10 Bad-Ass Reasons To Buy Now
Ok, look, I’m not completely mad - I do know that finance is a big issue at the moment, and that many people are concerned about job security. But it’s not all doom and gloom.
Lenders are beginning to loosen up just a smidgen - and if you have the money to hand, the market is starting to look enticing.
So - drum roll please! - here are my 10 bad-ass reasons for buying now:
1. Prices are falling within reach - they’re down £35,000 on average since last year, says the Nationwide.
2. Lenders are beginning to loosen up - more are now offering LTVs at 80-90 per cent.
3. Affordability has improved significantly and is close to its long-term trend.
4. You’ll get poor returns on savings at the moment so your deposit isn’t going to grow much.
5. Interest rates are at an all-time low - and mortgage rates, already historically low, are edging down too.
6. Buyers are relatively thin on the ground so there’s less competition out there. Vendors are keen to do a deal – there’s an average of 12 per cent currently being haggled off asking prices.
7. There’s a growing consensus that prices are beginning to bottom out – and not just among agents. Capital Economics thinks this will happen in H2 2009. So the window of opportunity is narrowing.
8. Market activity could pick up (albeit modestly) if mortgage backed securities free up lending – a scheme will be launched in April. Also talk of the post office and local authorities offering mortgages.
9. The increase of the stamp duty threshold to £175,000 has cut cost of entry to market.
10. Better to buy before the bottom than end up on the wrong side of a rising market – and things could pick up quite quickly as falling prices and increased lending draw in more buyers.
Completely mad? If you’re waiting on the sidelines, when do you think will be the right time to buy?
Related Tags: top ten, Buying, selling, Buying & Selling, MortgageRelated Posts:
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Ten reasons to leave it for a bit
1. Anyone that dared make a prediction this year thinks that prices have further to fall.
2. If you can get a high loan to value mortgage you will be paying a very high rate for it.
3. Personal affordabilty will be the concern if you lose your job.
4. Better to earn a small amount of interest than see your capital diminish
5. Interest rates are likely to go even lower.
6. Those Vendors that are accepting offers are the ones that have been on the market for a few months and haven’t lowered their asking price.
7. There is a greater chance that prices will fall further than rise in the coming months so why rush?
8. Existing Goverment schemes have had no impact.
9. The Government is unlikely to reduce the stamp duty threshold in the near future as the market wall be too fragile.
10. When the market does finally pick up all those Vendors that have been holding back will put their properties on the market ensuring that any recovery is slow.
apart from all that it is too bloody cold to go out viewing properties.
My MD at Greene & Co. has also put together a reasons to buy / reasons to not buy list… again, emphasising that it all comes down to your personal circumstances. It’s not sensational - it’s just about being realistic and getting some good advice. http://www.greene.co.uk/home/news/isnowthetime