Right time to buy????????

stephen163

In the housing market, be very weary when you hear people describe the price of a house as a bargain. There are very few people who willingly sell their house at a 'bargain price'. When you look around the property market and see discounts, it is because market forces are pushing down prices.

Best thing to do now is either stay at parents or rent cheaply. Save like mad for the next few months and try to jump in slightly before prices stabilise. I'm not going to wait for them to start rising again. My guess is that there will be a turning point around next autumn.

PP's argument doesn't really stand to scrutiny. If the money you could save by not buying now and waiting for 6-8 months was trivial, it might do. The money you could save is not trivial.

House price inflation of the kind we have seen in the last decade probably will not occur in the same magnitude in the next cycle. We've entered a new paradigm. Sure, house prices will go up but the age of cheap credit and unscrupulous lending (isn't that what fuelled the last boom?) probably will not return for some time.

besonders1

Sure, house prices will go up but the age of cheap credit and unscrupulous lending (isn't that what fuelled the last boom?) probably will not return for some time.

I agree with that entirely. Another boom like the last will be an accident waiting to happen. I think banks are wiser now

Annpan

Sweetpee is almost certainly Pickled. Easy to spot the staccato text.

Max_Headroom_3

pickledpink wrote: »

Just to warn you - there are several posters on here who will deliberately try to steer you in the wrong direction, and offer you advice of which they are not qualified.

Since you're both offering advice and saying that people shouldn't take advice from those not qualified, would you be kind enough to confirm your qualifications to advise?

Many of these people have never even owned their own homes - so you really shouldn't take too much notice of them. (And.....some of them are very jealous people who hate people having something they'll never have!)

Again, sorry, slightly confused. Could you clarify how buying a house makes you more likely to be correct, and not buying less likely? Plenty of people bought last year who were clearly very ill advised to do so, hardly a good indicator of quality of advice then surely?

These people will try to talk the market down - but they're only doing that because they're hoping to jump on the bandwaggon as cheaply as possible.

Why "trying to talk the market down"? The market is going down, that's not wishful thinking, it's economic fact.

As I said before, if you find a place you fall in love with, and it's within your reach, in the LONG TERM you will BENEFIT GREATLY!

Surely you'd benefit more by buying it for less money though, which there is a very good chance of doing by waiting since the FACT is that prices are dropping fast. Remember, the OP asked when to buy, not whether to buy.

All property will start to rise in value by the end of next year (possibly sooner) and once it does do - people will be making a mad dash for all the best places. Don't miss the boat by being hesitant - you'll only regret it.

You say "will". That's stating it as a fact, not an opinion. What do you base this fact on? The most experienced property commentators in the country can't predict, only give their ideas, how is it you can state as fact what will happen next year, what do you know that everyone else doesn't?

Properties always go up and down (as history will prove) but in the LONG TERM it's value will just keep on increasing.

What you also need to remember is that your mortgage repayments now will seem like paying PEANUTS in 10 years or so! AND, you property will have probably TREBLED in value too!

On top of that - you'll be able to trade up if you so desire - and one day the property will belong to YOU! You'll never have to line the pockets of a landlord again. :money:

Meanwhile, the original question was "what is a good time to buy". Again you're saying buying at any time is good. Surely that is simply very bad economic and money saving advice if all the signs point to being able to save a four or five digit amount simply by waiting?

What exactly is your (plainly obvious) vested interest in ramping property prices, are you an estate agent?

Max_Headroom_3

JamesRees wrote: »

Hi my girlfriend and i are currently renting and are looking to buy. Can anyone give me some advice on when they think the best time to buy will be??? Thanks

Just to answer the original post.

My answer would be that there is no good time to buy, only a good price to buy. Work out what that is (realistically) for you and buy then. If it drops lower you've still paid the right price for you. If it levels out and starts to rise (unlikely in the short to medium term) then you have to take a view whether you can and will go the extra, or whether to re-appraise your purchase (downscale for example).

Finally, don't mistake discount from asking price as "a good deal". As someone has already pointed out, you could buy a one bed apartment for 1/2 asking price, but if the asking price was a million pounds you don't have a good deal.

All that matters is what you pay versus what else you could get.

Do your homework, do your research, do your sums, and buy what's right for you when it appears, don't just pick an arbitory date and say "we won't buy till then/we will buy as soon as we reach then". It's a lot more complex than that.

Imp

JamesRees wrote: »

Hi my girlfriend and i are currently renting and are looking to buy. Can anyone give me some advice on when they think the best time to buy will be??? Thanks

When you have found both a girlfriend and a house you want to be with for the next ten years, then it is the right time to buy. Otherwise, you could be landing yourself in difficulties until house prices rebound.

Annpan

Max_Headroom wrote: »

?

What exactly is your (plainly obvious) vested interest in ramping property prices, are you an estate agent?

I think PP is smarting from making a mistake and buying her place at the peak of the bubble. She would like to justify her purchase by pretending that buyers should start buying before they miss the boat.
Other than that sometimes it sounds like she may work in an estate agents or maybe a clerical or admin worker for a solicitor.
No proof, but look at the evidence in her posts if there are any left on here.;)

geoffky

sweetpee wrote: »

Ann,
James,

Take no notice of this petty backstabbing, I think pp is okay, she is financially okay it seems so her advise could be well good. OR BAD OR RECKLESS


I am a fffing loaded but it does not make me genius more than prickpink but i would say i never have had a penny from bricks and morter and she is loaded up on it and it it goes wrong i will still have all my money miss prickpink is gambling on this not all unfolding (which is what is happening)and it it does she will be in the doo doo

why pay 25 grand for a car when i can promise you you will get it a lot cheaper next year or even more cheaper the year after..its the same with houses now (it has not always been like that) but you are coming to market at the greatest time in the last few years and if you wait you will put yourself in a very good position.. wait and watch and the rewards will come..

JamesRees

I live in cardiff area s.wales.

i cant save a deposit because i pay rent and i ve gotta baby boy to look after. i dont think you ll find many people that can pay out £525 a month in rent and afford to save £300 or more for a deposit!!! I m a engineer in the royal navy not a first sea lord!!!!!!

pickledpink

Annpan wrote: »

I think PP is smarting from making a mistake and buying her place at the peak of the bubble. She would like to justify her purchase by pretending that buyers should start buying before they miss the boat.
Other than that sometimes it sounds like she may work in an estate agents or maybe a clerical or admin worker for a solicitor.
No proof, but look at the evidence in her posts if there are any left on here.;)

You obviously haven't digested my posts.

I sold at the peak, and I bought this year. For cash.

If prices rose tenfold or dropped tenfold it wouldn't make any difference to me. My property will go up and down with everyone else's.

But I don't want to sell! I only moved here this year!:j I'm very happy with my purchase; and I would never want to move - it's a beautiful place.

I realise I've been lucky, and however far prices may drop before they rise again I will feel very glad that I bought my present house. It's a unique house and you'd have to search far and wide to find another one like it.