The property market resembles an inexperienced swimmer in many ways.
When you’re not a great swimmer and you dive into a pool the gush of water hitting you is exciting but not knowing when your feet are going to hit the bottom can be terrifying.
That’s the way the property market is for many people at present. There are plenty out there who want to make the plunge but there are even more who are worried about just where exactly the bottom lies.
No one likes the experience of struggling for breath or gasping for air and there are far too many examples of that from the recent property crash for a new wave of prospective buyers to land themselves in the same type of bother.
If the experience of the last few years has taught us anything, it is that no one wants to get stung by the property market ever again.
Having said that, life goes on and for many people, the dream of owning their own home remains constant.
Couples get married, have children and their needs change. Many people in apartments want a house, plenty of those in houses want and need bigger houses, while those waiting in the wings want to find their own ideal setting.
Property prices have taken a bashing in the last few years though, and so, many people are holding off on taking the plunge.
They want to wait until the bottom of the market is reached to get the best value for their investment.
The big question is, when will the bottom be reached or has it already?
Figures released this week from the CSO showed that house prices increased last month for the first time in five years.
While all these reports can be critiqued, a number now have shown an upturn in prices in areas of Dublin as micro markets emerge due to a combination of increased demand and a lack of supply.
That, combined with Finance Minister Michael Noonan’s reiteration that the current mortgage interest relief deal will not be renewed next year, mean that many people are now heading into the second half of 2012 wondering whether now is the right time to buy or not.
The reality is that the only right time to buy is the time that suits the individual. While the recent property price indexes have been positive for the industry, more consistent results of the same variety are needed in order for anyone to declare with any great certainty that the bottom of the market has been reached.
Prices are still falling on houses in many areas but it is certainly fair to say that the falls are moderating and some house houses are beginning to sell again for significantly above their asking price. While there is always an exception to every rule, there is good value to be had in the market at present if you find the right house in the right location.
The recent launch of MyHome.ie’s Price Change tool has made it convenient for potential buyers to track how prices are fluctuating in their respective areas. Now, it is easier than ever before to keep track of those change with the new MyHome Price Change Twitter account.
The recent reports of an upturn in the property market are welcomed but they are also just a ripple. Many more are needed before the waves return to an industry whose success will likely coincide with the upturn in Ireland’s fortunes as well.
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