It's not an attack to point out a conflict of interest.
Please refrain from personally attacking other posters as per the Posting Guidelines.
Fwiw, I think its pretty daft to expect that people's views of deals and of the market in general will not evolve over a period of 6+ months.
Please refrain from personally attacking other posters as per the Posting Guidelines.
Fwiw, I think its pretty daft to expect that people's views of deals and of the market in general will not evolve over a period of 6+ months.
People really need to look at what a reduction in price actually means in real terms, something alot of people forget about, figures like 300k, 500k, 800k means nothing until you work out what it costs each and every month.
Take an example of a €350k house, the repayments on that would be €2098 per month (35yr 6%) now say that house drops price by 20% to €280k, so your repayments will go down to €1678. Thats €420 every month saved for 35 years.
Ok, your buying in a falling market and plenty of buyers are saying sure prices will increase in a few years, but thats €420 more your paying every month and the future value of your house is irrelavent unless you going to sell. And i'd hope anyone buying now is buying a home of life and not just something there going to look to sell in 5-10 years.
The market will continue to drop for atleast another year, but my own believe is for the next 2-3 years, with another couple of years before we see even a price increase in line with inflation. We are only in the early days of this bubble brust. The question is, are you happy to pay that extra €200, €400, €600 every month by buying now and not waiting awhile?
If you are then the best of luck to you, a home for your loved ones might just be worth that extra and so by all means find that home now.
Can some one tell me, reading the above very sensible comment, how in their right mind they would advice someone to buy now??
People really need to look at what a reduction in price actually means in real terms, something alot of people forget about, figures like 300k, 500k, 800k means nothing until you work out what it costs each and every month.
Take an example of a €350k house, the repayments on that would be €2098 per month (35yr 6%) now say that house drops price by 20% to €280k, so your repayments will go down to €1678. Thats €420 every month saved for 35 years.
Ok, your buying in a falling market and plenty of buyers are saying sure prices will increase in a few years, but thats €420 more your paying every month and the future value of your house is irrelavent unless you going to sell. And i'd hope anyone buying now is buying a home of life and not just something there going to look to sell in 5-10 years.
The market will continue to drop for atleast another year, but my own believe is for the next 2-3 years, with another couple of years before we see even a price increase in line with inflation. We are only in the early days of this bubble brust. The question is, are you happy to pay that extra €200, €400, €600 every month by buying now and not waiting awhile?
If you are then the best of luck to you, a home for your loved ones might just be worth that extra and so by all means find that home now.
Can some one tell me, reading the above very sensible comment, how in their right mind they would advice someone to buy now??
I will try.
Similar advice "You must be mad to buy" was given to me in 1997 when I bought my first house. The advice was given by some well meaning relatives and friends who had there own property and thought the price I was paying was ludicrous. Had I waited for another two years or so the property I purchased would have almost doubled yes doubled (Neighbour sold after 2 years).
Knobody predicted the property bubble or if they did I'm sure there not posting on here but are off playing golf in Barbados similarly anyone here that can predict when we will see the bottom of the market is giving advice worth millions absolutley free.
The only really good advice is are you/will you be comfortable making the payments on the mortgage for the lifetime of it. Could you see yourself staying in this house for the lenght of the mortgage (if the property did indeed devalue). If the answer to both of these questions is yes then by al means buy the property. There is no harm in trying to get as much of a reduction as possible but the amount of posters who seem to think that they can predict where the market will be in even 12 months never mind the three years some are suggecting are really kidding themselves and others. By the way I am not in the property game not a developer or EA.
Have to agree with TheBlock.
Predict the market is going down down down gets you complete immunity on this website. Predict the market is going to do anything else gets you a ban/slap/thread lock.
You tried but actually argued your self into my point. These are different times. You do not need to be a financial whiz to understand the house prices are going down and will continue that way for god knows how long. So buy now and it costs you 50 to 100 grand more than next year. its a no brainer. And it has absolutly nothing to do with your personal anacedote
I've no idea where i argued myself into your point I thought I said anyone trying to predict where the market would be in12 months was kidding themselves but hey ho you know best.
OP If your content with price and can afford the repayments I'd go for it. The market may continue to fall (seems to be the consensus) but if it does no doubt there will be people telling you to hold out longer...then again it may rise sharply or you may lose this property to another bidder. At the end of the day it's your decision. best of luck with it.
The only really good advice is are you/will you be comfortable making the payments on the mortgage for the lifetime of it.
If I am able and comfortable in spending 100 grand for a mars bar, does that make it worth 100 grand? why is it different for houses? Pay what the house is worth not what you can afford!
. Worth is a completely subjective term, it has no empirical meaning in this context, particularly when one cannot be 100% sure of where things are going, how long for, not to mention no knowledge of the particular abode.
Not so, in some cases yes worth is a subjective term but in other cases it is objective, take a mars bar for example its priced at seventy five sence not because of a subjective reason but because of production costs and profit margin etc. Anyway this is not really a philisophical discussion about the nature of worth. It is about the fact hat house prices are falling and are going to fall more (all objecctive evidence points this way) The question is do you think it is prudent to buy now given those circumstances. The objective answer is no.
I think you have missed my point, I was trying to show exactly what you say - that Mars bars worth is far more obvious and stable and predictable and therefore objective than that of a house, where so many other things come into play that worth becomes very subjective, and those things are in many cases person specific, therefore subjective.
If you get a great deal on a house in an area you want to live in for the rest of your life and where your family is attending school and near your work and with good transpart etc etc etc then it would be prudent to buy. In my humble opinion. There are some great deals being done at the moment, not all people who are buying at the moment are muppets, some are making good personal and financial decisions.
If we follow your prudent advice then the only time to buy is when we have reached the bottom and prices are rising, right? Oh yeah, and we should probably all sell when prices are at their peak, just before they start to fall. That'll work. Will you please post when this happens. Of course, then it will be the right time for everyone to buy so maybe there might be more competition on each sale. See the point?