Better times for home-buyers / News / The Foreigner

Better times for home-buyers. Things looking up after very quiet period at end of 2008 Some of the major estate-agents in Rogaland are saying that there is a small sign that the market is recovering. “My experience is that the market has changed for the better in the first three months of 2009”, Dan Gunnar Søyland in Krogsveen in Stavanger told aftenbladet.no yesterday.

house-prices, economy, interest-rate, recovery, norwegian, central, bank, gjedrem



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Better times for home-buyers

Published on Wednesday, 25th March, 2009 at 00:44 under the news category, by Michael Sandelson   .
Last Updated on 2nd May 2009 at 17:54.

Things looking up after very quiet period at end of 2008

House on lists
House on lists
Photo: Daft_Lion_Studio/Istockphotos


A good start

Some of the major estate-agents in Rogaland are saying that there is a small sign that the market is recovering.

“My experience is that the market has changed for the better in the first three months of 2009”, Dan Gunnar Søyland in Krogsveen in Stavanger told aftenbladet.no yesterday.

Søyland is responsible for the sale of newly-built properties.

And Leif Inge Stokka, head of the equivalent department in Eiendomsmegler1 echoes Søylands sentiments.

”We notice that it’s properties from 3.5 million kroner and downwards that are selling best.”

Pessimism remains amongst consumers

According to Dagens Næringsliv (DN.no), 55 percent of consumers believe that the interest-rate will either stay at its present level, or go up in the course of the next 12 months.

The consumer economist Rolf Jarle Brøske in Fokus Bank is surprised at their pessimism, but explains that

“Norwegians are cautious. As the interest-rate is so low now, most think that the bottom is not far off. Seven out of ten believe that the rate will either go down or stay at its present level next year, but there is a surprising number who think that it will go up”, Brøske tells DN.

Experts disagree

Today, the Norwegian Central Bank is scheduled to have a meeting about what to do with the interest rate. Although there is expected to be a cut, according to E24.no, 7 out of 12 financial experts that Reuters has spoken to believe that Svein Gjedrem, the bank’s head, will cut it by 0.50 percent, whilst the rest believe that it will be 0.25 percent.

What the banks are planning

E24 reports Skandia Bank as saying that they will follow Gjedrem’s lead.

“In all probability, we shall follow Gjedrem’s interest-rate cut…We will also listen to what signals he gives. What is most likely is that we will cut the mortgage-rate as much as Gjedrem does”, Skandia’s Johnny Andersen says.

Nordea nor DnB Nor, on the other hand, are not promising anything for now. But whatever decision the banks take, Gjedrem’s interest-rate cut will certainly help the property-market further.




Published on Wednesday, 25th March, 2009 at 00:44 under the news category, by Michael Sandelson   .
Last updated on 2nd May 2009 at 17:54.

This post has the following tags: house-prices, economy, interest-rate, recovery, norwegian, central, bank, gjedrem.





  
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