Losing the faith...

general_dogsbody

Greetings to all.

I've been lurking on this forum for a few weeks, soon after I started house hunting, and what a manic few weeks it has been!

I'm 23, living on the Isle of Wight, and looking for a house with my fiance. We got an agreement in principle (100% with Northern Rock as they are the only ones that will lend us in the price range we are looking for) and thought we were all set for the slings and arrows of the property market.

However, four weeks on its starting to be a little more stressful than fun. Houses are selling before we've even found out they're on the market (one this weekend we were told on Friday that the EA wasn't getting the keys 'till Monday and it showed up on rightmove as sold on Saturday). Estate Agents are distorting our vision of the world with their many varied opinions on what properties we should be looking at. And more recently I have been reading information on potential house price crashes and so forth and am beginning to wonder if I shouldn't wait a bit and see... but the last time I decided to do that house prices jumped up again...

The two properties (out of close to twenty) we actually liked enough to put offers in on, somebody else apparently liked more, and we've been outbid on both properties.

Basically we live with my parents at the moment, so there's no real rush to buy a house, so we aren't about to settle for something that doesn't suit us. But now I'm begining to wonder if we are being perhaps a little too choosy. Have we been looking too long for the EAs to take us seriously? Is now just the wrong time of year to buy? Should we wait a bit and build up a deposit? It's hard to know which way to turn with so many conflicting opinions and emotions flying about.

I don't suppose anybody will tell me anything I don't already know, but sometimes it just helps to hear things from people who don't have a vested interest in our buying a property.

Anyway, hope I didn't bore you all too much with my first post; all opinions gratefully recieved.

robwend

basically buying a house is much like havin a child, theres never a right time to have one!if we all held back and said "well il wait for the market to change" id never of got on the laddermand neither will you, on the other note welcome to the world of buyin and selling, its crap isnt it, stressful very time consuming and costly, we are all going through the same thing as you hun and let me tell you buying houses is so simular to having kids as like having a baby even though you said you would never go through that pain again you do!! the same with houses!! lol

dreamalittle

I think you have every right to be choosy. Buying a house is a huge financial commitment, and there is no sense in rushing into it. If you're not in any real need to buy right now, there are definite advantages in waiting and building up a deposit. Whether or not the market crashes in the near future, you'll be in a much better position with regard to getting the best interest rates and riding out any future problems if you have some money to put down at the start. Also, take the opportunity to do some research and keep an eye on the market in your area so you are more confident when you do eventually come to buy.