Considering Trading Up

[boe]

I currently have a 3-bed semi and am considering trading up. I have a seen a property that I like and it would add about 100k to my mortgage (currently 200k).

Am I mad to be considering a move in the current climate? I suppose trying to second guess what's going to happen in the market is a mugs game but there's no doubt that property prices will continue to fall. My problem is trying to determine whether all property will fall at the same rate, i.e. in my case, will my 3 bed semi continue to fall in value at the same rate as the 4-bed I am considering buying?

 

[starlite68]

a lot would depend on things like the area ect...but its possible that the four bedroom could fall quicker than the three bed.

 

[boe]

a lot would depend on things like the area ect...but its possible that the four bedroom could fall quicker than the three bed.

Thanks for the feedback. Moving from Watergrasshill in Cork to Glanmire which would be about 5 miles closer to the city.

I suppose even if they fell at the same rate, it would be worth waiting. It just comes down to whether you're happy with where you are and you can accept it if there are further falls after you make your purchase.

 

[gribr]

Where i live there are two 3 bed houses that have been for sale for at least 6 months. Two 4 bed were put on sale in the last month, both of which are already sale agreed. Same style houses as the 3 beds. just an obversation.

 

[Aloysius]

I am holding off myself but the difference in the 2 houses in my case will be bigger (circa 300k) I don't know anything about Cork property but since you are only trading up by 100k I doubt if the difference will be huge ie If a 400k house and a 300k house both go down 20% the gap will narrow by 20k.
If you see what you want at what you feel is a good price I'd go for it but remember if would be very rash to assume you can sell easily

 

[boe]

I am holding off myself but the difference in the 2 houses in my case will be bigger (circa 300k) I don't know anything about Cork property but since you are only trading up by 100k I doubt if the difference will be huge ie If a 400k house and a 300k house both go down 20% the gap will narrow by 20k.
If you see what you want at what you feel is a good price I'd go for it but remember if would be very rash to assume you can sell easily

Yes, I think your right. Selling my own will be the biggest stumbling block, all I can do is price it realistically and see what happens.