Recovery of the Housing Market will come Quickly

HOORA

GDB2222 wrote: »

You're not making any sense. If you think that prices will fall 30%, why are you putting in an offer now? Nobody will sell to you at 30% below today's prices. You need to wait for the 30% fall to happen, then start making offers. I only say this because I keep seeing people making the same mistake on this forum.

Believe me, anybody around with cash (+ an agreed mortgage) to spend in a couple of years time will be very, very popular with estate agents. In the meantime, they are not taking you seriously, so why bother?

Very simply.

My personal circumstances are such that I need to buy a house. I am in armed forces accommodation and I CANNOT STAND IT ! I am also moving job soon and I want a home to come back to from my next location.

If I was in a position to stay in accommodation provided for the next two years I would have at least 50k to put down. But Im not.

I do not expect 30% off today for mint condition habitable homes. I do expect 15% though. I have made the calculation that I am prepared to see another 15 per cent drop and then several years before it is worth what I will pay now. My personal circumstances mean that it is worth it - to me. However that 15% reduction is a start point then minus the work costs on the property Ive offered on.

RecoveringAlcoholic

Ignore the experts in their air-conditioned ivory towers.

They should get out on the streets.

Count the number of For Sale boards you pass on the way to work.
How many empty new build properties are near you?
Listen to conversations in supermarket queues.
Watch peoples faces at the petrol station.
Visit your local court.
Check out mortgage fraud.
Look at the queues outside your local CAB when they open in the
morning.
How many people do you know who have been made redundant this
year?
Count the number of empty units in your local shopping centre.
Chat to your local car dealer.
Visit the Bankruptcy Board on this site.

rizla01

HOORA wrote: »

Very simply.

My personal circumstances are such that I need to buy a house. I am in armed forces accommodation and I CANNOT STAND IT ! I am also moving job soon and I want a home to come back to from my next location.

If I was in a position to stay in accommodation provided for the next two years I would have at least 50k to put down. But Im not.

I do not expect 30% off today for mint condition habitable homes. I do expect 15% though. I have made the calculation that I am prepared to see another 15 per cent drop and then several years before it is worth what I will pay now. My personal circumstances mean that it is worth it - to me. However that 15% reduction is a start point then minus the work costs on the property Ive offered on.

Gazundering works.

No good unless you are a bit Mercenary.

How well do you sleep at night?

When the market turns wait and see the prices fly again and all of the nice properties will be the first to disappear - usually to cash buyers that dont have to wait for BS's and searches/'surveys.

I'd give it about 2 years UNLESS we get a recession - then it'll be anyones guess.