Joe Naughton of Era Oates Auctioneers has reported a significant increase in the number of viewers of properties in January, particularly from first time buyers.
Home ownership is beginning to look like a more realistic goal for thousands of first time buyers who had been priced out of the property market for many years. Interest has increased from these prospective buyers who have clearly been keeping an eye on the market as prices have continued to drop.
While there are reports in the market that we can expect further price falls through 2009, buyers are now becoming aware that through aggressive negotiation they can secure this anticipated price reduction from sellers who need to secure a sale now.
Era Oates Auctioneers, Athlone have reported a loosening in the availability of mortgage finance from the key banks but a strict tightening in qualification terms for first time buyers seeking a mortgage.
Some 92 per cent of mortgages are available in the market for financially viable first time buyers at a competitive mortgage rate in and around 3 per cent (and expected to fall ).
In the first time buyer market there has been a time delay as buyers have needed time to build the now substantial deposit required to get on the property ladder.
Saving a deposit of €18,000 for a property costing €230,000 which was the average paid by first time buyers in November 2008, is no small task, but those who have chosen to start putting extra money away are clearly better prepared to negotiate aggressively and to make an offer on a property when they see their opportunity.
Savers need to be aware that a large deposit will make it easier for them to be accepted for the best mortgage deal and will leave them in a position to negotiate more favorable mortgage terms.
Joe Naughton of Era Oates Auctioneers is happy to sit down with any first time buyer or couple at the office or in your home and give you free advice on where the market is right now, and to outline the great value that is to be had in the market at present.