How do rising housing loan interest rates affect the market?
Why did housing loan interest rates rise?
With the current account deficit increasing at a great speed, and due to the indirect and direct interventions of the Central Bank in interest rates, there has been a slight increase in loan interest rates. At the same time, the political uncertainties experienced in recent months have also caused an upward movement in loan interest rates. Especially small increases in housing loans, which have payments spread over long periods with maturities up to 120 months, place a heavy burden on the total payment amount. The increases in housing loans push individuals who want to buy real estate by taking out loans to wait a while longer, which leads to a decrease in sales in the housing market.
How do rising housing loan interest rates affect the market?
The decrease in purchases, especially for apartments for sale in Konya, and the longer periods for the completion of sales are good examples of the negative effects of the increase in interest rates. Due to this stagnation in the real estate market, individuals who are in a hurry to sell their homes are starting to lower housing prices, which seems to break the stagnation in the sector a little, but it is still difficult to see a significant impact. This decrease is a great buying opportunity for those who have saved cash to buy a home, and it is also a time for those who want to buy a home with a loan to make certain calculations.
Evaluating this drop in prices as a buying opportunity while housing prices are at low levels is a very smart move. Since there is a possibility of restructuring housing loans, if there is a decrease in housing loan interest rates after the purchase, the housing loan can be recalculated at the decreased interest rates by applying to the bank from which the loan was obtained. In this way, while you buy your home at low prices, you also ensure that your housing loan is calculated at these low interest rates when housing loan interest rates fall, and you make an advantageous purchase. What is important here is to find a suitable apartment for purchase and to take advantage of the buying opportunity during this period.
