Hi,

I'm planning to buy a new house cost RM270K and it is in Cheras Damai Perdana. My question is should I wait until end of 2009 coz everybody is saying the house value will drop next year.
I have search on the internet and found out that most of the auction houses are Flat/ Apartment. Is it possible I can get a cheaper house in auction?


Please advise

yes... u can get cheaper house when low demand seasons and economy recessions...
economy recessions = ppl no money = no keen to buy house = less demand...

for my info from experienced person, this recessions minimum will last 1.5years... longest may more than 3 years...

if the house you are planning to buy is a new housing area then the developer won't let the price drop. The developer will hold on to the price as long as they can and then when they can no longer hold it, will just run away if its a good developer, then you are rest assure that they have the power to keep the price up and not down.

to enjoy market price down property, buy existing property or old property or from those who need cash desperately because they lose money from stock market etc. that way you may get a good house for a good price.

yes you can get 20-30% discount from auction property but you will need an experience estate agent to go with you else you may be getting a junk property, there are a few experience agents in this forum I think ....

yeah you should be able to get cheaper property in auction since not many people will have the money to bid during this economic downturn, but you need to pay cash for auctioned property, have you got the money?

make sure you get the loan approved before you try to go for auction.

I personally think is a good time to buy new houses now (but make sure you are able to sustain during bad the bad times) unless you are aiming secondary market, then I would suggest you buy later (provided you have the cash).

As for auctions, currently there are lots of apartments/flats/condo. You hardly find any landed property. Well, you can always try to observe the lamp post or trees near your place as you might find some auctions (bank lelong) around your neighborhood.

I hope it will happen nex year. Some ppl said auction properties is not good to stay and it is good to buy for invest. Coz we do not have what was happened in the house (eg. someone suicide, kept death body (happened last year)...etc ) Touch wood

---

Added on December 4, 2008, 9:50 pmHi,
Can i know y u said it is a good time to buy new houses? Yes, it is very hard to find landed property thru auction. Yes, sometimes see the "bank lelong" advertisement hanging on the traffic light, trees, but it didnt mention where is the place ... Anyway, is it possible we go to bank to ask the staff, are they having "bank lelong" landed properties? hehe....

This post has been edited by c26: Dec 4 2008, 09:52 PM

IMHO, Only no demand location prices will drop, coz many purchased this area for rent & investment purpose.
Since no one renting, I have to pay my loans from my own pocket & other location nearby has most facilities.
So the value drop, you dare to buy ah ?

People will sit on their properties ( area like Bandar Utama ) It will go up up up.
Land is limited now days, later we cram up like JP/SG or HK.
Wait is a good thing, but don't wait too long.
The petrol prices is falling, but will it increase again ?
Will we face another inflation hike soon ?
Petrol up or down, things will be up up up.