Now Is The Hour | Bulgaria Realtor

Now Is The Hour!

Hi there!

I don’t expect that you remember the US radio program called “Now is the Hour”, and it’s not important that you do. What is important is that you read this and take note – it can be very important for you!

As you probably know, I’m in Bulgaria with Elena now, and we have discovered the following. The real estate market for the Bulgarian central Black Sea resort area is bottoming out. What does that mean for you? Well, here’s the way we see it.

Now is the time to start looking very seriously for the property you want to buy in our area – Nessebar-Sunny Beach-Sveti Vlas. Why? Because there are other people already looking – yes, looking for bargains, but also looking to find that one property that is exactly what they want at the best price they are likely to get – ever!

If you wait much longer, the desirable properties will be sold, and there won’t be any more for some time. And at today’s prices, maybe never! When the best existing properties are off the market, there will still be the ones that are not so great, and these will tend to put price pressure (= limits or brakes) on new construction. These effects will keep prices from rising rapidly again, but will also result (as we have said before) in the poorer properties potentially being torn down, rather than sold “at any price.”

The difficult part for the moment is the mortgage situation, if you need assistance with your financing. Bulgarian mortgage lenders have put the stops on the business with limits as to how much they will lend (typically 40% of the buying price, maximum), and also with really restrictive interest rates – 12-15% plus the Interbank rate plus signing fees, depending on the type and life of the mortgage. These practices are at odds with many other European countries, and are doing a good job of killing the new construction business here.

Bottom line? If you have the cash, wherever it comes from, now is the time to get your pick of the best properties at the best prices in our area. If you wait, the cream of the crop will be gone.

Ciao for now,

Craig
for
Bulgaria Realtor

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Tags: Bargains, Black Sea, Black Sea Coast, Black Sea Resort Area, Bottom Line, Brakes, Bulgaria, Bulgaria Realtor, Cash, Construction Business, Craig, Craig Hesser, Cream of the Crop, Desirable Properties, Elena, European Countries, European Real Estate, Existing Properties, Financing, Good 2004 Ltd, Good Job, Housing Sales, Interbank Rate, Interest Rates, Jimmy Craig, Jimmy Craig Websites, Mortgage Lenders, Nessebar, New Construction, Odds, Radio Program, Real Estate Market, Sea Resort, Sunny Beach, Sveti Vlas

This entry was posted on Wednesday, June 24th, 2009 at 22:12 and is filed under Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.