Is it worth buying a house again now?
A real estate expert assesses the development of purchase prices and interest rates in the Allgäu region. In recent years, many people have been faced with the question: 'What can I still afford? There are problems with affordable rents.
By Felix Futschik / ALLGÄUER ZEITUNG from 01.02.2024
There are many offers for the Allgäu region on online real estate portals. One example? Kempten: mid-terrace house, five rooms, 110 square meters, built in 1959, price: 470,000 euros. But there are also more modern houses. You usually have to dig deeper into your pockets for these properties - the price can sometimes be over 700,000 euros. Peer Hessemer is head of the "Von Poll Immobilien" office in Kempten. Over the past three years, he says, we can speak of "inflated prices". However, Hessemer also emphasizes: "There is no crisis on the real estate market and no bubble. Interest rates were low for a long period of time, so loans were cheap to obtain. The supply of real estate was low, but demand was huge, Hessemer looks back. Last year, prices also fell in the Allgäu.
According to Hessemer, it is difficult to say by how much. He assumes that prices have fallen by around ten percent.
Hessemer has noticed uncertainty among customers. Politicians have also played their part in this: subsidies have been cut and decisions such as the Heating Act have been poorly communicated. "Buyers have asked themselves, 'What can I still afford'," says Hessemer. The current situation is that someone won't get rid of a property if they absolutely want to sell at a high price. With older houses in particular, potential buyers factor in expenses for new windows or a modern heating system. This creates room for negotiation, says Hessemer. He also notes that prospective buyers are more willing to compromise and, in case of doubt, will back down from their desired expectations. For example, those who initially had a property with seven rooms in mind sometimes decide on a house with five. The real estate agent advises prospective buyers to take advantage of a suitable offer:
"Interest rates are unlikely to fall and the supply will not increase.'
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