I am looking into buy a house. Or to be more specific.. taking a loan to buy a house. Since the new first home buyers grant is been increased (till July 09) I am hoping to do it in the next 6 months.

I am just wondering if l should maybe wait longer and see how the market moves or go ahead with it right now. From what l understand the house prices ARE GOING TO FALL!!

What are your opinions!?

weit

Now is the time.

when it is in sale .

There are different ways to know, one thing to look for is when it is a buyers market.

dont buy now because of the credit crunch and you wont be able to sell your old house now because of that and ur old house is also worth much less now.
wait until the credit crisis is over

wait and watch the market. The market is going to fall yes. Choose the right time and buy or may be catch hold of a person who has defaulted and buy his house and repay his out standing loan.

If you can get the cash together and get a mortgage (which is near on impossible right now) then NOW is the time to buy.

House prices have fallen by an average of 13% in the last year! Thats unbelievable. But like l say, it is becoming more difficult to get the credit to buy them.

The credit crunch will make the very rich even richer.

WHY TAKE OUT A LOAN TO BUY A BIG HOUSE? l live in a mobile home & got it for free (a lot of labor though). it is only ten years old & is in great condition. l just had it assessed for tax purposes & it is worth $17,000! It is about 900 square feet & l live in a small park with only about 20 other trailers. l pay 400 a month an that includes my water, sewer & garbage. l can sell the house next year when the market goes back up & have a great down payment twords a ''real'' house. You should think about it. its a great way to save a ton of money so u wont have to have some huge loan.

It depends on your situation. If you find a house you love go for it. Do not rush just because of the grant. the fact that the value of the house may drop is only an issue if you are going to sell in the next few years. the value of a house only matters if you are buying or selling.

My friends in Real Estate tell me the current market is still falling---but that a lot of sellers still do not grasp the gravity of the market. That means they are not budging on prices that are still inflated over the home is actual value. The smart money says wait. There will be no overnight boom any time soon,and the market will favor buyers for a long while to come.

A little patience could buy you a much nicer house, for a lot less money.

Good luck!