Have property prices peaked?
Are you wondering if property prices have peaked, if you should wait to buy?
If so you’ll be interested to listen to an excellent recent Irish Independent Podcast on the subject of "Have prices peaked? ", hosted by Tabitha Monahan with Karl Deeter, mortgage advisor and Charlie Weston, Irish Independent journalist.
I agreed with pretty much everything they said.
Here's a summary.
Karl’s research showed that Irish property prices have gone in cycles of peaks and troughs since the 1700s.
Both peak and trough are only discernable in hindsight.
All we can say with near certainty ( 500 years of precedent) is that the market will rise and it will fall and we don’t know exactly when. A slight rule of thumb is that if you buy it today and wait 15 years, the value of your property is almost certain to have increased.
But nothing is certain so the best thing we can focus on right now is our own personal situation
By our own personal situation I mean, our own urge, our current needs, our ability to finance a purchase and our wish to buy.
Getting clear on our own motivation, needs, urges and abilities is not always easy but this clarity is worth seeking because it will bear fruit in terms of our confidence as a buyer.
Trying to “time the market” will take up your mental and emotional hard drive to no good effect because no-one in the whole world knows for sure what is going to happen to property prices or precisely when.
To hear the whole conversation, listen to the podcast in the link below.