With 2020 being such an unpredictable year, it is important to know which trends in real estate to watch for if you’re looking to purchase land in 2021. With COVID-19 completely changing how the world works, it is important to stay updated on real estate trends for the upcoming year.
Let your owner-financed property experts of Santa Cruz Property provide you some insights for 2021.
What to Watch for in 2021
1. Real Estate Going Virtual
With COVID-19 and social distancing, most real estate companies will give you the option to tour the property that you’re looking to buy online without ever having to come in contact with anyone. These virtual tours make it easy for prospective buyers to browse lots from the comfort of their homes.
2. Buying Land in the City Could Be Cheaper
With more companies offering the option to work remotely, living in the city isn’t as appealing as it used to be for some people. It is important to remember that once things return to normal, you’ll be able to take advantage of everything the city has to offer. If living in the city is something you’ve always dreamed of, then now is the best time to take the plunge and buy land near a metro area!
3. Buying Land Could Be More Beneficial than Ever
Right now is the right time to purchase property because it is a buyer’s market and many sellers have lowered their prices.
What to Know About Buying Land in 2021
1. You Could Need a Higher Credit Score
While now is a good time to purchase land, it is important to recognize that lenders could require a higher credit score than usual in order to secure a traditional loan. Some lenders are also making borrowers put down a higher down payment that could range from 10-20% of the asking price. Don’t let this scare you away from purchasing land because buying property in 2021 could be a great financial investment.
2. Be Ready for Competition
With so many people looking to purchase land in 2021, it is important to know that the buyer’s market could be competitive. In order to secure the land that you want, you should act fast when making a purchase.
Owner-Financed Properties in Edinburg
Overall, there is some uncertainty in the real estate market for this upcoming year. However, generally speaking, there is no better time to take the plunge and buy the land you’ve always wanted.
If you’re looking to buy land in the Edinburg area, contact Santa Cruz Properties today to fulfill your dream of becoming a landowner!