The private economist's tips for young people who want to buy a home

During times of economic turmoil, according to Fernández, it is easy to follow the herd and sell what is declining or wait to buy a home.

But according to him, the most important thing for young people is to act based on their needs and current life situation. 

"Above all, not everyone has the opportunity to wait for any length of time because they may need a job and the housing market is important for entering the labor market," he says.

The cash investment is often a bigger concern than the interest rate

Américo Fernández believes that raising interest rates could lead to more hesitant buyers and eventually lower housing prices, which could benefit many young people.

- The concern for first-time buyers is not always the interest rates but the cash contribution.

If prices go down, 15 percent in cash, which is often needed when buying a home, will be lower and a threshold will be lowered, he says.

According to Fernández, housing prices are on the decline and will continue to fall over the next 12-18 months.

- Then their own needs need to govern.