The last year has been very challenging for many of us as we worked together to fight the pandemic. Factors such as restrictions, social distancing measures and economic crisis compelled people to stay at home. We’ve seen several businesses take a toll.
With such uncertainty in our economy and personal finances, is it a good time to buy a property as a first-time homebuyer? Are there any benefits to purchasing a house right now?
Like the weather, the housing market is highly seasonal. Sales usually start low at the start of the year then jump in the spring and summer. But with economic and social issues brought by the COVID-19 pandemic and the Government’s measures to boost the economy, things have completely changed. Now is a great time to buy your first home. Wondering why? Here are some of the best reasons:
Extremely low-interest rates
Since the Government’s drastic response to the pandemic, interest rates have reached an all-time low. The real estate industry is one of the largest economic sectors, lowering the interest rate might encourage more people to buy a home.Experts believe now is the best time to take advantage of the market conditions. You should waste no time in organizing your finances, finalizing your strategy, and start making offers. Prices are forecasted to rise; hence buyers who decide to purchase a home sooner will enjoy lower prices.
Many first-time homebuyers will have a chance to get their dream home at a lower price point. So if you’re employed and have the opportunity to borrow money, now’s the time.
Investment is also on the rise.
The latest data from ABS show that investors are returning to the market. The low-interest rates have helped investors gain confidence in buying new properties. It always makes sense to buy when there are fewer buyers in the market.
Grants & Benefits for First Home Buyers
Another good reason for purchasing your first home right now is the First Home Owners grant. With the help of this, you may be eligible to get a $10,000 grant. You can also leverage the First Home Loan Deposit Scheme and HomeBuilder grant.