We had a great first-time buyer seminar last night in the Clonmel Park Hotel. Hosted with Frances O’Hanlon mortgage brokers, the event featured speakers on topics such as mortgages, life cover, contracts, wills and of course property (which was done by me).
About 50 potential purchasers attended and a lively Q & A took place afterwards.
It was good to see that many people are starting out on the home purchase trail again.
At current interest rates, based on purchasing or renting an average 3-bed home, you can save €250-300 per month and own your own home by buying.
On a 92% mortgage, you will need savings of €12-14,000.
This will enable you to purchase one of a vast choice of homes in the Clonmel area.
At the end of January 2009, we had only 11 homes for sale at under €200k.
At the end of January 2010, we had 67 homes for sale under €200k.
Of these, 39 are under offer.
Prices are at a much lower level than one year ago and as a consequence, the level of interest in purchasing has increased greatly.
We are scheduling many more viewings this month than in any month last year.
So if you are interested in buying, now seems to be a good time, based on what potential purchasers think.
It is possible to lock into historically low interest rates at the moment.
Anyone with a view on this?