The 2023 Market looks solid and stable.
Most industry professionals agree that price growth will stabilise this year and this is not surprising… rising interest rates has had an effect here.
From everything that I can see and all that’s been reported, the Irish economy is well prepared to handle these rising interest rates and inflation. This is positive news for the property market.
The demand for new homes will continue to be supported by the extension of the help-to-buy scheme. Recent changes at the Central Bank level which come into play in January will see loan limits increased for buyers and this will be a great motivator this year.
As a matter of fact The “Irish Times” reported transactions are forecasted to exceed this past year by up to 7%, which could equal a surplus of 60,000 transactions in 2023.
Our rising population here in Ireland unfortunately means we still won’t have enough supply of good/ affordable housing to meet our needs. Demands for real property will remain strong.
This coming year 1st time home buyers will be particularly active in the real estate market and by all counts people are more prepared than ever to travel further to find a good quality home. This fact is exacerbated by the fact that so many peoples jobs changed during the course of the pandemic and a larger percentage of people now work from home and so they don’t have to live right in the city centre.
Ive been asked how the worry of rising energy costs will affect real estate… its actually an excellent question. The first time home buyers and the savvy buyers will be looking for newer and more efficient homes. Upgraded properties will be keen picks as well.
What can buyers do to prepare themselves for purchasing in the new year? The answer is SIMPLE. Align yourself with knowledgable professionals. A.) Work with a good real estate agent who will track down decent homes that meet your requirements. B.) See if that estate agent has a good engineer they can refer you to. C.) Align yourself with a good solicitor as well- one that will make you a priority and not drag their heels when it comes to their part of the deal, which is significant. D.) Ives said it before, I’ll say it again: I really like mortgage brokers- they know mortgages BEST and they can help you the most. Find a good one that will go the distance for you. As a buyer you can’t be expected to understand the complex real estate market and all that it entails BUT you can pick a good team who you can trust to have your back and help you make the best decisions.
Helpful tips for sellers for this year: If you can afford to get your insulation upgraded then do it. If you can afford to spend a little money on upgrading Windows and doors it may very well be a good idea. These items can make your property more efficient and thus more appealing to todays savvy house hunters. Also, over all a well presented, CLEAN, neutrally painted property will sell faster than a messy, dirty colourful one. Commit that to memory and you’ll be off to a very decent start!
If you’d like to chat about real estate in the New Year, let’s set up a time to meet. I’m available for walk-in’s most days, for appointments any business day and for zoom calls pretty much 24/7.
+353 86 271 6598
Happy New year everyone!