Why you should buy a home before the election
Posted Thursday, July 26 2012 at 17:36
As we get closer to the elections later this year, decrease in the demand for property becomes a phenomena compared to any other period.
Many people fear about the security of the property especially in regard to what was experienced after the last election.
However, this can be the best time to own a home in Kenya as the prices have stagnated or in some instances gone down as people adopt a wait-and-see attitude.
Right now until after the election, presents an incredible buying opportunity for anyone who wants to be a home owner.
Buyers are sitting on the sidelines for many reasons, one of which is the impending elections.
So if you are an active buyer, you won’t have much competition until well into the beginning of next year. However, there are a few things that are worth factoring as you look for your property.
First, with regard to the impending election, you’ll generally see market activity slow down before an election.
Considering we are entering a period during the annual real estate cycle where inventory is at its peak, you have more flexibility when it comes to making an offer.
Meanwhile, there are many homes on the market right now… and if you’re among the few people giving offers, you have the opportunity to under-bid the market.
Many self-financing sellers won’t come down on their price because they can afford to wait…. which is one reason most property prices haven’t dropped like other parts of the country….but there will be some motivated and/or distressed property sellers… so get out there… learn “your market”, and pounce when you know you’ve found a great home at a great price.
First look at what you really want to buy.
Everyone needs to live somewhere and if you can afford to buy at this time and have found the home you want and plan on being there for more than five years, do not fret.
The prices are low, the inventory is high, the mortgage rates are favourable and owning a home is still one of the best investments.
Don’t time the market! If you have been itching to own for months/years, and you have found the right place, at the right price, that you can live in for 7-10 years, then buy it.
Short-term volatility will shake out in the long-term, meanwhile, you will be living in the house you always wanted.