I've come across this recent article in the LA Times. Sure, okay, this is a blog about Florida property, so you might not think it that relevant. In fact, the article actually gives some very useful advice and - don't forget - the housing market in California is very similar to the market in Florida in that both are in difficult times.
The LA Times article addresses that much asked question - when should you buy? Many of you may be interested in purchasing a property in Florida, but are asking yourselves whether you should buy now or wait until prices drop further. If they do drop further, will it be a significant fall? Enough to make you wait under few months, half a year, year?
The problem with this is that there's no real answer. No one can see into the future, and whilst there may be trends and predictions, nothing is guaranteed.
So, essentially, it's all down to your personal situation. Do you visit Florida regularly, and spend a small fortune on renting accommodation? Is your long-term enjoyment -being able to enjoy holidays in your own property for many years to come - more important than making a quick investment? The LA Times article talks about home-ownership, but if you purchase a holiday home in Florida don't forget that you may also be able to achieve an income from the property by renting it out.
A college economist, Gary Smith, is quoted in the article: "Buying a house is risky, but waiting is risky too".
Article: Should you buy a home now? (3rd August 2008, Los Angeles Times)
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6 comments:
Interesting post.
Waiting is more risky than buying. As told in the article that it's not shore about prices whether they will further decrease or not.
another option cab be overseas property in the new emerging property markets like morocco property, Brazil property, Dubai property etc.
Thank you!! I have been thinking exactly what you just said. I have been reading all these articles and everyone has a different opinion of whether the market is up or down. So I started to realize there was no real answer as whether to buy or not. I have been looking at Florida property and one thing seems clear, prices are lower than we have seen them in a long time and therefore must mean you will come out ahead even if they do drop more.
Real esatate is lower, but also is the Euro! Never good time to buy!
Dimi
The Pound is also weaker now - it's at £1 = $1.86 today.
If you take a previous exchange rate of £1 = $2, a property worth $150,000 bought then would have cost £75,000.
Today it would cost £80,645.
So that's an increase of over £5,000.
Prices may be continuing to slide in the U.S., but if the dollar strengthens, it may not be much point in waiting to buy.
Your post is very good,i think when prices becomes down then their is no reason for wait special for new buyers,as low prices the risk rate is also low,so i recommend to buy property in these low rates.
Hi,
According to my opinion the environment of Florida is better then other city for living,so i think it is best to buy at these prices.
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