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22 Jul 2016

PROPERTY IN A FLAT MARKET

Whether the property market is flat or booming, there are people that have to sell and others that have to buy (for various reasons). The factor that drives price is the number of properties on the market and the people prepared to purchase (supply and demand). Banks appetite for approving home loans will always be evident as the banks want to make a profit for their shareholders. In saying this, it does become harder to get home loans when times are tough due stricter regulations (in order to protect consumers). As this could be the case, it is best to contact a mortgage broker so that you can determine your home loan capacity and available products (as mortgage brokers have access to a range of banks and funders). It is also important to consider the costs in purchasing as you would want to try and recoup this down the line. When property is flat, it could take 5 to 10 years to get the necessary capital growth. In summary, it is very crucial to research your finances (home loans) and property choices at all times but even more so when property is flat.

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