Ok, I know that nobody has a crystal ball, but is it sensible to buy now? We sold our house 3 months ago for its market value, ie, we marketed it at just slighly above what it was valued at, then accepted a slighly lower price. We didn't market it at 2007 prices expecting to get a sale. We are now renting and have a sizeable deposit, which will allow us to put approx 30 - 40 % down (obviously depending on how much we buy for). We are most certainly looking for a property that is being sold for today's prices and thats where we've met lots of problems. There are numerous properties on the market that have been there for several months. They are most certainly on at 2007 prices and EAs have even told us they are overpriced. Vendors will not even consider lowering their price. We have finally found one property that we like. These vendors have actually slightly lowered their price and we believe its on the market for a reasonable value. We know what it was bought for 2 years ago and the vendors will are actually only accepting 5K less (which does not reflect the nationwide drop), BUT, they have done alot of work on it, including new boiler, windows, bathroom and basically renovated the large garden, so its difficult to make a direct comparison. The property is also in a desirable area where property does tend to hold its prices.
We like the property, can just about stretch to the price and as I've said before, feel it is reasonably priced (although certainly not a bargain). I think in any other climate, I would put in an offer, but to some extent, with the obvious economic situation, also feel that I should in fact be getting a bargain. The problem is, that vendors seem less flexible than ever about accepting lower prices. Its also affecting the amount of properties on the market, as many people are trying to sell for x amount, not getting it, then just taking it off the market. We are renting from friends so have no pressure to buy, but I am keen to get back on the ladder having always owned property. I'm not quite sure what I'm asking (!) but just wanted unbiased opinions from others. Would we now be crazy to buy?
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Property experts - Is now the time to buy?
39 replies
tailormade · 01/06/2009 20:16
OP posts:
LeninGrad ·
01/06/2009 20:24
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