Is now a good time to buy real estate? Banker, experts weigh in

Issa, CEO of Coldwell Banker Jamaica Realty, also concluded that the market is showing resilience in the price range between $20 million and $50 million.

“In 2020 we performed 8 per cent above 2019, which was a record year. This was achieved through diversification,” he pointed out. However, he also believes that the market will not see the true effect of COVID-19 until the end of Q1 2021.

Regardless of the value, Hoilett projects that demand will gain momentum in the months ahead “because more persons are working from home and they are going to want to find something that’s accommodative of that. Additionally, persons seeking investment opportunities are increasingly looking at real estate as a safer alternative to yield returns than other types of investments, and therefore we anticipate continued high demand for real estate”.

But as buying real estate is a substantial financial commitment, Hoilett says .

“Personal situations including job security should factor highly and persons should always leave room for leveraging and financing in case of any issues. For example, it may be that your job is safe but your partner’s or spouse’s may not be as secure. Ensure that after you have paid all mortgage expenses you still have funds left over. We recommend that now, more than ever, buyers should ideally have 6 months’ worth of expenses saved in an emergency fund,” Hoilett highlights. Hoilett also encourages customers to read their mortgage agreement and ask questions whenever they are not clear on terms.

“At Scotiabank we have a very efficient, transparent mortgage process” Hoilett remarked.

“We know this is a significant undertaking for most customers and we are committed to offering them the best experience. Further in our role as financial advisors, we ensure that our customers do not over extend themselves and assume more debt that they can afford.”

Scotiabank has been increasing its focus on mortgages for the past few years, offering highly competitive mortgage rates to customers. Customer can currently access mortgage financing from the bank at interest rates as low as 6.99%.