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When did that sticky thread get first added? Was in 2009 or 2008?? I can’t remember maybe Mark can remind us. Almost into September, end of the holiday season is almost here and then we will be into 2013. We’ll need a new sticky title soon 🙂
Prices are still falling slowly and realistically we are now down 50% or more. Unemployment, and banks killing everything. I must admit that I thought hitting 50%~60% price falls would see the bottom and a general (slow) move to recovery, but the global crisis is having an obvious effect.
Where do we think it will all end? My revised guess is 2014 marking the bottom, mainly based on another 2 years of the crisis for Spain. Can Spain take another 2 years of this crisis??
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Yes it’s another case of “this time next year, Rodney” for me as well. I had targeted the second half of this year to start making offers, but now it’ll have to be something pretty special to get me out of bed. To be honest I’m not trying to pick the bottom of the market, I just want to be within 10% of it. Also I’m not planning on making a fortune through some miracle upturn in the market (it might not happen for another 10 years or so anyway). I just want to buy something at a reasonable price that won’t destroy me financially if things get even worse. I think 2014 is now a good estimate for the market hitting the bottom, that doesn’t mean to say prices will be any higher in 2024 though.
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I made the decision to sit on my money some four years ago after some very basic research. It turns out that was exactly the right thing to do. I’m still sitting on it as I firmly believe this market still has some way to fall, however I can’t begin to say for how long or how much further. There are too many imponderables both within the Spanish market itself and in the wider European and indeed global economies.
What I do hope (and genuinely beleive) is that once the market is bottoming I’ll see it. The thing I don’t really know myself at this stage is if I will buy then. Having learnt so much over the last few years about the downsides of owning vs. renting, I’m now unsure which way to jump
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