Bears entering the market?

chucky

Thrugelmir wrote: »

Is it people stopping others buying, or people giving sound advice in very uncertain times?

taking advice from strangers on an internet forum who have a one-dimensional or no idea about your personal circumstances is sound advice... :rolleyes:

chucky

Really2 wrote: »

Considering one of the poster I saw was saying on this site they were looking at a house but it was more than they wanted to pay at the moment. They then posted on the buying side that prices were going to go down in an area for the next 1-2 years without question!

Just smacked a bit hypocritical.

you then get morons like Mewbie who come on here to fill their evening to make them feel popular, the most pig ignorant people on this planet and that's sound advice... yeah that's where Martin Lewis got it wrong... :rolleyes:

PasturesNew

StevieJ wrote: »

Where are your family based?

Brought up in one area, parents retired somewhere remote, sibling also went there and has been in permanent/good employment since Day 1. I went, tried but could never find a "proper job" or regular money... so I bailed on the STR route as I realised it would never work for me there.

So here I am, adrift ... no idea where to head for/where a job might lurk that would work out OK. Parts of Devon/Somerset are nice, but I want to be: near the sea, near mainline trains, good access to large towns for employment, but not Plymouth because that's a low paid hell hole.

Dorset's doable, except the roads to go West are appallingly slow and rail links west are virtually non existant.

So no idea what to do, so I do nothing.

If, right now, I was in a job I enjoyed - and an area I liked - I'd be twitching to buy. Just to settle and be able to feel settled.

bluey890

Really2 wrote: »

I popped on to the selling, purchasing and renting section this afternoon as it was quiet here.

I was amazed to see how many bears who post or posted on here post on there now.

They are thank hunting. They know full well the thanks on this forum are going to be wiped.
When the thank counts are cleared ... I predict a riot.

bluey890

PasturesNew wrote: »

Brought up in one area, parents retired somewhere remote, sibling also went there and has been in permanent/good employment since Day 1. I went, tried but could never find a "proper job" or regular money... so I bailed on the STR route as I realised it would never work for me there.

So here I am, adrift ... no idea where to head for/where a job might lurk that would work out OK. Parts of Devon/Somerset are nice, but I want to be: near the sea, near mainline trains, good access to large towns for employment, but not Plymouth because that's a low paid hell hole.

Dorset's doable, except the roads to go West are appallingly slow and rail links west are virtually non existant.

So no idea what to do, so I do nothing.

If, right now, I was in a job I enjoyed - and an area I liked - I'd be twitching to buy. Just to settle and be able to feel settled.

What are you good at PN? If good at something, can usually make money from it.

julieq

Thrugelmir wrote: »

Only an outright bull would suggest without hesitation now is the time to buy with a small deposit at an expensive rate of interest.

I'm not sure why the bears are fixated with the idea of inflating the deposit, often at the cost of paying thousands of pounds worth of rent in the interim. Personally I'd minimise the deposit I pay and borrow the maximum I can, because mortgage debt is extraordinarily cheap. Otherwise you're essentially just sinking cash into a place you can't get at it in a time of trouble. Offset using savings by all means so that the cost nets away and there is cash to tide you over if remortgaging against negative equity, but why reduce the absolute amount of the loan? I really don't understand the logic of that.

Some of the "advice" here would be actionable if it were given by a professional. I have no problem with people following their own convictions, but specific advice to others about fixing at what is a high rate historically for a long period could cost someone a lot of money if that bet turns out to be wrong. You fix for budgetary reasons, not to try to beat the market.

I can certainly see reasons why people might choose to buy now, and I'm not a bull. Houses are relatively affordable and there are bargains to be had, it does appear that there is some sort of recovery in the general economy. I certainly wouldn't be suggesting people buy without making their own mind up though and I'm certainly not telling them what mortgage to take and what size of deposit they need.

ad9898_3

julieq wrote: »

Personally I'd minimise the deposit I pay and borrow the maximum I can, because mortgage debt is extraordinarily cheap.

At this time, that must be singularly the worst piece of advice I've ever heard. Anyone buying now should ignore current rates and factor in 8-10% over the life of a mortgage, and borrow accordingly, unless of course their mortgage is set to last between 3-5 years. With commodity inflation set to strike at the first hint of a proper recovery along with pay cuts and freezes, borrowing to the max when rates are low is close to financial suicide.

Thrugelmir

julieq wrote: »

I'm not sure why the bears are fixated with the idea of inflating the deposit, often at the cost of paying thousands of pounds worth of rent in the interim. Personally I'd minimise the deposit I pay and borrow the maximum I can, because mortgage debt is extraordinarily cheap. Otherwise you're essentially just sinking cash into a place you can't get at it in a time of trouble. Offset using savings by all means so that the cost nets away and there is cash to tide you over if remortgaging against negative equity, but why reduce the absolute amount of the loan? I really don't understand the logic of that.

Some of the "advice" here would be actionable if it were given by a professional. I have no problem with people following their own convictions, but specific advice to others about fixing at what is a high rate historically for a long period could cost someone a lot of money if that bet turns out to be wrong. You fix for budgetary reasons, not to try to beat the market.

I can certainly see reasons why people might choose to buy now, and I'm not a bull. Houses are relatively affordable and there are bargains to be had, it does appear that there is some sort of recovery in the general economy. I certainly wouldn't be suggesting people buy without making their own mind up though and I'm certainly not telling them what mortgage to take and what size of deposit they need.

I understand your view points they all valid. The issue is you are writing about yourself and what you would do in the current market. You need to listen to what peple are asking and actually answer their questions.

The real issues to be faced are in the wholesale money markets. Over which we ( home buyers) have absolutely no control. The banks are deleveraging and will continue do so until the credit bubble is no more.

PasturesNew

bluey890 wrote: »

What are you good at PN? If good at something, can usually make money from it.

Well ... project management and organising, scheduling, planning and meticulous mind-numbing detailed work, especially involving complex logical logistics problems and numbers.



But, nothing to do with "people". I manage projects, not people. I can only manage people by setting a good example and them being in awe and wanting to work their nuts off because they can see they have a strong, honest and focussed person leading the project. This strategy has always worked for me within the IT industry, but outside of that, where "normal" people bumble about and slack off, it's not so successful. Mostly, proper IT geeks want to do their best/give their all ... and "normal" people are more interested in sharing their holiday snaps.

Cannon_Fodder

zappahey wrote: »

I'm by no means a bull on house prices but I fixed your post for you

Average House Prices
Nationwide £158,871 -14.62% from peak of £186,044 in Oct 2007
Halifax £157,713 -20.99% from peak of £199,770 in Aug 2007
Land Registry £153,713 -17.22 from peak of £186,045 in Jan 2008
FTHPI (Acadmetrics) £197,802 -14.59% from peak of £231,595 in Feb 2008

Pick another index, any index...they ALL exceed her £18k NE web-based estimate...from £23K to £33k...

The poster avoided stating her area, so we cannot drill down any further - that's her perogative, as some weirdos inhabit public websites, even the "hidden" ones...