Buy Property In 2023

Deciding whether to buy a property in 2023, like any other year, depends on a variety of factors, including your personal financial situation, your long-term goals, and the local real estate market so here are circumstances, some things to keep in mind when deciding whether 2023 is a good time to buy property.

Market conditions

Research the local real estate market in the specific area you are considering buying. A buyer’s market or a seller’s market? Are property prices rising or stabilizing? Understanding market conditions is important. According to Edgeprop, the residential property market staged a strong rebound in 2022 with a 22.4% yearly increase in sales volume and a corresponding 22.6% growth in sales value following the normalization of economic activity.

The performance of the residential property market in Malaysia showed a significant improvement in the first nine months of 2022 as the volume of transactions climbed 34.6 percent compared to the corresponding period in 2021 whilst the value of the transactions went up by 34.8 percent, building on the momentum of the recovery which started in 2021. Source: Business Times

Interest rates

Survey on the mortgage interest rates. Loans with low-interest rates can be expensive, but it’s important to consider how interest rates may change in the future. Usually, home loan interest or profit rates between banks will not be too far away from each other. For example, the Maybank Islamic HouzKEY offers a low home loan profit rate of 2.88% p.a., while another bank may offer 2.90% p.a. or 2.95% p.a. More importantly, home loan interest or profit rates aren’t the same for every individual. The bank will always take the individual’s credit health into consideration before offering a customized interest/profit rate - the better your credit health, the lower your rate can be. Source: Ringgit Plus

Your financial situation

Determine your financial stability and ability to pay down payments, monthly rent, property taxes, insurance, and maintenance. Make sure the property you buy matches your financial goals and budget.

Setting long-term goals

Consider long-term plans. Do you plan to live in the property long-term or an investment property? Let your goals influence your decision.

Location

Property prices can vary greatly depending on location. Explore community development potential, amenities, and community development.

Property Characteristics

Different types of properties (e.g., single-family homes, condos, apartments) have different advantages and disadvantages. Choose the option that fits your lifestyle and investment goals.

Local Economy

The economic health of a neighborhood can affect property values. Areas with strong business growth and diversified economies are more stable for property investment. You can consider the new condominium project, SKY 88 Residences at Bundusan Penampang. Strategic Location with lots of amenities nearby and offering a dual-key concept option for homebuyers.

Legal Environment

Keep informed of any changes in laws or policies that may affect property ownership and taxes in your area.

Expert advice

Make sure to have a detailed consultation with the expert. Whether you're buying, selling, or investing, they can provide invaluable guidance tailored to your specific goals. Their insights into market trends, property values, and financial strategies can help you make informed choices and optimize your real estate endeavors. You can get your expert advice from Jesselton Property. With their expertise and experience, they can help you to achieve your property goals.

Time

Keep in mind that real estate is a long-term investment. Focus on long-term investment goals rather than trying to time the market.

In conclusion, whether 2023 is a good or bad time to buy property is subjective and depends on a variety of factors. It’s important to do a thorough assessment, consider your financial situation and goals, and seek professional advice to make the right decision that fits your personal circumstances.