A time to buy?

[Bruce Wayne]

With the property market in such a state at the moment, are those with cash considering buying?

[gamecock43]

Do you mean buying for investment or buying to live? I think people needing to buy a 1st home are going to jump in a bit faster than they normally would have, but i have not heard of anyone buying for investment anymore.
I am planning to buy my first home soon. The house i have been eyeing just lowered their asking price 30k yesterday Whoohoo!

[Ima saver]

I have been looking for some land to buy for the next spec house.

[Bruce Wayne]

Originally Posted by gamecock43

Do you mean buying for investment or buying to live? I think people needing to buy a 1st home are going to jump in a bit faster than they normally would have, but i have not heard of anyone buying for investment anymore.
I am planning to buy my first home soon. The house i have been eyeing just lowered their asking price 30k yesterday Whoohoo!

Either really. Now seems a good time for those that are cash rich.

[DebbieL]

I think the market has a way to go down yet. I would be holding out for a couple more year probably if I were in that position. This is just beginning.

[sounderella]

Maybe if you're looking into foreclosures but new construction and existing homes haven't dropped enough yet.

[LivingAlmostLarge]

To live yes, investment well I hate RE. Can't do it. Too much time and effort.

[Bruce Wayne]

What about stocks and shares?

[banditfist]

Residential RE still has about 20% more to drop on average. I rent and have since mid 2006. I have a lot of cash invested in SRS (2X leverage short commercial real estate).

Is it a good time to buy? If I am going to live in the same place for 30 years and can afford what I pay for it (not stupid loan terms either), then yes it is. You have to live somewhere. But, if you can wait....rent. Until the buy:rent ratio comes back to historical (100 years of data) terms, then wait.

[Reldon]

From the news, I think there are still some drops. If you're looking for a place to live, anytime is a good time.

[aevans1206]

I am struggling with that question myself. Rent has skyrocketed in Chicago and we would pay well OVER the price we could pay for a mortgage to rent something a comprable size. I am toying with the idea of buying a reasonably priced condo. Prices have dropped in our neighborhood...at least back into the reasonable level.

[autoxer]

Originally Posted by Bruce Wayne

With the property market in such a state at the moment, are those with cash considering buying?

I just closed on a house last month, but my decision had noting to do with the state of the market. I bought, because I was ready and found the right property. I would of done that whether the market was good or bad, because I know you can't time the market.

[Bruce Wayne]

I posted elsewhere on the site just now that it's better financially to buy a house now than it is to rent. The rate of savings possible by doing this has doubled in the past six month, with those in the prosperous part of England saving as much as £60,000 over 25 years.

[ScrimpAndSave]

It totally depends on the person! You can't simply say that it is better financially to buy than it is to rent....

If someone does not have the $...they should NOT BUY.

[Exile]

Even if the market has bottomed out (and it probably hasn't), there is still the risk that the neighborhood where you are buying a home--whether for a personal residence or for an investment--will or has deteriorat(ed) due to foreclosures and abandoned properties, which are usually not kept up by the lender and become eyesores. In turn they may attract vandals and squatters and create a continuing downward spiral of property values in the area.