house prices continue to drop ....

undetterred

carolt wrote: »

Yes, asking prices falling round here lots too.

Your too slow to catch a cold,you missed the last dip,and no doubt will miss the next one.
Groundhog day again.

RenovationMan

Just out of interest, do you guys have a price figure in mind for when you will buy, or a percentage drop figure or a chronological deadline (i.e. June 2012)?

Its so difficult to know when the bottom of a market has been reached and I doubt that anyone is seriously waiting for the bottom before they buy, so I was wondering what peoples 'buy signals' are?


To get the ball rolling, here are mine:
I bought my first house in 1995 and my 'buy signal' was that I had to leave my rented accomodation because my flat mate left the country and because it was no longer convenient for my job. I bought again in 2002 and my 'buy signal' was that our 2 bed starter home was too small with one kiddy already and another on the way. Our last purchase was in 2010 and our 'buy signal' was the realisation that my retired parents were really starting to struggle financially and our own desire to buy a character home.

nollag2006

RenovationMan wrote: »

Just out of interest, do you guys have a price figure in mind for when you will buy, or a percentage drop figure or a chronological deadline (i.e. June 2012)?

Its so difficult to know when the bottom of a market has been reached and I doubt that anyone is seriously waiting for the bottom before they buy, so I was wondering what peoples 'buy signals' are?


To get the ball rolling, here are mine:
I bought my first house in 1995 and my 'buy signal' was that I had to leave my rented accomodation because my flat mate left the country and because it was no longer convenient for my job. I bought again in 2002 and my 'buy signal' was that our 2 bed starter home was too small with one kiddy already and another on the way. Our last purchase was in 2010 and our 'buy signal' was the realisation that my retired parents were really starting to struggle financially and our own desire to buy a character home.

Sadly, you won't get any sensible answers from most of the bears on here.

They all missed the buying opportunity of a lifetime in April 2009, and many are still waiting for 50 - 70% drops over the next 12 months.

My own buying signal years in 2001, was getting fed up sitting in rental paying someone elses mortgage while house prices rocketed.

Oh, that and my then fianc! not wanting to live in a bachelor pad

:T

gagahouse

RenovationMan wrote: »

Just out of interest, do you guys have a price figure in mind for when you will buy, or a percentage drop figure or a chronological deadline (i.e. June 2012)?

Its so difficult to know when the bottom of a market has been reached and I doubt that anyone is seriously waiting for the bottom before they buy, so I was wondering what peoples 'buy signals' are?


To get the ball rolling, here are mine:
I bought my first house in 1995 and my 'buy signal' was that I had to leave my rented accomodation because my flat mate left the country and because it was no longer convenient for my job. I bought again in 2002 and my 'buy signal' was that our 2 bed starter home was too small with one kiddy already and another on the way. Our last purchase was in 2010 and our 'buy signal' was the realisation that my retired parents were really starting to struggle financially and our own desire to buy a character home.

For me it's either 30% real fall within 2 years or when I can afford to purchase outright, whichever is the sooner. Purchasing outright might come sooner if the current pace of falls continue in the area I am looking at - then I will no longer care what the housing mkt does, I will care more about the utility I get from my owning my own house debt free.

RenovationMan

gagahouse wrote: »

For me it's either 30% real fall within 2 years or when I can afford to purchase outright, whichever is the sooner. Purchasing outright might come sooner if the current pace of falls continue in the area I am looking at - then I will no longer care what the housing mkt does, I will care more about the utility I get from my owning my own house debt free.

Could I ask what price house are you looking to buy and how you managed to save up so that your looking to be mortgage free (and how long you have been saving for)?

I have a blog on the MFW board and I'm always interested in how people managed to get together the huge amount of cash in order to be mortgage free.

nicko33

MikeMaloney wrote: »

In 1980 you could buy an average house in London for about 800 ounces of silver.

Well you can buy 800 ounces of silver now for about £20,000.

gosh! silver's been a terrible investment then :eek:
not something you'd want to use as a store of wealth.
thanks for the warning

FTBFun

RenovationMan wrote: »

Just out of interest, do you guys have a price figure in mind for when you will buy, or a percentage drop figure or a chronological deadline (i.e. June 2012)?

Its so difficult to know when the bottom of a market has been reached and I doubt that anyone is seriously waiting for the bottom before they buy, so I was wondering what peoples 'buy signals' are?


To get the ball rolling, here are mine:
I bought my first house in 1995 and my 'buy signal' was that I had to leave my rented accomodation because my flat mate left the country and because it was no longer convenient for my job. I bought again in 2002 and my 'buy signal' was that our 2 bed starter home was too small with one kiddy already and another on the way. Our last purchase was in 2010 and our 'buy signal' was the realisation that my retired parents were really starting to struggle financially and our own desire to buy a character home.

Mine was getting fed up of flatshares after 5 1/2 years, and realizing that the mortgage on a 1 bed flat was the same or slightly less than renting and I wouldn't have to deal with landlords pushed me over the edge to buy.

I didn't overstretch (less than 3x my income) and my housing costs are less than 1/3 of my take home pay, so I'm in a good position IMO. I'm not sure whether my flat will go up in value, but it has enough positives I reckon for it to at least hold its current value (excellent transport, greenspace, good pubs and other facilities, recently renovated).

nicko33

HOUSE_PRICE_CRASH_GHOULS wrote: »

I decided to head out to my local Estate Agent and actually discover what is the word on the street, and he says things haven't been better....Clear buy signals.

give us the phone number of his branch then, I may have some business to put their way

nicko33

HOUSE_PRICE_CRASH_GHOULS wrote: »

Sorry I cannot divulge his personal details onine without his permission.

I didn't ask for his personal details - publicly advertised office branch number will suffice

nearlynew

HOUSE_PRICE_CRASH_GHOULS wrote: »

... A lot of new FTBers registering interest and actively viewing properties.

they have obviously been attracted by the falling prices.


lower prices enable more people to buy.