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Hi Lucinda, the property market has moved up quite a bit from the bottom in 2008/2009. It may seem expensive from this standpoint, but people were also saying properties were expensive near the bottom in 2008/2009.

The more pertinent question is not whether the properties are more expensive as compared to this time or that time, but your affordability in the long term.

In the long term, the market will never go down. In the short term, there may be fluctuations. Thus, if you are prepared to purchase a property and finance it long term (5-10years), you will surely not lose money.

So far, there is no negative news that will impact the property market so much that prices will fall drastically. On the contrary, recent news on exceptional economic performance will spur the market on.

If you have found the right house which you both really like, and the price is affordable, I would advise you to be bold and make the commitment.

The pleasure of knowing that you own your own home, and that you can afford it comfortably, will beat the anxiety of trying to time the market and the potential pitfall of rushing in too quickly.

Regards,
Richard Wan
Black Diamond Real Estate
richardwan@live.com
 94363793  Read More