It’s clear 2020 hasn’t been the most stable year so far. The global pandemic left millions of people unemployed. It doesn’t seem like the best time to consider buying real estate. But the beginning of the year was impressive for the market. Companies like NYC’s Halstead were at peak sales volume. Now, they are around 60 percent below last year’s figure. Nevertheless, people are still buying properties. Candice Milano and Malessa Rambarran co-founded their own real estate team with Halstead. And they founded Towre, an organization focused on educating members to use real estate as a wealth-building tool. They chat with Bold TV about how any time is the right time to buy.
Incentives are becoming more common
Deals are getting done in 2020. Many experts believe that it’s always a good time to buy. Buying builds equity. For that same monthly rent you’re paying, you could own. So buying real estate hasn’t disappeared amidst the chaos of the year. Halstead launched two new development projects in Bushwick and Gramercy that are gaining attention. But the method is just unconventional. Real estate businesses are getting creative, especially with incentives. First, this real estate team implemented a buyer’s satisfaction guarantee. Next, they decreased the contract deposit from 10% to 5%. And they have very low-interest rates right now. Another change to buying homes is that people are buying them sight unseen. Real estate agents try to coordinate video for potential buyers.
Change in popular real estate
So properties are still selling. But buyers aren’t interested in the same types of amenities. The global pandemic forced people inside their homes. It seems they have a better idea of what they want now. First, larger homes are gaining much more popularity. Second, people are looking at homes that have private outdoor space. And third, they want an alcove in their home where they can work remotely. So, 2020 changed the real estate industry. Is it for better or worse?