Rising interest rates have not only made it difficult for new buyers to secure home loans, but they’ve pushed current mortgage account holders into a corner, having to cope with steeper loan repayments.
“Consumers who work from home are discovering the real value in pricing that was previously only influenced by variables connected to the fishing and farming industry,” Kriek alludes.First-time buyers seem to be moving into the property market much later due to lack of affordable housing supply and financing within the gap housing market specifically for properties selling for under R750 000.
Consult a financial advisor: – find out which financing options are available and ask about the best repayment plan. Read the fine print: – Don’t let the excitement of that purchase offer cloud your judgment. Be sure to read your contract thoroughly before you sign on the dotted line.Covid-19 may be a distant memory, but effects of the pandemic are still evident in the real estate market.