It’s the time to think about home buying. Spring is in the air and homes are selling fast, with auction rates up in many major cities. But, property experts also suggest that prospective home buyers shouldn’t feel pressured to buy now.
The market, despite an increased level of activity when compared to this time last year, is expected to remain competitive and buoyant until the end of 2014. This is good news for home buyers who are either looking to buy their first home, or who want to upsize or downgrade their existing home.
However, some home buyers may place a high level of stress on themselves and their families to buy now, rather than later, as some believe that prices will rise in the coming months. To overcome rush buying, property experts suggest that instead of focusing on market changes, prospective buyers should be focusing on buying long-term and making sound decisions based on their needs.
Today’s market is becoming less volatile and more predictable. Plus, more homes are coming into the mark. This surge in home listings is predicted to increase buying. But, long-term figures suggest that the housing market will remain consistent without any significant increases. This trend is expected to continue well into 2015.
Home Buying Tips
Don’t be a crowd surfer – Rather than be one in a pack of buyers, think outside of the majority. Only buy when you’re ready. Take your time, consider your budget and research your market. Sound financial decisions make for good capital gains.
Don’t guess the market – Research, research, research and then research some more. Know the market, analyse conditions and look at market changes critically. Know what represents value for money and what is overpriced.
Location is a must – Research suburbs, look at the growth of new areas and developments, consider new infrastructure and where increases in amenities are planned. Why? Well a property situated in a growth area is far more likely to increase in capital value.
Research mortgages – Don’t just take out the first home loan you come across or visit your usual lender. Instead, shop around and find the most affordable mortgage.
Buy within your means – You are better to buy below your maximum borrowing capacity so that when interest rates rise, you are still able to afford repayments. Whereas if you buy at your maximum borrowing capacity, then when rates rise you may find that you are financially squeezed.
Are you looking to buy a property this spring? If so, then contact eChoice and find the right home loan for YOU today.