Time to jump into the property market

Don’t miss out on vital updates on the property market, especially if you are looking to buy property in Pretoria North, check out the Private Property website regularly to see exactly when the right time to strike will be. In an update recently, they chatted to experts in the industry to find out why 2019 may be the ideal time for first time buyers to enter the market.

You may still be feeling the effects of what 2018 threw at you, and with continued political uncertainty along with a struggling economy, the idea of trying to enter the property market may seem silly. However, experts have pointed to some positive movement that could prove to by highly beneficial to those waiting on the fence.

First off, banks have been competing for business and their rivalry actually comes as a benefit to potential home owners. This is because they are finding innovative ways to make their products more affordable and accessible. This is backed up by recent information from ooba, which noted that the Average Deposit as a Percentage of Purchase Price has come down by a staggering 20% when looking year on year.

“This is the ideal time for prospective first-time homeowners, including those without deposits, to enter the property market. 80% of our 100% bond applications in Q4 18 were approved compared to 72% in Q4 17,” said CEO of ooba, Rhys Dyer.

They also revealed that negative real property price growth is a major factor at present, with incomes growing faster than the house price growth. This leads to an excellent position for buyers, when considering that lending conditions have also improved.

However, to make sure that you are getting the best offer, ooba recommends looking at a few options on the table before signing any off the documentation.