Buyers market ?

Pitbull

Pitbull

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Looking around today for a house as I do the beginning of every year.

And I have just now noticed the amount of decent houses in nice areas going for around R 500 - R 600k. There is 100's of them. I think it's now time to buy a house again.

What do you guys think ? Should I maybe hold out a little longer ?
 
blunomore

blunomore

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It is definitely a buyer's market right now.

Do you buy a new house every year??
 
P

Peder

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Pitbull said:
Looking around today for a house as I do the beginning of every year.

And I have just now noticed the amount of decent houses in nice areas going for around R 500 - R 600k. There is 100's of them. I think it's now time to buy a house again.

What do you guys think ? Should I maybe hold out a little longer ?
Click to expand...

Where is that?

Here in pretoria the houses are at least R800 000

Thanx
Peder
 
S

stoke

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Na, now is good, but, offer at the asking price less 20%, and you could just get it.

You're basically hoping that the soccer world cup will leave some of the profits in the country when it's gone so that somebody will be able to afford your new house + 30% to cover all your costs.

And, watchout for land taxes, the government evaluated that place when prices were good, and now it's being taxed at a criminal amount ... fixed for 5 years.
 
Pitbull

Pitbull

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blunomore said:
It is definitely a buyer's market right now.

Do you buy a new house every year??
Click to expand...

No but I look around in the beginning of every year ;)
I have bought before and sold also.

Peder said:
Where is that?

Here in pretoria the houses are at least R800 000

Thanx
Peder
Click to expand...

Annlin, Mountain view, Doornpoort. (PTA)
Roodepoort, Witpoortjie, Krugersdorp (Jo'Burg)
 
H

Hoof-Hearted

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There are many bargains to be had in the market at the moment especially if you have a bit of time and patience to look around and do a bit of negotiating.
Also depends on what you are buying the property for and how you are going to finance it.
My personal opinion from an invest-to-rent-out point of view is that rental return is not going to come close to covering bond repayments on properties in the near future. Properties also won't see the kind of appreciation we had a couple years back.

If you're buying to live in the house then now is a good time to buy IMO.
 
Pitbull

Pitbull

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Hoof-Hearted said:
There are many bargains to be had in the market at the moment especially if you have a bit of time and patience to look around and do a bit of negotiating.
Also depends on what you are buying the property for and how you are going to finance it.
My personal opinion from an invest-to-rent-out point of view is that rental return is not going to come close to covering bond repayments on properties in the near future. Properties also won't see the kind of appreciation we had a couple years back.

If you're buying to live in the house then now is a good time to buy IMO.
Click to expand...

I saw a beauty.

R 499k and it has a flat too.... A nice deposit of R 100k and that house is a steal :eek:
 
ToxicBunny

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Damn.. I wish decent houses in Durban were aroudn that price...

They're still hovering at that R850k - R950k for at best average areas.
 
G

gifs

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Are you talking about freestanding houses, or townhouses/flats/duplexes etc?

Because if you are talking about freestanding houses for R500-600k, tell me where!
 
Pitbull

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gifs said:
Are you talking about freestanding houses, or townhouses/flats/duplexes etc?

Because if you are talking about freestanding houses for R500-600k, tell me where!
Click to expand...

Free standing house, full rights.

Go search a bit ;)
 
CathJ

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ToxicBunny said:
Damn.. I wish decent houses in Durban were aroudn that price...

They're still hovering at that R850k - R950k for at best average areas.
Click to expand...

Yep, Cape Town too - at least, in the areas I would want to live in.

Hoof-Hearted said:
My personal opinion from an invest-to-rent-out point of view is that rental return is not going to come close to covering bond repayments on properties in the near future. Properties also won't see the kind of appreciation we had a couple years back.

If you're buying to live in the house then now is a good time to buy IMO.
Click to expand...

I agree on the rental not covering the bond - I'm currently renting, and if I calculate what size bond I could get, based on putting the same amount into the bond that I'm currently paying for rent, I can only afford about a 500K loan (taking the deposit into account as well, of course).

Now technically I can afford more than that, since I put away an equal amount into savings every month, but still... that would mean if I buy a house in a decent area for 950K, I'd have no savings for however long it takes to pay off the house. And I earn a decent salary, so I'm not sure how people manage... I guess most people have two incomes.
 
Pitbull

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Damn it, I searched the whole bloody morning for bargains. Go search your own :p
 
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