With so many people now in their homes 24/7 either because they are working from home or they are at home because they no longer have employment and find themselves in a position where they can no longer afford their property and are starting to get into financial stress.
The people in financial stress are unfortunately in a position where they may have to downgrade their home by selling their property and moving into something smaller or consider renting.
There are people currently in smaller homes with either 1 or 2 people now working from their home-based office that just don’t have the space and will be looking to upgrade.
While a lot of people in the financial stress situation unfortunately will have to be selling, there are also a lot of people who are owning or renting smaller places that now have the financial means to upsize or buy a property.
If the market has dropped for example by 5, 10 or 15%, if you buy in the same market then the home you are buying would also have dropped at the same rate. With more and more distressed sales likely to come online in the next 3-6 months, it’s now time for those people who are looking to upsize to get their finances together, do some research, get organised, start looking at what they actually want and investigate what their means allow them to purchase especially if they have secure jobs.
Do your homework and find out what your house is currently worth so you can either upgrade or downgrade based on your circumstances.