One last thing that has changed since the pandemic is that activity is beginning to quieten down now . Less new inventory is coming onto the market , which tells us that homeowners are hesitant to list , and increasing interest rates are a major factor in this . On top of this , inflation , rising interest rates , and high home prices are making it harder to afford a home for your average homebuyer , thereby reducing the demand for home purchases . This also influences sellers as they need to reduce the prices of their homes in order to attract buyers .
In this post-pandemic market , the sooner you get into the property game , the better . Especially firsttime buyers . If you ' re new to homeownership , a starter home could be your ticket to breaking the cycle of paying rent . For cash investors , it can be better to buy during a rising interest rate environment as house prices often decrease along with demand during this time . Having said that , buying a house in any market is a personal decision . Because homes typically represent the largest single
purchase most people will make in their lifetime , it ’ s crucial to be in a solid financial position before diving in .
For those who are curious to learn more about how to get into the property market , I suggest contacting your nearest RE / MAX Office for assistance . As experts in local real estate markets , our agents are best equipped to provide reliable advice and help buyers find a home that will suit their needs .
IMAGES : RE / MAX OF SOUTHERN AFRICA
Barbara Larney Real Esate Agent RE / MAX Wine and Whales
SA Real Estate Investor Magazine NOV 2022 65