According to the latest forecasts, housing prices could fall by up to 15 percent this year as a result of the corona crisis. In April, tenant-owner prices fell by 1 per cent at the national level, according to Swedish real estate statistics, but how big the fall in prices remains to be seen.
SVT News has talked to two private economists who give their best advice - based on your situation.
You have sold your home but have not bought new
Claudia Wörmann, housing economist at SBAB:
- With few exceptions, this is the best order to make - you sell before you buy new. Sometimes you find the dream home and buy first, but the advantage of having sold first is that you know what you got for your home. Today, there is a fairly large supply in many housing markets, but you do not think you will find anything and it is approaching an outflow, it may be good to find an intermediate solution for a period instead of rushing off.
Emma Persson, private economist, Länsförsäkringar:
- It's really a dream scenario. You know how much money you have to move with and can feel a little calm. Right now there are plenty of apartments and you have time to do some research and a well-balanced calculation depending on when you leave. I recommend that you sell before you buy, especially in this market.
You have purchased a new home but have not sold your current one
Claudia Wörmann, housing economist at SBAB:
- Then I think you should hurry to put it out quickly. Many people who sell have lived in their homes for a long time and have already bought maybe you expect a certain profit, but never compare with the neighbor's home that went best but with the one that went worst. Set a reasonable price, it may not be the price you expected. Minimize the risk of standing with two accommodation.
Emma Persson, private economist, Länsförsäkringar:
- Then maybe I would have a little more focus on trying to get the business as close as possible, so you buy and sell in the same market with the same price picture. It is important for you to be able to make as good a deal as possible, however, you should not feel such stress so that you buy yourself or do a thorough examination of the object. A rational consideration should always be made.
You should buy your first home
Claudia Wörmann, housing economist at SBAB:
- Those who have come quite a long way in their process have quite a large selection and then not all housing projects go in price, so there is an advantage. An advice to everyone, but especially first-time buyers, is not to have their loan promise as a fact. If you can borrow 1.4 million, it can be good at the moment to put yourself under your loan promise to minimize the risk of not managing your finances if you receive a lower income.
Emma Persson, private economist, Länsförsäkringar:
- It is easy to think that you should make a cut in a falling price picture, but it is not as easy as you think to time the market. If you need a home, you should buy it when you find a home you like and can afford - don't wait for prices to drop even more and try to time it.
You will sell a home and move to rental property
Claudia Wörmann, housing economist at SBAB:
- It is a good position, if you have had the opportunity to get a lease. One should have reasonable expectations on how long it will take, and on the price. One way to counter the over-optimism one may have is to map the market based on what is for sale and set its target image based on it.
Emma Persson, private economist, Länsförsäkringar:
- It is a fairly special market in some quarters, the crisis has affected the market differently across the country. You should think about what the market looks like where you live and contact brokers in the resort and preferably compare several pieces. They have control over what is a reasonable strategy at such a time.
You are considering applying for amortization relief
Claudia Wörmann, housing economist at SBAB:
- You should consider, given the circumstances, that you have amortization relief. But one should be aware that in such a market it may be good to repay a little neighbor, as your debt becomes smaller when you sell. You build in a guarantee against price drops.
Emma Persson, private economist, Länsförsäkringar:
- I think you should see the amortization relief as an opportunity, not an obligation. If you can still afford to amortize, I think you should. A buffer is built against future crises, income reductions and other things that may occur. If you feel that you need a buffer, you can take advantage of it, just because you have discipline so that the money goes to savings and not increased consumption.