I've been looking at houses in the Milan area for a while now, but the prices seem high to me and I keep hearing that there could be a drop. I have the money for a mortgage, but I'm not sure if this is the right time or if it would be better to wait a year or two. What do you guys think?
It's not like prices are going to drop easily anyway - Milan isn't a market that collapses like that. The thing is, if you've got the money and you actually need a house, waiting a year or two doesn't change much - maybe prices drop 5-10%, but meanwhile you're paying rent and wasting time. If you find something decent in your area and the mortgage works for your budget, I think it's more rational to buy it now than to sit around hoping for a crash that might not even happen.
The fact that prices are high right now doesn't necessarily mean you should wait, because nobody really knows what's going to happen in a year or two. If you have the money, housing stability and a mortgage probably make more sense for you than sitting around hoping for a crash that might never come. The only reason to wait would be if you're not in a hurry, but then the question isn't really "is it worth it" but more "when do I actually need it".
Nobody really knows if prices will drop, so be careful with anyone who tells you otherwise. If you have the financial means and want to stay in Milan for years, buying now eliminates the risk of prices going up further and you start paying down your mortgage instead of paying rent. But if you're unsure about moving or think you'll only stay for a bit, then yeah, it's worth waiting and not making a rushed decision just because "it might go down."
Log into answer.
