The recent announcement of a 75 basis point cut in the main refinancing bid rate by the European Central Bank is warmly welcomed by Colm Farrell, director of Sherry FitzGerald Farrell property advisors in Gort.
Farrell states that “a 75 basis point cut effectively brings interest rates back to a level which has not been seen since early 2006, a factor which will positively enhance the affordability of all forms of property financing.”
Farrell encourages all first time buyers who have been waiting in the wings for better value to begin their search now as there is definitely value to be had. In Gort town there are some three bed properties guiding €170,000 and with the banks now offering first time buyers a 92per cent mortgage with rates of 2.5per cent the monthly mortgage works out cheaper than a monthly rent of a three bedroom semidetached house in the town.
It is certainly a buyer’s market and Sherry FitzGerald Farrell pride themselves on the fact that they tell buyers the reality of what the properties are worth in order for them to get the best deal in these hard times. “There is plenty of value out there, it may be just a matter of speaking to your auctioneer about the property that you are interested in as, although it may seem out of your budget in reality it may not actually be.”
Farrell wishes buyers to call into him in the office to speak to him personally so he can go through the properties in the area that may suit your needs as vendors are willing to negotiate on asking prices. Gort has become a popular dormitory town for those working in Galway city and Ennis, as it is situated practically mid-way between both and has easy accessibility from north and south with its direct route the N18 which links Galway to Limerick.
To arrange to speak with Colm Farrell call 091 – 632688 alternatively e-mail him on [email protected]
