How long do you think i would need to wait?
2007-09-19 02:41:53 · 15 answers · asked by Scampi 3 in Business & Finance ➔ Renting & Real Estate
There will be no crash. There are MORE people than HOUSES - this means property prices can't go down.
2007-09-19 02:44:26 · answer #1 · answered by Madam Rosmerta 5 · 2⤊ 1⤋
Ok, I am glad you asked. There is definitely a time to buy, sell or wait on the sidelines before buying. The best way to buy a house is to research trends in your area before committing to a property. Remember, a signed purchase and sale agreement is a legally binding document. If you sign a P&S and then find a better deal, the other party can sue you for any damages realized from your not completing the contract obligations. Start your quest to own a home by reading and talking to older family members whom have purchased or sold properties throughout their lives. Ask them what mistakes they made. Also, in the USA, there may not be a crash but the housing market is surely becoming a buyers market. Good things will surely come to those who show patience and wait. One last tidbit: Find a really crappy house in a nice area and low-ball the owner. You may be surprised at how cheaply you can buy a fixer-upper and the dividends are in the tens of thousands for those who use this technique!
2007-09-19 03:10:12 · answer #2 · answered by nukehoop 3 · 0⤊ 1⤋
Personally, now is the perfect time to buy a house. As a lot of these other Answerers have elluded to, there is not going to be a crash. It's just a price correction, as we've seen, at least in the U.S., twice in the past 15-20 years. Be it the U.S. or the U.K., the situation is the same. The only problem with the housing market is the crush of inventories, and the only reason there is such a huge stockpile of inventories is due, in part, to a media driven panic which forced a lot of home owners to put their homes on the market "before the crash". Sounds like a self-fulfilling prophecy to me.
Check out this article for more on buying property in this market. Particularly the second and third paragraph. The article is about investing in real estate for profit, but applies just the same to buying a home for personal use.
http://boozwatt.com/real_estate/How_to_STILL_Make_Money_in_Real_Estate.html
2007-09-19 05:53:02 · answer #3 · answered by anf301 1 · 1⤊ 1⤋
Personally, I don't believe that there will be a crash..... even the 90's 'crash' wasn't that bad...... ie - they didn't go back to pre-rise house price prices. They may slump a few thousand but no crash.
Interest rates may reduce by a couple of points in the next 6-12 months, if not they should stay stable. I definately can't see them rising in the near future due to whats happening in world economics at the moment. I may be proved wrong.
If you are looking to buy a house as a home - ie - long term investment for your family etc I would still buy.
House prices in general hardly ever go down for example - you could buy a house in the early 70's for £8000 by the end of the 90's itd probably worth £150000, now itd probably worth £300000 (rough figures but hey!!)
I'd still buy...... wouldn't bother waiting.
2007-09-19 03:01:28 · answer #4 · answered by John H 3 · 1⤊ 0⤋
Don't wait any longer than you have to. If you want to move then do it now before the interest rates rise even more. Life is too short, don't let market predictions dictate what you do because they are NEVER right! They've been saying that house prices are going to crash for years, but they never have!
Good luck x
2007-09-19 02:50:18 · answer #5 · answered by Anonymous · 1⤊ 0⤋
If you want a house as a home, a place to live and bring up a family now is the time to buy. If you are hoping to make a quick killing by playing with the housing market, you will already know what to do- but I can tell you, if you want?
2007-09-19 02:46:54 · answer #6 · answered by Anonymous · 1⤊ 0⤋
In my area lots of people cannot get on the 'ladder' and are saving as much money as they can to get on.
If prices fall there will be a mad scramble for 'affordable' property that will push prices straight back up.
If you don't own your options are:-
1- Live with Mam and Dad
2 -Rent and pay someone elses mortgage for them
I think you will be waiting a long time - say hi to mam and dad!
2007-09-22 17:53:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
In the last quarter of 2001 [after Sep11], the property market was pretty much dead. There were no buyers in the market. I bought a property dirt cheap in a good location. Today, the market is hot and potential buyers are offering double my purchase price.
The economy and property market is cyclical.
Unless you have a short life expectancy, you should only buy when the property market is in the doldrums.
2007-09-19 03:23:01 · answer #8 · answered by Robin 1 · 0⤊ 1⤋
There won't be a crash. Over the next few months, sub-prime mortgages will become harder to get hold of and that will cut down on the number of potential buyers, causing a dip in prices. If you have the resources to buy, December or January will be about the best time. If your credit history is a bit tarnished, get in quick or you might find it impossible to get a mortgage for a few months.
2007-09-19 02:48:55 · answer #9 · answered by Anonymous · 2⤊ 1⤋
Depends where you want to buy. If it's where the money is it could be a while, if it's where the money isn't then you will probably already see a slide in prices (but no crash).
I am in Devon and smaller places and flats have reduced in price.
There won't be a 'crash'.
2007-09-19 04:47:14 · answer #10 · answered by roly 3 · 0⤊ 0⤋
Buy now, it's definitely a buyers market but won't be for long as the interest rates will rise again and could soon price you out. Offer 10% below the asking price - you'd be suprised how many snatch your hand off!
2007-09-19 02:49:51 · answer #11 · answered by Tiger01204 5 · 1⤊ 2⤋