Is now a good time to buy? I have been advised to wait a year as house prices are predicted to fall again..?
I am a first time buyer looking to buy a 1 or 2 bed flat in the Brighton /Hove area.
Asked on Sep 3 2009,
House Prices in Hove |
I guess everyone would love to know that.
We are looking to buy a house at the moment, and have struck a "bargain". I think these are still available considering the economic uncertaintly, and rising unemployment. However if you do buy now, just be careful.
I think a lot of people don't want to miss the boat and will get in now. However the market is still patchy, and could be quite fragile. A lot of properties at the lower end are propping up the latest sets of house price information, but it is still being more resilient then most peole thought it would be, With lending improving, and low interest rates we might have a flood of buyers getting involved soon.
As soon as the government say we are officially out of recession will be when the market picks up, and for me that is probably 6 months away.
If you find your dream property, and do your research it makes sense to buy it now. If you don't find that "right property" and want to be a little more certain then you can wait.
Remember this is just my opinion!!
Answered on Sep 4 2009,
As an estate agent I can confirm demand from new buyers is up 35% in the last quarter,
the demand in 1st quarter 2009 was up 20% on 2008 ..there is also only 50% current
property listings on the market which both should mean supply & demand would mean
the market should have at least bottomed out. With generally low interest rates the main restrains on the market is mortgage lending policies & volume. Unemployment could affect confidence, however make your own mind up in that regard & if YOU think the recession is not going to have a significant impact on your local market, then now cannot be a bad time to buy. Prices are generally 25%/ 30% down from the peak, affordability
& price correction has occurred, now can't be a bad time to buy. Foresight... who knows, good luck.
Answered on Sep 12 2009,
If you are buying a home to live in then there isn't ever really a bad time. You will live in a home for several/many years and will hopefully enjoy living there. Also prices in the long run will always increase. If you are looking for immediate investment then it is a lot more tricky. There are millions of experts predicting every scenario possible.
Answered on Jan 13 2010,
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