Is this a good moment to buy?
Perhaps.. because.. will you be able to afford it later?
Put seven economists in one room and you will have seven opinions!
The same can be seen in the forecasts for the housing market. There is speculation about the current housing market and where it is heading. In recent weeks we have seen the mortgage interest rate increase steadily. This has financial consequences. Especially starters see their budget decreasing, which makes it even more difficult to find a suitable property in this, unchanged, tight market. The sentiment has also changed. The war in Ukraine has caused inflation to rise and perhaps not just temporarily. Potential buyers are holding their breath. “Let’s wait and see what is market is going to do”. On the other hand, the offer of properties have increased: home owners put their houses up for sale earlier than planned.
What to do?
We advise buyers to no longer postpone the purchase of a property. If anything, right now is perhaps THE moment to purchase a house. There are more properties available on the market with a slight price correction and the mortgage interest rate is, for the time being, stable. Waiting won’t bring you any advantage as the house shortage on the market remains. However a further increase of the mortgage interest rates will put even more pressure on your budget. The property that you would like to buy might not be achievable anymore.
Thus; time is of the essence! End of 2022 the mortgage interest rates might be even higher!
In short, buy now that you can still afford it.
Are you still in doubt as to whether this is the right moment to buy a house? Request a free meeting with one of our realtors who can advise you about your current situation. Email: email@example.com | Phone: 020 740 0531