Buy now or wait?

Alphamare

Are prices going up? Will they come down? Would you (If in a position to buy) buy now? Wait? How long?

I know no one has a crystal ball I was just wondering what your opinions are?

Thank you

Percy1983

To be honest if you want a home and are renting I would buy as sson as you can afford.

Fella

House prices in my area (Essex) have been largely static for years & years. Not much in the way of changes since maybe 2006. I was looking on Rightmove today & prices are sharply higher across the board, in the region of maybe 15% more than at any point up until recently. Market is most definitely heating up in a big way.

Alphamare

The house that we are seriously considering is on at 10,000 more than it last sold for in 2003. What does that indicate?

Zoopla values it at between 20,000 and 30,000 more than its on the market for.

egoode

I think it really depends on the timescale you are looking at buying for. If you are buying a place you expect to live in for 7+ years then I would definitely buy now as generally the price will increase over that time period.

ess0two

Zoopla = crock of ****

Alphamare

ess0two wrote: »

Zoopla = crock of ****

Ok if that is your opinion a helpful answer would be to link to a resource that you find useful instead!

IronWolf

The only time to wait would be if you foresee an impending crash. These things arent really predictable but given we've just had a crash of sorts I dont think many are expecting another one.

But view it as a long term investment in a home, not just a house. in 20 years it wont really make much difference to you whether you under/overpaid by 5% or so.

ess0two

Alphamare wrote: »

Ok if that is your opinion a helpful answer would be to link to a resource that you find useful instead!

Zoopla is good for recorded sale prices,valuation wise you need to see what the current going sale prices are in your area at the mo.

chucknorris

Alphamare wrote: »

Ok if that is your opinion a helpful answer would be to link to a resource that you find useful instead!

I have copied and pasted my previous post about zoopla from March 2010:

Zoopla is indeed a joke and anyone that thinks otherwise is deluded. To demonstate just how bad zoopla is, I have 3 flats in the same block in Battersea SW11 and there isn't much difference in their values, which I would estimate as follows (please note that although I might be slightly out on the actual value, I will NOT be out on the ratio between the flats):

a) 250k 2 bed flat with garden
b) 255k 2 bed maisonete with garden
c) 265k 3 bed flat with balcony (inferior flat and 3rd bed is a single)

Zoopla values them as follows:
a) 212k
b) 185k
c) 305k

There is just no way that the a) is worth 14.5% more than b) at worst they would be the same

There is no way that c) is worth anywhere near 305k in this market and to suggest this and that it is worth 65% more than b) is just plain stupid, I reckon it is only about 4%

AndyGuil

A house isn't a short term investment. It is about putting a roof over your head and perhaps one day not paying any rent or mortgage. The long term is always upwards in housing. Ultimately you are paying a mortgage and I would rather be paying my own than someone else's.