With the recent news breaking that the Reserve Bank will retain the repo rate at the current 6.50% (base home loan rate of 10%) this is about the best new South Africa has had in a long time.
Anyway, the relief of our struggling economy and property market is the most welcome feeling.
However, specialists warn that this is likely to be a short-term breather as a rate hike may well come sooner than hoped.
In the meantime, this decision should encourage buyers still sitting on the fence to get into the market. The flat interest rate, slow price growth, rise in property stock levels and positive bank lending landscape, makes it an excellent time to buy.
Even though slower, the property market is nowhere near the worst levels of the 2008 Global Financial Crisis. Challenges are nothing new to SA; the economy and property market have at times had to deal with political uncertainty, high inflation and interest rates of up to 16%-25%.
Our final thoughts?
Right now, is the best time to jump into the property market, with the rate staying at its current level, there has never been a better time to buy or sell, you never know when the rate will increase, so it’s our advice to join the game while it’s still at a level playing field.
And when you are ready to jump into the property game, B-Sure Properties is the place for you.