Is it a good time to purchase a home?
If you are buying your owner occupied home to live, then anytime is a good time to purchase. For example if you are entering into real estate as a first home buyer or if you are selling to upgrade your home, due to various circumstances such as a new job or a new addition to your family etc.
With new regulations from the Reserve Bank of New Zealand the trading banks are forced to regulate the investor's borrowing. This has opened the door for many first home buyers to come back into the property market. In addition to it the kiwisaver contributions is also helping the first home buyers with an opportunity to increase their deposit.
It is pleasing to note that banks are happy to lend to first home buyers who have less than 20% as deposit subject to banks availability of funds. In the past when the market gets a breather like this the investors will pounce on the market quickly. With the current open homes statistics the market may start going up in terms of prices during the months March and April which has been the case in the past few years.
The window of opportunity exists now and is expected to last for the next two months. Make hay while the sun shines...until the supply and demand of housing is met.