It’s uplifting to hear that real estate is doing well. The three months of hard lockdown, in which the industry was shut down and had to fight to be recognised as essential, hit many hard, with some agencies not surviving.
It’s wonderful then to hear of boom times in certain areas and when property is priced right for the market. Some agents are, however, still struggling to make up for the lost three months, and many report property going for 20 to 30 percent below asking price.
In some areas, this is the much-needed price correction and it does provide a brilliant opportunity to get into the market. With the lowest interest rates in decades, it means you can get a bigger bond.
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You’ll also be paying thousands less on the bond of a million-plus you’ve had since last year. The property market is full of investors, I heard an agent say, who’ve decided that South Africa is home and who do not have a plan B that means leaving the country.
It’s this commitment and belief in the country and also the hope that is engendered by people investing in property that will hopefully see our economy and its people thrive again. May the boom times some agents report spread to more areas and may they last. It’s good for the industry, it’s good for the economy and it’s good for all of us.
And may those who have long struggled to get into the property market because of barriers to entry finally find a home to call their own.