Buying a home is one of the biggest investments you will ever make. Rising interest rates have left many wondering if now is the right time to buy a property, with the media reporting doom and gloom for the industry. But, 2023 might be the ideal time to start your new home journey, with growing signs the housing market is bouncing back.
House prices are expected to rise in 2024
According to the Domain Forecast Report, property prices are expected to grow in 2024, meaning that now is the perfect time to take advantage of a slower market. With interest rates expected to fall in 2024, coupled with a boost in immigration, particularly in capital cities, demand for property is forecast to increase. This will likely result in an increase in housing prices.
Good news for residents and those with investment property in Weir Views, with the area already recording a 5% increase in property prices over the past 12 months, bucking the previous housing market trends.
So, with all of that in mind, when is the best time to buy a house? There are a number of factors that can influence the best time to purchase, including your personal finances, time of year and the cycle of the property market and the type of home you’re looking to buy.
In this blog we look at the things to consider when deciding the best time to buy a house.
Consider your financial situation
The first step to take when buying a new home is to evaluate your financial situation. Are you ready to purchase now? Do you have enough for a deposit? What’s your borrowing capacity? Some of the things your lender will consider when it comes to approving your mortgage include:
- Your personal circumstances, such as income, assets and liabilities when they assess you for a loan.
- Your ability to pay the loan over an extended period of time.
- Your spending habits.
- Any credit cards or Buy Now, Pay Later accounts, even if you don’t owe any money on them.
Look at the time of year
Believe it or not, the time of year that you purchase could affect how much you pay. Traditionally, the winter months usually coincide with decrease in the property market with demand significantly less than spring and summer. In the warmer months, prices usually rise as pent-up demand pushes up the sale and auction clearance rates.
Take advantage of the builder offers available
Many home builders are offering significant incentives and discounts to encourage new home builders to get into the market, including reduced deposits, additional upgrades and free appliances.
Whether you opt for house and land package, or purchase the land first to find the right builder later, building a home means that you get to design the home that’s the perfect fit for your family and personal situation.
With prices forecast to rise in 2024, and builders currently offering a range of promotions, right now is a fantastic time to buy a house for those with their finances in order.
Exford Waters offers the luxury of building your brand new home in an established community in Weir Views.
If you’re ready to make your move and start planning, building or buying property, now is the perfect time. Don’t delay – take advantage of the market conditions while they last. Contact our Estate Manager Sarah on 1499 123 119 to find your new home at Exford Waters today.
Disclaimer: our financial advice is general in nature, please seek a professional for additional information.