are house prices going to go down tis year?

Question

we are first time buyers and cant really afford much so would it be worth holding on a little longer to see if prices fall?

Answer 1

me and my partner have just bought our first home we had to go a little over our comfortable budget but we wainted a while to in hopes of a price drop but they just kept increasing. I dont think there will be a drop but maybe a rise. My advice would be to find a house thats been on the market for a long time maybe needs updated or a little work done andput in a really low offer you never know your luck. Also if you get a few friends to ring up enquiring and making lower offers the home owners may settle for your offer. good luck xxx

Answer 2

You did not say where you are. There is no national market. I focus on the US and UK and the city/regional differences are pretty dramatic.

In the US a recent Realtor survey showed that 77 metro areas had rising prices, 79 metro areas are down and 8 are flat.

In a buyer's market you can get a better deal. There is no reason that you should assume that you will pay full retail in any event.

You also should focus on how long you will own the property. You can lose money when you are an owner if you sell soon after buying given the costs to buy and the costs to sell.

There are many variables to consider. Falling prices would only be one. It might turn out that you live in an area that rose in 2006 and will rise again in 2007. Not buying might be a risk if prices do rise faster than your ability to earn more.

Best to buy when your situation is right and not to worry about the market. Buyer's who wait for a rising market are effectively saying they like paying full retail rather than buying when there is a sale.

Answer 3

I think most experts will tell you it is just supply and demand. Right now and for the forseeable future it is a buyers' market which means there are more homes for sale than buyers for them.

Foreclosures are at an all time high (due in part to the sub prime loan problem) which means there will be more homes on the market.

Homebuilders who didn't plan for this still are building homes. The only way they can compete is by offering huge incentives to buy.

So the answer is YES wait.

The other thing to consider is this. Mortgage rates are very low now. I would try to lock in a rate with a mortgage company. Then look and find a house you want make an offer and see what happens. Usually the longer a home has been on the market the more willing a seller is to take a lower price.

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Answer 4

Right now we are seeing a number of existing houses drop their asking price and a lot of the newer listings are coming in lower too. It is becoming a buyers market again, but nobody can really predict how long and how deep.

There will be fewer homes going on the market since the sale price is down and hopefully the number of buyers won't drop as much and maybe the days on market will come down too.

Answer 5

That is really something that depends on your region, state, city, neighborhood. On a national scale, interest rates will more than likely be dropping soon. You say that you are a first time homebuyer, and you can't really afford much? How do you know this? Take a look at your credit and see what additional work you need to put into repairing it so that you get an opportunity to own a better piece of property. Also, you should be aware that there are alot of different loan/grant programs ESPECIALLY for first time homebuyers and vets. Good luck!

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Answer 7

Well, experts keep saying that they will peak soon, but I can't see there being a big price difference this year, also it will depend where you are looking to buy, if you're not in a hurry it may be worth holding on.

Answer 8

They are not dropping yet in the UK but there are rumours of a knock-on effect from the US house prices, which have fallen sharply over last two years

Answer 9

I'm afraid where I live we've just had a massive rise. I think it's set to rise for a couple more years then have a fall. Although noone can ever quite tell

Answer 10

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