WHEN IS THE BEST TIME TO BUY A HOUSE?
Thursday 9, March 2023 (11:32:32)
EXPERTS BELIEVE HOME SALES WILL FALL BY 12-15% IN 2023 BUT THE HOUSING MARKET WILL REMAIN STABLE
Is it a good idea to buy a home in 2023?
In 2021, more than 500,000 purchase and sale transactions were closed while 2022 will close with more than 15,000 more transactions.
However, in 2023, due to inflation and the rise in interest rates and Euribor, sales are expected to fall by between 12% and 15%, causing house prices to fall by around 5%. Although the real estate market is not projected to see an increase in turnover, it is expected to remain stable.
For those interested in looking for property deals this coming year, this article will be of interest as we will look at the best times to jump into the market.
There are different factors to take into account when looking for a property at the ideal time, such as supply, price, savings and financing conditions, among others.
SOME THINGS TO BEAR IN MIND WHEN BUYING A HOME
•It is not a good idea to buy a property in summer.
During the summer many of the properties on the market, if they are still available, are destined for holiday rentals. This means that the supply of flats decreases and consequently the purchase prices increase. Summer also brings with it more expenses.
•Winter brings lower prices
Winter is usually a time when families have big expenses and the cost of January is hard. That is why the real estate offer that has not yet been sold experiences a considerable reduction in order to invite interested parties to consider new offers and to be able to generate buying and selling movements.
•October, according to the experts, is a good month to buy a property.
After the summer holidays comes autumn, and with it, the best time of the year to buy a property.
Summer is over and that means that a large part of the properties that were occupied by holiday rentals are vacant. This generates a considerable increase in supply and a reduction in prices. Autumn is also a good time because financial institutions, in order to meet their annual targets, offer better financing offers during the last quarter of the year.
Is it a good idea to buy a home in 2023?
In 2021, more than 500,000 purchase and sale transactions were closed while 2022 will close with more than 15,000 more transactions.
However, in 2023, due to inflation and the rise in interest rates and Euribor, sales are expected to fall by between 12% and 15%, causing house prices to fall by around 5%. Although the real estate market is not projected to see an increase in turnover, it is expected to remain stable.
For those interested in looking for property deals this coming year, this article will be of interest as we will look at the best times to jump into the market.
There are different factors to take into account when looking for a property at the ideal time, such as supply, price, savings and financing conditions, among others.
SOME THINGS TO BEAR IN MIND WHEN BUYING A HOME
•It is not a good idea to buy a property in summer.
During the summer many of the properties on the market, if they are still available, are destined for holiday rentals. This means that the supply of flats decreases and consequently the purchase prices increase. Summer also brings with it more expenses.
•Winter brings lower prices
Winter is usually a time when families have big expenses and the cost of January is hard. That is why the real estate offer that has not yet been sold experiences a considerable reduction in order to invite interested parties to consider new offers and to be able to generate buying and selling movements.
•October, according to the experts, is a good month to buy a property.
After the summer holidays comes autumn, and with it, the best time of the year to buy a property.
Summer is over and that means that a large part of the properties that were occupied by holiday rentals are vacant. This generates a considerable increase in supply and a reduction in prices. Autumn is also a good time because financial institutions, in order to meet their annual targets, offer better financing offers during the last quarter of the year.
