In our recent article about a perfect storm brewing over Sydney real estate, we noted that property prices in most of the Eastern Suburbs of Sydney have come down by around 5 – 7%, some areas even more, and that interest rates are currently sitting at record low rates. As you may know, these factors do not often align but when they do it provides a brief opportunity for buyers to gain the upper hand and for savvy buyers to snap up property at well below market rates! As property insiders, we are seeing homes being sold almost daily off market and prior to auction for well under previous values. There are bargains to be had in this current market!
With the current market conditions, not only can you afford a home you may not have been able to 6 or 12 months ago, but the interest on the mortgage is also at an all time low making servicing the loan far more affordable.
And, one more thing. If you refinance your current mortgage, or even seriously threaten to refinance your current mortgage, or push for an excellent rate on your new mortgage, the banks are starting to come to the party with most lenders offering substantial discounts to get your business. These additional saving can make a huge difference in the cost of servicing your loan and the money you save can stay in your pocket, rather than going to the bank.
If you would like advice on how to refinance your current mortgage or negotiate a better deal speak to your broker or we are happy to put you in touch with an excellent broker.
If you would like help finding and buying one of the many properties currently being sold off market or at a discounted rate contact Unlisted Property Buyer’s Agent
Unlisted… your key to buying in Sydney’s Eastern Suburbs