Question Details

Jo, Both Buyer and Seller in

I have been hearing many scary stories about the real estate market...I am not sure right NOW is the time to

Asked by Jo, Wed Apr 16, 2008

sell my smaller home and move to another one...becaue just in 9 years, I would be done paying off my mortgage on that home. I don't want to do anything risky...Is it a good time to buy in DUblin or are home prices going to fall? If so, then how low would they go?

Help the community by answering this question:

Answers

4
It depends on your situation. If your area is like most, this is not the best time to sell, but if you are selling to buy another home, the whole situation will probably be a wash for you. You may sell for a lower price, but most likely will be able to buy at a lower price than you would have to pay in a year or two. Can you afford to wait? Can you rent your home to someone else now and sell later-perhaps at a healthy profit? For buyers, this is an ideal market-probably the best we will see in the next 20 years. So if you can hold on to what you currently own, and still buy, I recommend that you do so. Prices may fall a little more, but all forecasts are saying that we will see the market for sellers improve by the end of 2008 for some areas, and by 2009 for all. One of the most reputable sources for market forecasting is the National Association of Realtors. You might check out that website at http://www.realtor.org and read the research and market trends info. In addition, if you can buy now, you will be taking advantage of a great interest rate, but that rate is expected to rise above the 6.3% mark in 2009.
1 vote Thank Flag Link Wed Apr 16, 2008
I am not sure about the Market in DUblin, however all Markets tend to go up and down. I work in the Toronto area of Canada, we are experiencing a slow down here in turn over but not in price. People are waiting to see what will happen next. In the Long Run you can Never Lose in Owning Real Estate. Simple Rule of Thumb: If the Market turns down the more expensive properties lose the most value, the lower priced homes tend to hold their value. If the Market goes up (which it ALWAYS DOES EVENTUALY) the Higher end properties apprreciate faster then the lower end. History proves this, Land will always be valuable. Imagine the price of your home 15 years ago! Now imagine what it will be woth in the next 15 years and compare that to the property you want to purchase.....you will derive your own answer. Good Luck. Andrew.
Web Reference: http://www.andrewpaluch.com
0 votes Thank Flag Link Wed Apr 16, 2008
NOW is always the best time. I was selling real estate when interest rates were 15% and property was being bought and sold then. If you are in the market, don't let the media influence your decision. Do your homework, consult a Realtor that is familiar with your area, and talk to a financial advisor. If you determine that selling and buying another home is a good move for you then NOW is the time.
0 votes Thank Flag Link Wed Apr 16, 2008
If you are selling a home and buying a more expensive home, it would be beneficial to do it now. It may take a little longer to sell and you may get a little less for your current home, but you would also be paying less for your new home.
You must have your home in top showing condition and price it right and be patient.
0 votes Thank Flag Link Wed Apr 16, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer