Hope for Buyers in Hamilton...

We've had an "up" market for so many years where vendors have made substantial gain and buyers have had the choice to keep up or delay purchasing. This is beginning to change as home sales slow down offering more choice and empowering buyers in the market.

In March last year, 415 properties were sold, a Hamilton record! This year, we've seen the sale of 345 properties. At present, buyers have more choice with over 850 available listings in Hamilton.

Having more choice is good news for home buyers, especially first-home buyers. Currently, the average first home value in Hamilton is $469,750. Although house prices seem to be at an all-time high in Hamilton, here are some ways to minimise the stress and debt of a first-home purchase.

Interest rates are still competitive, although the banks are a little tough on lending criteria. Most banks check your ability to service a loan by looking at how you could cope with interest rates in the mid-7 per cent range. Make sure your income is reliable and consider the possibility that your circumstances could change, which could effect your serviceability of mortgage repayments.

As a buyer, you can save money by structuring your loan better. Take practical steps to setup your loan over the shortest term you can feasibly handle because the faster you pay it down, the less total interest you will pay. Making repayments fortnightly instead of monthly also gives two extra payments a year, further decreasing your interest bill.

As a vendor, the housing market is buoyant and of course you should still be selling. As we enter the autumn months, this is a good time to sell because you are more likely to attract serious buyers. As families return from summer holidays and school is back in full swing, things begin to settle down for people and they have more time to consider buying a home.

Whether you are looking to buy or considering selling, now is the time so give us a call.


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