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Property prices are sliding, interest rates are at record lows and there are great first homeowner incentives on offer, making it a great time for new buyers to get in on the property action.
First time home buyers have a lot going for them in the current property market. There may be a few reasons as to why some may be holding back on making their move, however, more often than not, general fear can be overcome with a little bit of research.
Are you getting the timing just right?
Buyers entering the market for the first time hope to get in at an ideal point – that is when the market has reached its absolute bottom point before going up again. With further price declines possible for major cities like Sydney and Melbourne, many are holding out hope that property prices will go lower still.
While this sounds good in theory, buyers shouldn’t get too caught up on timing the market perfectly because it can change quickly and if you’ve missed out, chances are you’ll pay more than you’d planned for.
In fact, the most important factor when it comes to timing is for the buyer themselves to be ready to jump into the market. Don’t hold out for a possible better deal that may or may not exist, if there’s a property right in front of you that ticks all the boxes. There are always great buys around, irrespective of what is going on in the property market.
Is affordability still an issue?
Unfortunately, even when prices settle down affordability is still an issue for first home buyers who want their dream home first go.
Lowering expectations is not an ideal isolated to today’s generation. Past generations started out by compromising in order to break into the market. Looking in the outer suburbs, choosing apartment living or possibly even rentvesting are all options that allow for affordable home ownership.
Remain realistic and don’t judge your situation against others, and you will find that there are plenty of options out there for who are willing to get into the property market.
What about Lenders and Interest Rates?
Interest rates are at an all-time low and competitive deals are there for those that take the time to shop around. If you haven’t started researching what your loan options are then there’s no time like the present. Start chatting to lenders and banks and find out if 2019 is the year that you can buy your first home.
You can also look at what savings you have, whether you have a good credit score, and how long it may take you to raise a deposit.
