LIVING IN IBADAN #NIGERIA – LAND & PROPERTY PRICES IN IBADAN (REAL ESTATE IN IBADAN)
- April 11, 2021
- Real Estate Business
Real estate in #Ibadan is the next thing. The land mass of the…
Real Estate is Booming Right Now! Here is my Answer and I follow it with my real estate prediction. Enjoy! Add me on insta @ThisisJohnWilliams
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Given all of the uncertainty in the world with millions jobless, schools and businesses closed… How on earth is there a real estate boom? It simply does not make sense.. Or does it?
The real estate market is doing exceptionally well due to a variety of reasons. The first is that the necessity to be in a city is changing as 40% of children will no longer be going back to school in person in NYC… That is over 450,000 children and thats just NYC.. If you spread it across the rest of the country that figure will be in the millions.
That being said their parents no longer are required to go to work in the office so they are no “FREE” they can go where ever they want and are no longer tied down.. If they live in an expensive city they can now leave the city and go to the suburbs and buy a house for a fraction of the costs.
They then can take advantage of historically low interest rates and reduce their overall housing costs by moving to a tax friendlier state and then also get a larger space with a home office. They can get get everything they’ve always wanted.
This coupled with the lack of inventory of good homes it leads to bidding wars and high prices on homes. Homes currently available for sale are limited as many property owners would prefer to wait to sell their properties after all of the craziness in the world is over..
That being said over 1,000 people are moving to Florida every single day and all of these people need a place to live.
This is then followed up with over an 8% delinquency rate on mortgages which is a 9 year high! In addition to that over 4.1M homes are in forbearance which then leads to a second wave of trouble.
This could lead to a tsunami of home foreclosures in the near future not to mention all of the people that are hanging on by a shoe string now.
We also have a lot of looming concern over the coming few months. This is a great time to learn about real estate investing and may not be the best time to run out and buy a home; unless of course you intend to live there for the next 30 years then it will not matter that much in the grand scheme of things.
I personally would wait to buy real estate, at least for the next few months to see how everything shakes out.
Big things coming for the economy, real estate market and stock market.
#realestatemarket #realestatecrash #realestateprediction2020