expose yourself and you make a much safer buy-sell,” he said.