Don’t be spooked by rising interest rates, prospective home buyers urged

Current rates are still considerably low.

Prospective homebuyers should not be deterred from purchasing property in spite of the recent spike in interest rates.

According to Colliers International Deputy Managing Director Grace Ng, home prices expected to fall by a further 5-8% this year, and homebuyers will do well to enter the market now as rates are still quite low.

“We advise homebuyers to take the opportunity of lower prices to enter the market as interest rates are still considerably low. Moreover, sellers nowadays are more willing to negotiate on their selling price,” she said.

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