Economic relief entices new buyers
Category Finances
Since the start of the pandemic, the real estate industry was not sure what tomorrow would bring. Combined with the interest rates that drop and the need for buyers to have a lifestyle change, we have experienced more enquiries and greater sales, like we have not seen in quite a while.
Below is a section from an article that was written by Rhys Dyer, the CEO of OOBA
https://www.ooba.co.za/resources/oobarometer/
After almost a year of the pandemic, Ooba has observed changes in both consumer behaviour and lending trends, resulting in a surprising boom in the local residential property market.
Says Dyer: "The current low-interest-rate environment, as well as competitive home loan deals from the banks, creates an ideal buying environment for first-time homebuyers. Banks in Q4 20 were prepared to provide 100% home loans to a large percentage of first-time homebuyer applicants. 100% bond applications from first-time homebuyers in Q4 20 increased by 39% year-on-year with 80% of these buyers successfully obtaining finance.
"This means individuals who currently rent a property can in a large percentage of cases purchase their first property at a lower monthly cost than their current rental payment," adds Dyer.
The time to buy is now, a great option is to get yourself pre-qualified...
Author: Una van Jaarsveldt