I thought this month’s newsletter might be good to do on video.
So, have a look down below, there’ll be some answers to some of your questions. Maybe you’re thinking about buying, maybe you’re thinking about selling.
So let us get into the questions.
If you’re a buyer and you want to look at properties, well as you well know I do a lot of videos, and when we’re allowed out, after the 26th of April, or after that, maybe the mid-May some people are talking about.
I’ll still be out and about, and I’ll be doing videos. Now if you are a serious buyer, and you’ve got funds ready, and you want to buy something that someone’s very keen to sell, then maybe we’ll be able to do some sort of a video for you, a live video.
And then you have a good look around the property. If you know the complex already, and you know the area, then you might well be up for a good deal. So, there’s something obviously that I’ll be prepared to do for you anyway.
So, keep your eyes open for that, and let me know if you’re interested.
So, what about mortgages after the restrictions have been lifted? We’re not exactly in a banking crisis.
You might have some banks, perhaps, thinking about maybe restricting lending to certain people, but, you know, it’s really, in my opinion, and I’m no economist or anything like that, but in my opinion, I don’t think it’s gonna be that long before, maybe six months, but before we start getting back to absolute normal like we were.
And, if you’re thinking about a mortgage, then currently the banks, they might want to start thinking about restricting or changing loan to values or the amount of deposit you’re going to have to put down, or might even look at your income multiples as well in a different way.
But, I don’t think it’ll be that long before things are back to as we know them to be normal.
So I suppose there’s a question on a lot of peoples minds is is the property market in Tenerife gonna bounce back? I don’t see why not. So as I said earlier in the mortgage question, the lending strategy of the banks may change a little.
I’m not sure how much that’ll change or how long for but I don’t see why, necessarily has to affect the whole property market. Sure, things are gonna be hanging around for a while because people aren’t gonna be able to come over and see them.
And maybe there are people who are, perhaps a lot keener to sell than others. Perhaps there’s illnesses in the family or something like this. So, maybe there’s gonna be a good deal out there and that’ll go quickly.
But are we gonna get back to some sort of stabilised level of the market? I think we will, probably in six to eight months. Almost certainly by the end of the year, I think we’ll be back to some sort of normality, anyway.