publication date: Jun 9, 2011
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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Tips to Buying a House
How to avoid being stung when buying property in a falling market
In today's market when there is lots of ‘doom and gloom' it is easy to think that this isn't a great time to buy a property. However, a falling market might be the very best time to buy the house of your dreams at a ‘knock down' price as there are less buyers around to hold up the price. So how do you make an offer on a property which ensures you don't get ‘stung' with a property worth less than you bought it for?
The most important consideration when making an offer on a home in a falling market is to work out what it might be worth in a year or two time when you come to remortgage. This might seem a tall task, but as we know the market has already fallen by around 20%, we know that from past experience if it was to fall again, it would probably be only by another 10%, depending on the area/property type.
Once you take this into consideration, as long as you value the property correctly now, you can then take off anything from 10% off this price.
To find out how to value a property correctly, read the following articles:-
To find out how to ‘bag a bargain' in the current property market, read the Three Step Guide on How to Haggle in the Current Property Market
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