The property market is booming.This is how you can capitalise on the activity

As we have started to acclimatise ourselves to some of the new normalities that have resulted from life in a mid-pandemic world, the property market is still being bent and shaped every day by a range of volatilities. What this means is that predicting exactly how the property market will shape up in the coming months and years may be more difficult.

Amidst all the uncertainties, however, there has been a stand-out trend: Since real estate agencies have reopened in June 2020, the residential property market has been thriving:

• The Deeds Offices were also closed for lengths of time due to stricter lockdown regulations, leading to a backlog of activity to be processed, which in turn lead to a market that looks more active.
• Interest rates on bonds plummeted. The Reserve Bank has already dropped the repo rate by 300 basis points this year, meaning that banks are offering bonds at much lower rates for the same properties compared to the start of the year. Many first-time home buyers are also taking advantage of 100% home loans, which have been approved more readily.

What does this mean for you?

Because of all the factors listed above, the property market remains a buyer's market, in which low rates are expected to remain for quite some time. This means that home buyers seeking to acquire property are very well situated to do so under current conditions, and more of those who have entered the buying market have been finding success.

The future of the property market

Trends indicate that buying property may become more popular as people are starting to re-evaluate their travel and lifestyle habits.

This trend of re-evaluation seems to suggest that the property market will stay active for some time to come as sectors of the market are upscaling and others are downscaling as a result of changes in lifestyle patterns.

Because of this expected activity, the market will stay open and inviting to property buyers for some time. And with the prime lending rate at such low levels, now could be the perfect time to make a move.

Entering the market may seem daunting to many, since having to deal with estate agents and attorneys from all sides may deplete their energy. Fortunately, 3%.Com Properties does it all in one, meaning you only deal with one party who has all the market and legal expertise for your property buying needs, with great support from start to finish.

3%.Com Properties - We know Property and the Law®

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)