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Buyers are Coming Back to the Residential Property Market
23 July, 2008
There is growing evidence at Rawson Properties that buyers who were holding back, waiting for the proverbial bargain, are now back into “purchasing mode”, according to Tony Clarke, MD of Rawson Properties. “For some months,” said Clarke “we saw buyers hanging back, waiting for sellers to drop their prices. For many, that waiting period is now over – they are moving in again in the belief that the market is bottoming out and that, if they do not buy now, they may well find themselves paying more later on, because property prices are still increasing – albeit at a slower rate than before.
“If they are making use of bond finance they also now realise that with further possible interest rate hikes later this year they will almost certainly not qualify for the bonds they can now get.”
Clarke said that, in the last quarter, the majority of sellers have become far more realistic and have come round to accepting that the price rises of recent years are no longer possible. Many, he said, are readjusting their selling prices in a bid to sell the property more quickly.
“The really fortunate buyers are those with accumulated resources who can now climb in and get a good bargain,” he said. “Many of our investors, encouraged by the higher rentals now obtainable, realise that this is a good time to buy and those who have watched the market carefully are making full use of the excellent deals now available. Potential buyers who are still holding back in the hope of even more favourable conditions may well find that they have lost out.”
“If they are making use of bond finance they also now realise that with further possible interest rate hikes later this year they will almost certainly not qualify for the bonds they can now get.”
Buying and Selling a Home Today
Clarke said that, in the last quarter, the majority of sellers have become far more realistic and have come round to accepting that the price rises of recent years are no longer possible. Many, he said, are readjusting their selling prices in a bid to sell the property more quickly.
“The really fortunate buyers are those with accumulated resources who can now climb in and get a good bargain,” he said. “Many of our investors, encouraged by the higher rentals now obtainable, realise that this is a good time to buy and those who have watched the market carefully are making full use of the excellent deals now available. Potential buyers who are still holding back in the hope of even more favourable conditions may well find that they have lost out.”
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