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jenny84 | When should I buy a house? |
With all the news on house prices at the moment, is it a bad idea to buy a house?
I'll probably have enough to pay at least 20-40% upfront but is there a good chance the value will go down?
I'm so confused... I just don't know if and when I should buy!
Additional Details
I'm lookimg to buy a semi detached in brighton with a friend and then converting it into 2 flats.
I'm just worried that if I buy now, the value will go down even more. Even if I get a good deal now, is there a big chance it will decrease in value over the coming years? |
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David Beasley
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It depends on your price range.
I have observed here in Phoenix that above $350,000 there is still LOTS of foreclosure activity (and lots and lots of lowball sales), and in the $100K-$200K price range, there are fewer.
I suppose that there are more people QUALIFIED to buy in that price range since today's lenders are requiring paystubs/W-2s if you don't put 20% down.
Also, the competition for foreclosed homes (that are in decent shape) is HOT! I have heard of 20 offers coming in on one house when the seller lowered their listing price.
Sum up: if you are putting 20% down on a $350000+ property then I would wait... if on a lower price property... go for it! |
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rex_rrracefab
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buy NOW! House prices are not going to go down any more than they are right now, and interest rates are not going to go any further down. Wait 4 weeks and you will be sorry. |
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BRAINS
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In a market were houses are struggling to be sold, you could put in offers well below the advertised price and see what the response is. If somebody is desperate to sell (eg. Could be threatened with repossession) and yours is the only offer, you may just get lucky twice a good price and less risk of negative equity.
Happy hunting ! |
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maggie
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the time is right for buyers as there are so many on the market just now you can get a good price if they are looking for a fixed price knock at least 10 -15thousand off and if it is i Scotland with offers over forget it , look for one with a fixed price as there are so many Sellers and not enough buyers in the whole of the u.k. good luck, by the way what area are u looking at. just checked your add on, Brighton is still pulling in the crowds and if u are converting into flats you also have the letting opportunity, I have just put in two offers in Scotland for flats which i know that can be easily Let if u don't do it now u will regret it. good luck. |
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Hannah W
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Tommorow |
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roshariouk
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The best thing is to do plenty of research in the area you are looking to buy the flat - not just Brighton itself but in the local area. I know in some towns/cities a similar flat/house will sell differently depending on it's location (basic stuff really) and therefore local markets can dictate the movement of the value. If you both intend to live there for a few years, then buying now is a low risk. Negotiate the best deal you can with the seller - it's a good time to haggle on price. If you're buying to convert and re-sell, then it's not necessarily the best time to do so, unless there is a market for flats in that location - again, do a lot of research. Whatever you are going to do, speak to local estate agents - they'll be glad of the company at the moment.
I would always speak to the seller as well and find out a little about why they are selling and what the expect to achieve. It is all good information in making a decision.
Personally, I'm working with a lot of wealthy people who are all looking to buy houses/flats in good locations over the next 6 months as they see them as a solid long term investment at a reasonable price. I am in Scotland and I agree with others that the market here is still pretty bouyant and demand pretty good. |
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roger.williams20@btinternet.com
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Wait a bit for prices are continuing to slide. |
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dels replies
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Probably not the best at moment but buy as prices decrease , then you can only gain in the future,,, |
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JustaFool
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Don't buy now. House prices will not rise anymore and there is a good chance they are going to fall in price. Many people are regretting on buying a house now. |
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homebuyeradvantages
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Hi!
As a Realtor, I know the time for buyers is NOW! First of all, you can't believe the "HYPE" in the media. You have to do your research, obtain your financing - lock-in for a good interest rate, then partner with a Realtor to help you sort through the market values in the areas where you're interested in purchasing.
It truly is a buyers market - interest rates are low, mortgages are good (no longer sub-prime) and sellers are motivated to sell.
In terms of value...if you purchase in a good area, with lots of vitality and growth you won't have to worry about the property decreasing in value. If it is an area with nearby shopping, good schools, and other decent amenities you will be fine.
It is far better to purchase as opposed to renting any day! Think of it this way...you are continuously losing money and depreciating your cash flow if you continue to rent. So, things can only get better (assuming that you are a renter).
I would educate myself on the home buying process, and then move forward to purchase a home. Always pray about your decisions and find peace within before you make the move.
I understand your fear, because purchasing a home is a major step, but it's also one of the "greatest" accomplishments you'll make in life.
You can do it!
Go forward and remember to "IGNORE THE HYPE" b/c it will keep you in fear! |
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