Most buyers have been playing the waiting game for many months now – putting off purchasing a property because they believe that property prices will continue to fall.  Seems a sensible approach – or is it?  Is now the time to stop waiting and buy?

As a buyer you must ask yourself how much further you anticipate prices to drop?  Are you going to wait another 3 months? 6 months ?  12 months?  Buyers must seriously focus on this question or they may end up playing the waiting game forever.  Wait too long and you will end up competing for your dream home with all the other buyers who waited until economists told them the time was right.

Choose your time, put in a competitive offer and you may end up saving more in the long run.  With fewer buyers, sellers will be eager to sell.  So by buying sooner rather than later it might be possible to buy now at the price you would hope to get in 3-6 months time.

Buyers who are currently renting property must seriously consider the issue of how much they expect to save by playing the waiting game.  The expected saving must be weighed up against the rental outlay, while also taking mortgage tax relief incentives into account.      For example, on a €350,000 property the potential mortgage relief over six months could be as high as €2000 depending on your circumstances and mortgage value.  Six months rental could total as much as €7000 or higher, giving a total potential saving of €9000 over a six month period.  Of course with interest rates at the current level, you must also take interest rate gains into account on your current savings.

If you haven’t been monitoring the housing market during this ‘wait and see’ period then  educate yourself as to the current level of prices in your area.  You may be surprised at the offers available.   

Also check out the newest trend of sellers who are taking action into their own hands by selling their property without an agent.  Listings of homes for sale by their owner can be found on www.sellityourself.ie – the savings made by property owners when cutting out the estate agents commission are often used to offer a better deal to buyers. 

Having weighed up the options, you may still decide that it is in your best interest to continue to wait.  At least you will have worked out the pros and cons and aren’t confusing the waiting game with blind mans bluff!