Should i buy since NAMA is announced

Hi all…With NAMA announcing there discount on loans to the banks.Should i buy now or wait.I was left half a house so i am a cash buyer of 250K.My question is will Nama sell of some property say from the fleming building group say 50% cheaper.I live in churchtown on the southside of Dublin.Please help and many thanks

I am assuming you are serious. So: wait.

I am thanks

Get out there and buy. The Nama train is now rolling and it relies on people buying property at inflated prices if it is to work. Your economy needs you! Over the top and tally ho!

Do stay on topic.

This is a joke, yes?

I’ve already bought 2 houses since 5 o’clock.

Look if you don’t have anything useful to add, don’t add anything.

OP, I suggest you read some threads and get a feeling of the mood first. Thanks.

This is real,i have 250k to spend…need to know if i should buy or hold off.Please help

There are no rational reasons why anyone should buy now. You will find many sensible and not so subtle arguments as to why one should not. I won’t be buying until I see the emergence of the antithesis of the ‘pin emerge - something like ’ the property pump’ containing some sound and sensible arguments countering those espoused here.

I am sorry, I really thought you were joking , in general I would say no, dont buy prices are not going back up for a long time so there is no reason to rush into anything.

Look if you have 250k to spend and haven’t got basic cop on to read up on the state of the property market the please forward the money to me so I can spend it on coke and hookers.

See you joined the party today Pete :wink:

Just humour me -did you just wake up this morning and say hmmm I must join the propertypin whatever that is -and ask people to tell me whether or not I should buy a house .

As those nice companies who advertise in the Golden Pages usually ask --how did you hear about our service ? And yes that is a serious question.

PS - How does being ‘left half a house’ make you a ‘cash buyer’
If you have been left ‘half a house’ get your 50% cash out of the house first -then you will be a cash buyer. Why not ask if your asking price for your ‘half -house’ is realistic -why not tell us where it is ? Some of the sharper pinsters will give you a realistic valuation. :laughing:

Do you mean it was a full house in 2006 but only half a house in 2010? Thats happening a lot these days :slight_smile:

I would say wait, read the pin for many months before you make such decisions. Just for a bit of insight. Its 250k after all, that would buy an awful lot of playstations. You’ll discover recurring themes here such as the fact that what seemed like just a little money a few years ago is actually an enormous amount of money post-bubble. You should be able to find a graph somewhere that shows how far the bubble went up. My guess is that it will go back to where it started from.

Pete stash the cash and give it a year or two. Read over the threads, do a search on the pin for buying. There is no reason to buy now.

I have 250k in my pocket…looking to buy or rent now>>>>>please read the post

Read Bilbots post Pete, barring his initial first line :slight_smile: he speaks an awful lot of sense in three lines.

After the figures from NAMA today would it be possible to have an auto-answer for everyone asking this question?

Where are the government going to raise tens of billions now that they have promised no more wage cuts for the public sector?

To get that amount of tax you need a new class of taxation. Odds on Favourite?
Property Tax

How will the government sell this?
By reducing/abolishing stamp duty. Which is a rotten tax.

How will the banks raise billions to reach the capital goals?
Raise mortgage rates.

I stopped my property hunt when I heard the news headlines at 7pm while driving home from work today. Another year renting. Maybe emigrate. Its only solvent idiots like me that did not gamble recklessly who will pay for this mess.
And we still have to bail out the idiots who can’t pay their mortgages.

In answer to your initial query, NAMA will not start discounting property heavily. It is not there to realise the losses, rather defer them.

So should i hold off???I have 250k in my pocket