The real estate market in 2020 can be looked at as a positive or a negative depending on whom you are asking. For those looking to purchase a house, or building the new low prices are great. Those looking to sell their property are probably not as in favor of the plummeting prices. There are different types who may be for or against the pricing. For different reason they may be in favor or against. Those with property in hand may definitely be hard press to get the price they originally were seeking, but those looking to buy a house may be surprised at the prices they find when they are ready to purchase.
Say your are a new couple looking to by your first house, a few years ago you probably would not have been able to afford a new house. Prices a few years ago were almost untouchable to those starting out. Now in 2009 it has become a buyers market, so that couple now has the opportunely to get their dream home, without being dragged over the coals. So, in this instance they would be in favor of the new market. For those who already have the family and the house, but for unforeseen reasons need to sell their home the market can be devastating, as they wont achieve the price they believe is fair. The value that their house may have been estimated at only a few short years ago will more than likely have dropped. These sharp plummets have left a lot of people in disarray and they will obviously not be in favor of the current market. If possible try and hold out as long as you can before selling, renting may be an option until the market rise again in the future.
Business owners may benefit or be deterred by the change in the real estate market. In order to make up for the loss from their property value the rents on stores or offices may be raised to the dismay of many. If you are the one looking to start a business now may be the time to look for that building. For a business owner to pay rent on somebody else’s property may no longer be the best option.
With the market currently in a down state the best advice that can be given is for those with property to hold on to it as it will definitely rise again in the future. Real estate is and always will be the best type of investment and should be treasured no matter where the market is at the current time.