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More Signs Of A Buyers Market In 2023 And 2024
A report by Lightstone Property indicates an 80% rise in forced property sales, signaling a buyers' market in 2023. Many buyers, drawn by low interest rates during Covid (7% in 2020, below 8% until May 2022), now struggle with repayments as rates hit 11.75% by May 2023. Initially, low rates encouraged new buyers and upgrades, but now many are overstretched. Homeowners should consult bond originators and consider their financial situations to avoid mandatory sales. Downsizing is an option but not a universal solution.
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Interest Rate Announcement 23 November 2023: What to Expect
The South African Reserve Bank (SARB) will announce its decision on the repo rate on Thursday, 23 November 2023. This is the final interest rate announcement for 2023 and consumers will be hoping that SARB Governor, Lesetja Kganyago, will offer some relief in the form of a rate cut. However, economists are not optimistic about...
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How To Take Advantage Of A Slow Real Estate Market
Interest rates are very high, property prices are stagnant and the outlook is not great, so is there any way to take advantage of a slow real estate market as a home buyer, homeowner, or property investor? When it comes to investing in real estate location is everything, but market timing is very important. Buying a property during a bubble, at the very top of the market, you run the risk of the market turning and property prices dropping.
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Residential Property Price Index Report For June 2023
According to the Residential Property Price Index report for June 2023, house prices in South Africa have increased by 2.9% between June 2022 and June 2023. And in particular, property prices in the Western Cape have increased by 4.1% year-on-year. On Thurs 9 Nov 2023, Statistics South Africa (Stats SA) released its monthly Residential Property...
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The Dangers Of Buying A Distressed Property
The property market is a very dynamic industry that is constantly adapting to meet the demands of buyers and sellers. Over the most recent 12-month period the pendulum has shifted toward a predominately buyers market. According to the data from FNB Home Loans as much as 25% of properties are put on the market due...
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The Why And When To Change Your Real Estate Agent
Choosing the right estate agent or agency to sell your property is crucial. A good estate agent can make or break your selling experience. A knowledgeable, experienced, and proactive agent will not only maximize the value of your property but also guide you through the intricacies of the process. However, there may come a time...
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William Smith
Writer & Journalist