Realtors give advice on timing real estate buys

The current economic crisis triggered by the coronavirus pandemic may present opportunities for new home buyers, according to CEO of Better Homes and Gardens Jamaica, Edwin Wint.

“Every crisis creates opportunities and there are good opportunities in the market for people to buy real estate now, despite the pandemic,” he said.

Wint noted, however, that the purchasers should carefully plan their finances to ensure they have a bit of a cushion to weather a storm, in case their job security may be at risk.

“Real estate is one sure investment in times of uncertainty, but prudent planning is important,” he stated.

Andrew Issa, CEO of Coldwell Banker, indicated that buyers in all segments are still active. 

He noted that while 2019 was the company’s best year, Coldwell Banker is doing even better in 2020, with sales up 16 per cent, year-over-year.

He has expressed the view that the industry is benefitting from pent-up demand and momentum created in 2019, which is likely to carry realtors through the rest of the year.

He and others, however, said the decision to buy a new home or continue renting will come down to individual resources.

“I always tell people to reserve between six months to a year in cash,” Issa said, noting that under COVID-19 conditions people will be protecting their cash, as opposed to spending.

However, he said, some investing companies were doing better than others and housing developments continued to be rolled out, despite the pandemic. Read more

Source: Loop Jamaica