Buy now or wait

MarkJ6322

My wife and I with our two children are looking to buy a house again after bankruptcy in 2014. Would it pay to wait incase house prices drop due to the economic crisis after corona?

dunstonh

There is no housing market at the moment.   No-one is viewing, no-one is valuing.   Its frozen.  All you can do is wait until it re-opens.     The impact on the housing market is unknown.     Its possible there will be a negative drag if millions are out of a job but equally some areas could rise (I have seen quotes suggesting properties with bigger gardens/land and more rural could be in higher demand post lockdown).   It can also depend on the type of people affected by the economic impact.     It may hit non-homeowners harder and have little impact on homeowners or those looking to buy.       
The big issue hasn't gone away.  Lack of supply of properties.   

onlyfoolsandparking

It's crystal ball time I'm afraid although if it helps I will tell you I bought my current house in 2007 just before the financial crash and that had a big effect on my business, it basically collapsed!! BUT I battled on through, changed career and now in 2020 It's just a bad memory so we live in hope. Do what's right for you and your family, house price fluctuations have historically levelled out approximately every 7 years and unless your moving house every 2-3 years there will be very little impact on you.