Is it a bad time to buy?

Member

I noticed the market is kind of up in the air right now and mortgages are going up and down week to week.


I am beginning to think now is a bad time to buy a home because of this virus quarantine crashing the market. Should I buy this summer or wait?

Facebook Twitter LinkedIn Telegram Whatsapp Pocket
May 2, 2020 3:36 PM

Yes and no.


House pricing is going to drop and continue to drop over the summer and into the fall but the mortgage rates will keep fluctuating. I would wait until late summer to lock yourself into one.

May 2, 2020 4:06 PM

Member

I was wondering this myself given how messed up everything is. Prices seem to be dropping in my area very fast. My neighbor's brother and wife were looking to buy a home and then this all started and the homeowners ended up selling the house to them shortly after, taking an offer they originally declined on. So they got a house that was once valued at $320,000 for $190,000. That is a huge difference.

May 3, 2020 9:13 PM

I wouldn't say so. If anything, I would say you are better off buying in 2020 or 2021 than you would have been buying last year or in 2022. The housing prices are coming down fast and are estimated to be an all time low in 2021. Take advantage of it.

May 5, 2020 2:54 PM

I think the next few years will be a good time to buy because the prices will come down thanks to the market dipping. I hope it is not as bad as they keep saying but if it gets bad enough, homes can drop by as much as 60% in value in certain places.

May 8, 2020 5:38 PM

Member

Absolutely not, that is, if you do it the smart way. You do not want to buy right now if you are struggling to find a good mortgage for yourself. Working through a bank you belong to already is a good idea.

May 11, 2020 10:07 PM

Member

The coronavirus pandemic sent shock waves throughout the real-estate industry. But does that make now a good time to put in an offer on a property? The answer to that question will largely depend on what you plan to do with the home particularly if you’re an investor.

June 3, 2020 9:06 PM

'Second-steppers' may find the discount on the larger property they wish to buy is greater than the fall in value of their existing home.

Rob Houghton, chief executive of comparison website Reallymoving, says while negative equity is a risk for those who bought recently with small deposits, those who bought their first home more than five years ago can withstand any short-term price dip.

This could free up stock for first-time buyers, but they may find it harder to get a mortgage. 

June 4, 2020 3:21 PM

There have been huge swings, which means that, one day you have lots of money and the next day, you have none. But while the value of real estate assets will also recede, there are many more factors in play. When property markets lessen, there are more renters

June 5, 2020 11:58 PM

Member

Prices may have dropped by 5 per cent since lockdown. It forecasts a further 2 per cent fall by the end of the year before they begin to recover.

But Lloyds Banking Group has said a 'severe scenario' could see house prices fall by 10 per cent by the end of the year and 30 per cent over three years, although a 5 per cent fall by the end of 2020 is more likely. The Royal Institution of Chartered Surveyors (Rics) says it does not expect a recovery until next Easter at the earliest.

June 11, 2020 11:08 PM