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Lauren... | When do you think the house prices will go back up ? |
we have seen a house that we would like to put a offer in on, if we didnt get this one would it be worth looking for another one straight away because the prices are going up , or should we wait because they might fall a bit more !!
Additional Details
WHY ARE PEOPLE GIVING ALOT OF THUMBS DOWN ? |
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Cool Hal
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Nobody can say with any certainty when house prices will go back up.
Where we go wrong in this country is that we see houses as an investment to make money not as somewhere that we also live and need to offset any losses against rent.
Assume the house you want to buy is £100,000 and over the next year it loses 5% for the next 3 years before levelling
recovering to its value in year 5. You would think that the best time to buy would be at the 3 year mark, when it has bottomed but before it goes back in value yes?
Wrong - because here is the fact of the matter unless you are living rent free at your parents you are losing money every month on rent!!! Assume you are paying £500 a month in rent which increase by 5% every year.
Value Now 100,000 Yearly rent 6,000
Value after 1 year 95,000 Yearly rent 6,300
Value after 2 years 90,012 Yearly rent 6,615
Value after 3 years 85,512 Yearly rent 6,945
Value after 4 years 85,512 Yearly rent 7,292
If that was the case you would have lost just under £15k over 4 years but would have spent £26.5k in month rent. Even if you brought now and sold at the lowest point you would still have saved more money than renting.
You only lose or make on a house when you sell. |
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Guardian angel
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All of the models that I have seen indicate that an upturn in the global economy will begin in the middle of next year.Hopefully this will filter through to house prices by the end of 2010.
Edit: I don't understand why people give thumbs down to contributors who are merely offering an honest opinion |
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golferwhoworks
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prices are not depressed every where. In fact some markets are stable and yet increasing. All the gloom and doom is over hyped and if you want this home and it is a good deal then jump on it. If you are seeing many many foreclosures in your area then maybe sit on it. I live in Nashville TN and prices here are very stable an yes increasing in some parts of the mid state. There are a few pockets here that have lost just a few thousand in all of this mess.
I am a mortgage banker in TN & KY |
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dirkpeter1966
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People are giving thumbs down, because they think prices will go down. On your question:
1) owners tend to be overly optimistic, because it's their home and painful to think your major asset, (and often their pension saving) is falling in value by 10, 20, 30%; so filter the answers you hear;
2) a house is an asset, similar to another investment; look at the rental prices in the area; typically a house should be 20 years of rental income (net of cost), no more (that's what it's been historically across the last 100 years, except the last 10 years); given the house prices currently, they are significantly over priced. Once rent and sale converge you have stable prices;
In conclusion: it will be another few years before house prices rise, and I certainly would not expect houses to be an investment for years to come. If you plan to live in the house for 5+ years, that may not be the driving factor. But unless you plan to live there for quite some time and would pay similar rent to mortgage, you're making a very risky bet by buying anytime in the next 2 years... |
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WelshLad
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No-one is certain what is going to happen. |
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everythingspeachy2000
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It is all a toss up. If you really want it and the price is good...I wouldn't wait to see...
It might go down...but there are people out there looking for a good deal and it might go and you will end up paying more for less.
the interest rate is what you should be more concerned with...without a good interest rate you are screwed. |
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Chris A
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The countries in recession, and even though old Gordon is meddling in things he don't understand and saying he's fixing it. He's making it worse.
My most recent models show that house prices will continue to fall for around the next 2 - 3 years before holding stagnant.
There will be a peak in repossions towards Q3-Q4 this year, and there will be some really good deals at bank auctions as they dispose of all the property they have reposessed.
This is not a good time to be buying, wait on it, save your money, look at the auctions and give yourselfs a bigger downpayment and less finacial commitment in the future :D
Hope this helps, |
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jane k
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Hard to say for sure but if you want this one and you intend to live there and not move soon and you can afford it - go for it. Now's a buyer's market but there will be other people wanting that same property if it's so great.
In my heart I think prices will continue to fall because they were so high. Rediculous. |
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lucy_collier16
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after recession and that could be years!
wait they will fall alot more yet |
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COLIN T
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Lauren you are not reading the papers or listening to the news! Things are getting worse not better, house prices are going to drop a long way yet and it is unlikely that there will be any significant rises in the next couple of years. House prices have been grossly over-inflated for a long time and they have a long way to drop before they reach a level where they reflect what a property is 'really' worth. |
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Happy Murcia
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Certainly not within the next 12 months... |
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Frank112
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People think that prices are still going down because buyers are waiting for the bottom but I think that it is more probable that people aren't buying houses because they're worried about the future of their jobs.
Assuming job outlooks and housing purchases are correlated, many economists are thinking that consumer confidence will increase and unemployment will steadily decrease my mid-2010. |
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CASSIE
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I think they will probably go down a buit more within the next few months, hold stagnant and then go up by next year. |
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Floydian Trooper
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Based on historical statistics this recession will only get worse and last about 10 years before you start to see any real increase in home value again. |
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Jordan T
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If you really want to find out when and how you should buy a house please check this link out:
http://michaelbluejay.com/house/ |
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