The Impact of COVID-19 Crisis on the Real Estate Market

The COVID-19 Crisis is a huge challenge that has lasting effects on local real estate market. It has also brought about changes in the real estate market. This is an extra challenge for most real estate players, and those people who are considering refinancing or buying a second home.

The fear of another outbreak or surge of  COVID-19 cases may prompt them to stay in their current homes longer. The depth of economic impact on the real estate industry is quite uncertain, just as the long-term effects from the pandemic is yet to be seen. 

While uncertainty currently reigns, it is important to take immediate action to keep an eye on a future that could be meaningfully different.  Another challenge is that physical distancing and the lockdown have magnified the importance of digitization. So if you are thinking of buying a home, check out the sites like to help you estimate your monthly mortgage payments. You can find the best deals and save money on your home loan using an online mortgage calculator. It's simple to use, just type in the details of your property and it does the math for you. Of course, you could do this calculation by hand, but by simply clicking on the calculate button using an online mortgage calculator could do it faster automatically.

What makes this site unique are the graphs of loan repayment along with monthly and yearly amortisation tables. They have different calculators which have features like estimating mortgage affordability based  on income, printable amortisation schedules and loan overpayments.

To give you a better understanding of the immediate market consequences, visit governmental resources like Citizen Advice, Help to Buy or, or 

Being knowledgeable on how to navigate constant changes in the current economy at such a volatile time will help you come up with a better decision.

During lockdown, there is an increase of remortgage applications  with some people who are desperate to save some cash due to the perceived risk in the current uncertain market. It is not yet clear to what degree this impact will be permanent or not but with most people facing difficult financial conditions and the economic uncertainty, their preferences may change and may keep buying a new home on the sidelines for some time.

While it's true that the pandemic has changed much of our life, it's a fact that many people still need to buy and sell homes.  This is not a time to back down, but instead, to stand back up and return to the “new normal” soon. 

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