Warren Buffet's mantra - 'Buy when no one else is'. So, why aren't you?

lethal0r

18 months of house price falls so far - the entire first year of that with a minimal rise in unemployment. now jobs are going all over the country in every industry, i think that gives plenty of scope for further drops for another year at least.

this isnt just a recession - this is a gordon brown recession. how about that for an m & s advert.

TDS_2

tara747 wrote: »

Personally, I would rather buy just past the bottom than too soon.

Too true. I've lost count of the number of times I've read or been told that I may miss the 'bottom' if I don't get in soon. Not a chance.

lethal0r wrote: »

this isnt just a recession - this is a gordon brown recession

Brilliant! I intend to use this quote at some stage over the weekend (with your permission, of course).

stevetodd

tara747 wrote: »

There will be plenty of time to buy at or around the bottom. Personally, I would rather buy just past the bottom than too soon.

I wouldn't I would rather buy just before the bottom where you could still possibly get up to 10% off the asking price

the_ash_and_the_oak

Conrad wrote: »

A bit of Friday fun.

The world's richest man has long advised people should buy when no one else is.


So why don't the uberbears follow this advice, given the implication is the herd will miss the bottom.

Too expensive imo

lethal0r

TDS wrote: »

Brilliant! I intend to use this quote at some stage over the weekend (with your permission, of course).

lol. go ahead

im buying in 2-3 months but thats mostly bcos I may kill my dad if I dont move out soon! i think the best time to buy will be near the end of this year but I just cant wait that long.

amcluesent

IIRC multi-billionaire Bill Gates said PCs would never need more that 640Kb of RAM. That hasn't stopped me installing a tad more in my PC - I'll make a similar call on the 'Sage of Omaha'.

P.S. Even sages get senile, right?

lostinrates

As well as some of the points raised above, I'm not buying because I'm struggling to find something I like, can comprimise enough on.

I looked at a place with an AOC today...I would comply if there wasn't a locality clause to the AOC ..thry didn't say that when I asked, and I did ask about locality clauses! (its 100 miles plus from where I live.) I would have made a good offer on that: its cheaper than the one I walked away from recently.

TDS_2

stevetodd wrote: »

I would rather buy just before the bottom where you could still possibly get up to 10% off the asking price

Sounds ideal, if only you knew when that magical moment was to be. Let us know...

hethmar

I think that when the prices finally stabilise they will stay constant for several years and there is no great urgency to jump on a bandwagon.

stevetodd

TDS wrote: »

Sounds ideal, if only you knew when that magical moment was to be. Let us know...

The magical moment for me will be when (if) yields hit 8%, buying just before the bottom is pure luck, however buying at what you perceive to be near the bottom gives you the opportunity to buy below the bottom (with an offer). But the important thing is to buy at a price that makes good business sense, that's what's important.