✅ Hipotecas en Septiembre.‼️ la que se va a liar 🤯

Summary

The speaker discusses the current state of the housing market and banking sector in Spain, highlighting the European Central Bank's decision to maintain interest rates and the anticipated decrease to 4% by year-end amidst inflation concerns. They warn about the risks of buying property due to rising prices and the impact of the Euribor rate on mortgage costs. Additionally, they touch on government-backed loans, the Golden Visa program, and the challenges of negotiating mortgages during the summer months due to bank staff vacations, advising patience and careful consideration before making investment decisions.

Takeaways

• 📅 The speaker is hosting a live session and mentions it will be the last one before a significant event, hinting at upcoming vacations.
• 💡 Discussion about the European Central Bank's decision to maintain interest rates, which was expected, and the likelihood of a new rate cut before the year's end.
• 🏠 The housing market is described as a 'pressure cooker,' with prices expected to rise, cautioning against buying property without careful consideration.
• 📉 A decrease in housing prices in Europe by 1.2% in 2023 is mentioned, contrasting with the increase in Euribor rates, which have risen by over 6% annually.
• 📈 The speaker warns of the potential for housing prices to increase by at least 1% per month in 2024, emphasizing the need for caution in the housing market.
• 💸 Changes in government-backed mortgage guarantees are highlighted, such as increases in the Valencian and Madrid communities, affecting mortgage conditions.
• 👴🏼👵🏼 The speaker expresses concern over the government's approach, including the Golden Visa program, which may be ending soon, affecting foreign investors.
• 📊 The speaker anticipates a 'bomb' in the housing market in September, suggesting significant changes due to the Housing Law and the impact on rental properties.
• 📉 The speaker discusses the consolidation of the Euribor rate and its potential effects on the housing market, cautioning that the situation could be challenging in the coming months.
• 📝 The complexities of the mortgage approval process are explained, including the role of appraisals, notaries, and the potential delays due to vacations.
• 🌐 The speaker advises patience when negotiating mortgages, given the current market saturation and the upcoming vacation season, suggesting that September might be a better time for such negotiations.

Q & A

Why is the speaker saying this will be their last live session for a while?

The speaker is taking well-deserved vacations, which is why this will be their last live session for the time being.

What is the main topic of discussion for the live session?

The main topic is the current banking situation, particularly the decision of the European Central Bank to maintain interest rates and its implications.

What is the expected outcome of the European Central Bank's decision on interest rates?

The expected outcome is a new rate cut before the year ends, possibly leading to an interest rate of around 4%.

Why is the speaker cautious about the inflation rate this summer?

The speaker is cautious because people tend to spend more on vacations during the summer, which could lead to increased inflation.

What is the current situation regarding housing prices according to the speaker?

Housing prices are under high pressure, and the speaker advises caution when considering buying a house due to the potential for significant increases in price.

How has the price of housing in Europe changed in 2023 according to the speaker?

The speaker mentions that housing prices in Europe fell by 1.2% in 2023, despite the increase in Euribor rates.

What is the speaker's view on the Golden Visa program and its future?

The speaker believes that the Golden Visa program may be discontinued at any time, as foreign investors are rushing to obtain it before it ends.

What is the current state of the Euribor rate and its expected movement?

As of the date of the transcript, the Euribor rate is at 3.5%, and the speaker expects it to continue falling progressively.

Why are banks currently overwhelmed and what does this mean for mortgage applications?

Banks are overwhelmed due to a high volume of mortgage applications and staff being on vacation, which means that processing times for mortgage applications will be significantly longer.

What advice does the speaker give regarding negotiating mortgage terms in the current climate?

The speaker advises waiting until September to negotiate mortgage terms, as the current period is not conducive to favorable negotiations due to the vacation season and banks being overwhelmed.

What is the speaker's perspective on the real estate investment market?

The speaker sees a potential bubble in the real estate investment market and advises investors to be cautious, well-advised, and not to over-indebted themselves.