The way the market is just now, would you buy a house or continue renting?
bubba28 Wed 08/10/08 11:50
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prices will continue to fall for a while, but nobody knows exactly when they will bottom out and start upwards again. Probably in another year or so but that's just a guess, so it's always going to be a bit of a gamble. So I'd hang on a few months, save more (because you won't be getting 95% mortgages as in the good old days, so the more money you provide yourself, the better), and look for something you really want, while sellers lower their prices further.
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If I was a first time buyer and could afford it and get a mortgage, I wouldn't hesitate!! Even if this situation continues for many years eventually there will be another turnround and house prices will go up again. I would never rent if I could buy - just lining someone else's pocket.
Just look at the average house prices in the 80's and 90's and compare them with today's average, even if prices fall another 30%. They will still remain higher.
The good thing is that houses will go back to being brought as homes and for long turn security, and not as quick money making opportunities
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I also agree with jno - there is no rush to buy at the moment - you will have to be clever and judge when the right time is.
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There's no rush to buy: due to present circumstances house prices are still going to keep on dropping. if the worst comes to the worst, those wanting cash will need to cash on in their investments...!!! Put aside as much as you can to get a mortgage in a couple of years.
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