Abeg, hear this one! E no go better for who dey find house for Naija, as the housing market dey madly waka.
For inside our obodo Nigeria, no be small wahala as people dey battle with price wey dey skyrocket like say na rocket science. This one no be news as we don dey see house price rise since 2020, but wetin follow am, na wetin make everything worse. Na the increase for mortgage rates wey just dey make people dey fear to buy house, abeg!
As house price dey rise, so e dey make sense say everybody dey hold their property tight tight. You know why? Because the mortgage wey people don get before na beta rate but if dem wan buy new house, dem go enter higher rate. This kain condition na wetin we dey call ‘lock-in effect.’ E mean say many people no fit sell their house go buy new one because na serious upgrade for payment wey dem dey pay.
This kain situation no just dey affect Lagos alone, but all over Naija too! From Port Harcourt to Abuja, people dey chop this wahala. But na which local government still dey find breeze for this kain market? Some areas for Midwest dey show small small resilience. E be like say dem no suffer this lock-in wahala like others!
But wetin dey happen for those areas wey affordable no be just luck o. You go find say dem still managed their prices dey stable, even as many other places dey gree go up finish. Like say dem get some kind magic wey make people still dey buy house small small, no matter the economy wahala.
Now, make we talk about dat San Antonio, TX. E dey cut price like knife on cake! People dey find chance to buy again because price don fall small. E fit seem say dis kind move go help beta up the market for other places too. Owning house no be small matter; na big investment!
Make I tell you, if e dey bad like dis one wey we dey see, e fit cause long term gobe for economic mobility. People no go fit relocate for better opportunities just because of high rent and mortgage wahala. We go need policy wey go help ease this stress make market fit dey flow again.
So as we dey talk, the housing market dey change for Naija, and na wetin e be! Make everybody shine their eye and dey prepared because the game na serious game. Who go fit catch the next wave?
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