Hunting for a house is painful and not at all exciting. Right now, because interest rates are so low any house in our price range is selling fast. I almost need to give up my job and make house hunting my full time job. One needs to be ready to pounce immediately. Almost call up on the phone and make an offer before it's even been seen. The amount of people showing up to open houses is astounding and the agents are getting several offers immediately after.
What might be in our favour though is that the lenders are tightening their belts - not many are borrowing any more than 90% of the purchase price. Our broker says that once that starts to filter through to those who haven't already organised pre-approval the prices will drop a little because there will still be people needing to sell their homes and they'll be more open to offers. Those without a deposit will be pushed out of the market. I guess then the greedy investors will still be hankering to get their hands on these properties but I hear that even they are having a hard time getting access to finance.
So, we have time up our sleeves to save a little more money and continue to look. The $14000 First Home Owners Grant is set to expire on June 30 when it will revert back to $7000. There's speculation about whether or not the $14000 will be continued or not. Hopefully for us it will be but it might also mean the prices of houses will drop because even more people will be pushed out of the market making room for us. It will mean however that we will need more savings.
Sometimes I wonder if it's really all worth it. Everyone keeps telling me it is so I'll have to believe them.
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