is it a good time to buy a house?
2006-09-21 00:21:31 · 24 answers · asked by myquestionaccount 1 in Business & Finance ➔ Renting & Real Estate
I apologize for missing information. I intend to buy a house in London.
2006-09-21 00:36:55 · update #1
Not so sure on this one.
If you're in the UK then there is a good degree of availability and the market itself is a bit flat. But there is nervousness about interest rate hikes over the nezt 12 - 18 months.
There has also been a long term nervousness about the economy - but I think this is unfounded.
If you can afford an increased interest rate should they go up and you're (Both of you?) in a secure(ish) job, then go for it. But I'd try and build up a bit of a buffer if you're able to - just in case.
2006-09-21 00:24:36 · answer #1 · answered by Felidae 5 · 0⤊ 0⤋
In most places, now is a great time to purchase a new home, for a couple of reasons:
1. The housing market slowed considerably over the past 3 months and sellers are anxious to sell.
2. The FED announced on Wednesday that it will not increase rates in an attempt to hold inflation in check.
3. Many new home builders built 'on-spec' when the market was hot and now have an inventory to sell off before their construction loans come due.
On the negative side:
1. If your selling a home to buy the new home you may not get what you expected your home was worth.
2. Mortgage rates are fluctuating so you'll need to keep a close eye on current rates. This is not a good time to consider an ARM.
3. In some areas housing prices became so inflated over the past 2 years that there's not much room left for further increase.
2006-09-21 07:51:39 · answer #2 · answered by radar 3 · 0⤊ 0⤋
If you don't have a house and you are paying RENT, then YES, it's a good time to buy a house.
If you already OWN a house, SPEAK to several different real estate brokers and get some prices. Then see what you could do with the money toward your next house.
2006-09-21 07:29:44 · answer #3 · answered by expansionsw 5 · 0⤊ 0⤋
I would say no. The fact that the mortgage rates are quite good pushes the house prices up. It can only go on for a certain time then the bottom is going to fall out. unfortunately for those home owners the prices will drop and they will drop. I would wait. It is mean to think about it that way but unfortunately you have to do what is best for yourself.
2006-09-21 07:36:49 · answer #4 · answered by MissBehave 5 · 1⤊ 0⤋
In most of the U.S., there are a lot of houses available for sale.
Its a good time to buy a house to live in. Rents are going up, and housing prices are stabilizing, or even falling in some areas.
If you are interested in a house to make money on, this is not the time.
2006-09-21 07:26:49 · answer #5 · answered by bookbyte 3 · 0⤊ 0⤋
I'd say no. I sold mine in a flash for lots of spondoolies but I still haven't managed to get another and it's been nearly 4 months of trying. There is just so much competition out there and developers are continuing to pay way over the odds for places that screws up the market for people just needing a place to live.
2006-09-21 07:39:08 · answer #6 · answered by Stookie2 2 · 0⤊ 0⤋
Its as good as any, the market shows no signs of slowing down.
Be careful when budgeting though as it looks like interest rates still might rise a bit in the short term, you might be better to get a mortgage that gives you a set interest rate for the first few years that you know you can afford.
2006-09-21 07:25:22 · answer #7 · answered by dopeysaurus 5 · 1⤊ 0⤋
Hot issue!
I think it is the right time to re-mortgage if a special rate ends soon, but a house? If I had a crystal ball I would know the answer.
2006-09-21 07:24:01 · answer #8 · answered by PollyPocket 4 · 0⤊ 0⤋
It's ALWAYS a good time to buy a house if you've got the money. It's a solid investment.
2006-09-21 10:28:39 · answer #9 · answered by Michael E 4 · 0⤊ 0⤋
Mortgages are cheap but the huge prices of houses at this time, I gotta say no
2006-09-21 07:24:25 · answer #10 · answered by timone 5 · 0⤊ 0⤋