Real Estate Alliance’s AGM took place this weekend (23rd Nov 07) at the Radisson Hotel in Athlone. Top items on the agenda included the appointment of Healy Hynes, Director of Hynes Real Estate Alliance in Athlone, as Chairperson of the national property group and Paul Grimes of Grimes Real Estate Alliance as Vice-Chairperson. Mr Hynes also spoke about the period of readjustment currently in the marketplace. “House prices in 2007 have come back a bit, interest rates have risen and a lot of people have had to re-adjust to different economic realities. This situation however does present many opportunities”, he said.
“I would expect that the next six to twelve month may present us with some of the very best buying opportunity of the last number of years. This situation may only last for a little while but could potentially benefit many people, not least families looking to trade up. People who bought homes five years ago or more may have given up on the idea of getting that bigger house when the prices went completely out of reach. The good news is that the bigger house they wanted is now on sale and it's a far better spread than it was when their current house was worth more”.*
“There are also opportunities for first time buyers who may have sat on the sidelines watching as prices went up and up and up and maybe even out of their reach. Right now they're getting a second chance”, he said.