This is the question that I get asked by everyone who knows that I am an estate agent. My mechanic asks me this, my veterinarian, people whom I may meet at a cocktail party or the local coffee shop etc. Basically, I get asked this question every day! The standard answer that other agents normally give is "Yes" My answer is "maybe". I am always optimistic by nature, but it really depends on you and your situation.
No it is not a good time if you are not sure about your job, your cash flow, credit facilities or looking for a short term investment, Yes, now is a fantastic time to buy if you have access to credit, a stable job, savings, and a long term investment plan.
Now is a good time to buy property in the Cape Town City Bowl if you have a trustworthy estate agent who can honestly evaluate what a property is worth. Your estate agent needs to be prepared to submit all offers, even the low ones, this policy will help protect you from over paying and losing equity in the future. If your offer is a realistic one, then the seller will definitely consider it.
Interest rates have been reduced and are currently low, banks are granting more bonds now and seem to be more optimistic all around. Property in the Cape Town City Bowl has maintained and increased in value, even during these turbulent times.
World wide, real estate sales are still down overall, making it possible for buyers to get good value for money.
Is this the right time for you to buy or sell?
Allow Mulligan Real Estate to assist you in evaluating your situation.
It just all depends on you!