Buy a house now or wait till they fall further in price?

TheCityManager

I sold my house a few months ago..have been living in a 'free' house this last few months whilst trying to find a suitable house in location I wanted..free house will be no longer in a few months though..

Found one about 6 weeks ago..have deposit down, due to sign contracts soonish..but...am wondering am I mad to buy now with prices falling and the country falling apart?

Will be getting a small mortgage but could possibly save €000's if I hung on a few months..

I could go renting and still probably save a fortune if prices fall as expected..but I do need a house as soon as possible..what ye reckon..buy now or wait??

gurramok

To answer. Are you willing to wait it out to save lots of money on the purchase price or sacrifice that for the house you found now?

You know whats going to happen regarding prices so only you can make the decision.

whizzbang

you may save €00000s, not just €000s

I'd wait it out.

TheCityManager

gurramok wrote: »

To answer. Are you willing to wait it out to save lots of money on the purchase price or sacrifice that for the house you found now?

You know whats going to happen regarding prices so only you can make the decision.

whizzbang wrote: »

you may save €00000s, not just €000s

I'd wait it out.

So...I'm kinda hearing ..WAIT ..here ???:)

Supercell

TheCityManager wrote: »

So...I'm kinda hearing ..WAIT ..here ???:)

Sounds like you have your head screwed on.

If you are happy to rent then its a no brainer, hold off for a couple of years and make rent paid back with interest several times over when you buy your next gaff because house prices will have fallen far more than the rent you paid in the interim.

Buying houses now is for the desperate/foolish or utterly loaded.

TheCityManager

Supercell wrote: »

Sounds like you have your head screwed on.

If you are happy to rent then its a no brainer, hold off for a couple of years and make rent paid back with interest several times over when you buy your next gaff because house prices will have fallen far more than the rent you paid in the interim.

Buying houses now is for the desperate/foolish or utterly loaded.

Problem is of course that when supply dries up next year ( with new build output being so small) that prices could stabilise or even go up again...decisions decisions...

Cheers for replies...:)

DublinDilbert

TheCityManager wrote: »

Problem is of course that when supply dries up next year ( with new build output being so small) that prices could stabilise or even go up again...decisions decisions...

Cheers for replies...:)

Ummm who says supply will dry up?? No one knows how many people are going to leave the country in the next 12 months.... The problem is i don't think anyone knows what the real demand is for housing...

There's still plenty of houses/apartments still being built, don't worry... drove by the old Clancy barracks site today, They are building a serious amount of apartments there...

TheCityManager

DublinDilbert wrote: »

Ummm who says supply will dry up?? No one knows how many people are going to leave the country in the next 12 months.... The problem is i don't think anyone knows what the real demand is for housing...

There's still plenty of houses/apartments still being built, don't worry... drove by the old Clancy barracks site today, They are building a serious amount of apartments there...

This is true...Id say lots of eastern european will 'flee'...could be lots of empty houses around..plus lots of redundancies coming up Id say...

Right better do my sums..and decide..cheers