The market is being reported as a 'balanced' market where there is a good ratio between the number of buyers and sellers. Prices are coming down and homes are taking longer to sell but, they are selling and a well priced home will sell quickly. On average, homes in N11 are selling in about 45 days and while prices are declining there are definitely NOT sliding (tanking, plummeting, nose-diving or any other extreme measure). Home prices moved up in a steady pace over the last 7 years and it's not expected that these gains will be given back in short order.
First time home buyers are enjoying a market where they can shop around and find the home of their dreams without worry that it will be sold before they can shop, or that they will be in a multiple offers situation.
There are some thoughts going on that waiting, and buying at the bottom will yield the most profit so it's better to wait. While in theory this is true, no one really knows where the bottom is until we start to move back up. What if the home you want isn't available? Anyone who is buying should be doing so with the idea of staying put for 3 to 5 years during which time they will have many benefits, one of which is record low interest rates.
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