July 08 Is it still a good time to sell?

Question

Do people think the housing market has bottomed out? We have recently been offered 10% under our asking price on our first house (Terraced) and are thinking of accepting and renting for 6 months/year or so. If we walk out now, we still have our 10% deposit to buy again. I know the market is moving slowly and prices keep falling but would it be wise to sit it out and save a bit on top of the rent and hope we can get a better deal on a bigger house in the comming months? Anyone think the market is nowhere near its lowest point and think theres at least another 30%/40% to come off until everything re-lines up with current average wages or do some people think the market may fall a little more or stay the same before a rise again?

Answer 1

The answer to that depends on Location~ Location & Location. Most locations will continue to fall some, Very few will fall 30 to 40%. Some will stay at this level. Check out the past history on your location and figure that the trend will continue untill we have some stabilty in the Price of oil. The price of oil along with the possibality of teriorest attacks will dictate our future more than any thing else, so you can see that it will be difficult to predict with much accracy what the long term  will bring.