First Home Buyers? YIP!

Hey Everyone! With the recent market trends, it is an ideal time to purchase a house as prices are still low and there are many incentives available. There are plenty of reasons why now is a great time to buy your first home.

Bottom of the Market: It is impossible to buy at the ‘bottom of the market,’ as it is only possible to identify this by looking backward. Which you are now buying in the upturn of the market, where there will be a lot more competition and fewer choices. So the optimum time to buy is before it hits the bottom and with interest rate forecasting stablising and prices flatting out at the moment now may be the best time to consider your purchase.

Government Help: At the moment through Kiwisaver & Kaianga Ora there are some great schemes that help first-home buyers into a home. Make sure you make the most of the LVR support to one-off grants. This is one of the best chances to access your Kiwisaver ahead of retirement.

No Investors: For now, pretty much all residential investors are losing money every single week in true cost. While interest rates and vacant rental properties are high, it is completely illogical to be an investor right now today. This means you are far less likely to come up against ‘cash’ offers from buyers with established wealth.

Higher Wages: Although the world has a long way to go to curb the ‘cost of living’ situation, wages have made significant progress in recent years. This partnered with the flexibility of working conditions has yielded a lot more income potential & lower house prices, which has meant that properties are more affordable than buying in a ‘boom market’ with lower interest rates. As your debt exposure is smaller.

Bank Confidence: We can see from the 18 Month and longer mortgage rates easing, that the bank’s confidence is improving, we have already started seeing a massive jump in buyer enquiries and banks will also start getting a lot more pre-approval applications.

All these things are signs that the market is entering the recovery phase. If you are thinking of buying or selling, it is important that you position your strategy carefully to maximise your financial position.

We’d love to have a chat about your plans and make sure you are putting yourself in the best possible position. Get in touch! We are here to help.