There is hope on the horizon for workers/highly skilled migrants eager to buy a home in the Netherlands. Realtors see the number of viewings and bids declining. According to Funda, even the willingness to buy among home seekers is at its lowest point since measurements began (November 2020).
Rabobank’s economists predict a gradual and limited decline in house prices in 2023, as the decline in demand for owner-occupied houses subsides. One cause is the energy crisis, a less favourable economic outlook and increased interest rates. These economists also expect more homeowners to put their homes up for sale. In September, double as many homes were listed on Funda in comparisons to September 2021 (currently there are still historically less homes for sale). This may reflect a shift where homeowners who have already purchased a new construction home are putting their current home up for sale early. Homeowners/buyers currently prefer to sell their current home first before buying a new one.
An added benefit for potential buyers is that a greater supply of homes means that they do not have to bid against each other as often, and this ultimately leads to less pressure on house prices.
The overheated housing market will cool down, thus works in favour of knowledge migrants who have been looking for a suitable home for ages.
Since July, the number of mortgage applications has decreased. Because mortgage rates have risen, homebuyers can borrow less money. In the past quarter, the average mortgage amount for the purchase of a home fell to € 309,000, which represents a decrease of about € 15,000. The largest decreases in mortgage amounts are in Limburg and North Holland.
Our advice is to alert expats to this shift so that they can anticipate and take advantage of the changing market. The use of a realtor with a good network and knowledge is an absolute must to increase the chances of quick success. Good luck!