Property prices poised to free fall

By Staff Writer

House prices poised to free fall

From Busrep.co.za

By Roy Cokayne

House sellers must brace for a 40 percent drop in selling prices from the highs of last year, to price levels last seen two years ago.

This was the warning issued yesterday by Lew Geffen, who has about 40 years' experience in property and is the chairman of Sothebys International Reality. His warning comes as banks have tightened up on credit and are cutting costs to cushion the impact of rising bad loans on profit.

Justmoney.co.za says:

When the big property players are advising to drop your price, you know the crunch has hit the housing market. Interest rate pressures could cause you to lose your house. Make certain that the home loan that you have is the right one for you. If you have outstanding debts, now is the time to consolidate them, if you have already started missing payments, debt management may be necessary. The market will get very soft before it hardens. If your finances are in order you should be able to get your head down and ride the storm out.

Recent Articles

Featured Request your credit report from the right bureau

With so many different credit bureaus in South Africa, it may be difficult to decide from which one to request your credit report. We have a look at what you should be aware of when selecting a credit bureau.

Applying for a home loan? Consider the repo rate

When you apply for a home loan, one of your top priorities should be to secure a low interest rate. In order to achieve this, you need to be familiar with the repo rate. We find out more about this.

Effective financial planning as a single parent

As a single mom or dad, it can be challenging to keep up with the ever-increasing expenses of raising a child. We have a look at the importance of setting up a budget as a single parent.

How your credit score impacts your insurance – and vice versa

Since insurance is paid in advance, it may seem unrelated to your credit score. However, these two are in fact linked to one another. We find out why insurers look at your credit score.

Deals

Get a FREE flight ticket with Hotel Sky

Price: From R5,200
When: Until 31 January 2022
Where: Johannesburg and Cape Town

Voucher for 2 special at Bakwena Day Spa

Price: From R1,798
When: Until 31 January 2022
Where: Centurion, Hartbeespoort and Stellenbosch

Spier Hotel Summer Special

Price: Available on request
When: Until 31 March 2022
Where: Stellenbosch


Latest Guide

Guide to debt rehabilitation solutions