Is it the right time to buy a home?
Jo-Ey Chee | 07 Jun 2019 00:30
You may be ready to buy a home but is the current market condition deal for maximising value for money? Any property player would tell you that timing is everything when it comes to purchasing a home. It can be the difference between saving hundreds or thousands of ringgit.
According to Knight Frank’s Global Residential Cities Index, average housing prices in Kuala Lumpur dropped by 0.6% from 3Q17 to 3Q18. The easing of house prices indicates a fall in demand and these may point to a good buyer’s market.
For the first time in three years, Bank Negara lowered the Overnight Policy Rate to 3% from 3.25% effective May 7, 2019. This is another encouraging nod for those planning to purchase a home. Although consumer reactions to the interest rate cut are quite mixed, the lower rates will benefit loan borrowers in the long run.
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