Hello everyone, John Coleman here, Ireland’s mortgage broker with your property and mortgage market recap of February 2023. 🇮🇪
Well, the best part about February is the shortest month of the year and many people are glad for that.
But looking forward to March, we’ll most likely see more houses come up for sale on the property market. Every year around March, more and more sellers put their homes up for sale as they’re inclined to see more buyers and better prices.
So, we expect to see more supply this spring.
As for demand, it really hasn’t gone down at all – at least for me personally.
Even though rates have gone up, my applications and inquiries are up about 20% compared to this time last year.
Even though I’m seeing a ton of inquiries and activity, I’m giving potential buyers a few words of caution. I tell people now to prepare by planning your mortgage and monthly obligations for when rates go up 2%.
Of course, it’s in my best interest to get people in mortgages and buying homes, but you want to make sure the payment will be affordable and even comfortable.
Maybe I’m a terrible salesperson, but I’m looking out for you!
When it comes to my favorite chestnut, bank service, I don’t really have any good news. Bank service is still inexcusably slow. I’m seeing banks taking up to six weeks just to make a decision these days.
I was more forgiving last year, but I am being told that work is being done by the banks and resources allocated to make bank service better.
As always, please contact me if you have any questions about obtaining a mortgage or buying property here in Ireland. I’m happy to help!