2015 the banner year for real estate
Procrastination also exists in real estate buying. A lot of Filipinos can’t anymore afford to have a home of their own because they always postpone the opportunity of buying thinking that “Well, properties don’t run away anyway.” Yes, they don’t but one thing is for sure, you will have to run away farther elsewhere to look for properties you can afford. Another common and probably among the lamest excuse to postpone the purchase of a home is “I have to think about it hard.” But how much time do you really need to think about it hard? Or, “There is plenty out there to rent.” another bad justification to defer the buying.
People don’t realize that the more they postpone their chance, the more difficult it is to acquire a property they like. Procrastination is a habit that you will surely regret big time specially if you’re talking about property buying. Real estate acquisition is not something that you can just leave and come back to get it later. It’s a chance that one has to take because and one way or another, you will have to face that same important decision -- to own one or rent for the rest of your life. A lot of people are still renting today or are living with their parents or relatives because of procrastination. And as old wisdom puts it, “He is not a full man who does not own a piece of land.”
In my previous column, 2015 will be a banner year for real estate for developers and investors. However, the smartest will be the most to benefit from it. And for those who would like to own one for end use, this year is your chance as prices are still pretty much low and interest rates are at their lowest. While you can afford it, talk to your family and start calling your agent and bank to assist you in your purchase that’s easy on the pocket.
I will talk more about real estate investing in my next column.
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The much anticipated real estate boom in 2015 does not come without its challenges. While there will be a lot of buyers this year, real estate developers will have to be more creative to lure them into their projects. There are already more than a thousand players in real estate development and the numbers are growing with small players also getting a hefty share when you combine them together.
As far as Cebu is concerned, local developers will be the most to benefit from the buys this year being not only aggressive but are the most innovative and prepared when it comes to sellers’ support. Cebu is a unique market where real estate brands do not always matter. Cebuano property buyers trust their agents better than the names of developers.
Homegrown or local developers will also maintain their edge this year when it comes to pushing their projects to agents or brokers as they are more responsive in dealing at less time with client or agent issues than developers based in Luzon. Unless they follow suit, big names in property development from Manila will always be at the tail-end on the race for sales.
Another exciting to watch this year will be low-downpayment and custom-tailored payment schemes for budget-conscious buyers which will be led by local property players. Also expected this year from financial institutions are low interest rates and slashed down transaction fees for payments coming from OFWs.
For those who are in the real estate service practice, those who will make it in 2015 are those who are willing to collaborate. It is not enough to just pass the licensure exam. Your license as a broker or agent will never make you win – your ability to connect and network with fellow agents will be one of the key success factors for you to generate sales in both project and brokerage. And for those who refuse to network and choose to go “solo” in real estate service practice, luck is your only chance to make it in 2015.
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