Buying a new house in the current market...

[Wondermike]

Hmmm - just browsing places to rent or buy and it seems that new house prices are minimum 20% less than they were a year ago for the same development, private prices don't seem to have fallen quite as much though, maybe the developers are starting to get desperate now. Looks like a bargain to be had on a new one.

Is buying now a good idea again, with interest going so low too? What do you reckon?

 

[micdundee]

i work on new build developments all over the south west and they are in big trouble,if new builds are your thing,just sit tight and watch over the coming months.the BOGOFS are coming.period propertys are holding on to values to a degree,but these big estates the developers so loved for the last 10 years are now dropping like a ton of bricks :c

 

[Wondermike]

Don't mind new build, it always seemed like a way to make some money, although I would prefer something with a bit more character I suppose. I was just surprised at the falls in developers asking prices, I suppose the private market will fall accordingly too, once it catches up with the new-build market.

Do you work for a housebuilder then?

 

[pvr]

Wait a few years and you can buy one of my 3500 houses (ok - 10 years)

 

[BombayDuk]

No doubt new houses have fallen; I see ones that would have been selling for maybe $400k a few years ago, now going for like $260k. I know someone that had the appraised value on her house at $356k just two years ago and it is now $224k.

Used homes in the area are all over the board; some owners are selling for rock bottom while others are smoking crack and haven't heard about the housing bust.