It is probably one of the questions that have popped inside your mind: is it good to buy a house right now or is it better to just rent?
A lot of people easily take advice from non-experts. However, when you are considering investing in a place to stay or just merely find a place to live in, there are important factors you need to consider. Before you embark on doing anything, we recommend that you personally research on your own and do some fact-checks and review some data.
Here, in this article, we will provide you the most important factors you need to consider before finally deciding what to choose.
Supply and Demand
This is probably the most basic you learned in your basic economics. What drives the supply as well as its determining price is mostly the demand by the customers. Some of the realtors would say that the real estate in the United States is thriving and that there are no reasons to lower the price as businesses are doing good. Well, it turns out this might be just a half-true statement as the data shows that people in the United States who could afford lease and property are becoming less and less. There are just many things that are important such as food.
On the other hand, if you have a property and you do not have any skills in rental, you can hire an Orange County property management service to help you thrive in this pandemic. You need to take note that while supply is high, demands are getting lower, so make most of your resources and time.
It is becoming prominent that the U.S dollars are losing its power in the global economy, and there are predictions that several years from now, U.S. currency would be replaced by a different currency. The interest rates are getting lower and lower. However, there are still advantages that these poses. This is why investors are still taking time on investing while prices are high and rates are low.
Because of the virus, the world and its activities have almost stopped. This means the businesses and industries have paused their activities. This has caused a tremendous effect on employment and income. There are many people who became unemployed by force and by choice. In fact, the unemployment rate in the United States was 11.1% as of June 2020 and roughly 31.8 million Americans have already filed for unemployment as of July 2020. So, you see. There is an income uncertainty. You need to budge what you have and consider other important things before fully investing.
Because of the pandemic, more and more Americans are transferring from high cities to rural places. Migrating to a cheaper place where access to food and service is affordable has become the reasons why people migrate from cities to rural places.
If you would try to look at it, more Americans are actually losing the resources to lead a comfortable life. Before you try to invest, you need to ensure that you will be using your investment well.