Better to wait until Winter?

buzzyzoe

Hi all,

I'm a FTB in London, and am struggling a bit at the moment! Every time I see a property that I'm interested in, it seems to go under offer before I even have a chance to arrange a viewing! I was supposed to be viewing 4 properties today, all of which were listed in the last couple of weeks, and now they're all under offer already. There's no way of me being able to view other than evenings/weekends, and EA's don't seem keen to do evening views.

I've heard a lot about how Spring/Summer is prime buying time - does this push prices up/make it harder to get a good deal in peoples experience? Am I better off waiting until Autumn/Winter in the hope that the market will drop slightly, or is it more likely to just keep going up and up? Obviously not expecting definite answers, but any kind of past experience/advice would be very helpful

monty-doggy

Have you tried contacting/ befriending some agents so that they call you the minute they get a new property? I did this and managed to get some viewings days before they were advertised on right move/zoopla. If you wait until autumn/winter, it's not just buyers who slow down, sellers do too. I'd say keep looking, if you didn't get the others, it wasn't meant to be. But get yourself in a really strong position and get the agents working for you!

buzzyzoe

I think that's the way forward - the problem may be that I'm just seeing the properties too late. I mainly use Rightmove/Zoopla for my searches, and then contact estate agents when I see one I like, but by then the estate agent has probably already let loads of other people know.

I will definitely keep looking, it's a good point about the supply slowing down as well. Prices seem to be going up scarily fast as well, so keeping an eye on what's available can't be a bad thing!

I was wondering if anyone has had experience of getting what they perceive to be a better deal in Autumn/Winter than comparable Spring/Summer prices? At least this might balance out the rapidly rising prices if I'm still looking in 6 months time.

lessonlearned

We shall shortly be coming to the end of the traditional Spring Surge. July and August are normally the quietest months, then you'll get a September bounce, through to October half term. After that it will quieten down again in the run up to Christmas. That is the usual pattern.

My advice is have your AIP in place, your deposit money on easy access and your solicitor on speed dial. Then you are ready to go and can pounce.

Tell each EA that you are primed and ready to go.

I have been viewing a few properties recently and now EA's are coming to me with properties that are new to the market and have not been advertised.

I have today viewed two fresh properties and will be offering on one, if I don't get that, then I shall offer on no 2.

Really focus on your area, go and have a look round, you might spot some that are up for sale with small independent agents who are not on Rightmove or maybe even a private sale.

A good trick is to pop into a couple of local pubs in the area, get chatting and see if anyone knows if there are any properties for sale. Not everyone wants a sale board up.

If you area is a bit of a hot spot and property is moving fast then focus your attention on a small area and have a few favourite streets in mind and do a leaflet drop. You could also try putting a few cards up in the local post office or newsagent's window.

buzzyzoe

Thanks for the reply Lesson, I've been reading your diary post with great interest! Sounds like you really know your stuff, and were a fab EA.

In terms of an AIP, I am still trying to decide whether to buy a one bed, for which I would be a cash buyer, or whether to go for a two bed, and take on a small mortgage. I will see if I can get an AIP anyway though, just so I know what kind of position I'm in, and whether it's worth looking at 2 beds.

My deposit money is ready to go! As of yet, I haven't even thought about solicitors. The way I thought it worked was that you make an offer, and then instruct a solicitor if the offer is accepted? I'm desperately trying to learn as much about the process as I can, but there always seem to be things that I have overlooked!

At the moment, I'm keeping my search area relatively wide, to maximise the number of potential properties, but you're right in that I will probably be late in getting to ones that come onto the market.

As of yet, my dealings with EA's haven't been overly positive. As others have mentioned on this forum, I think my age may be acting against me (I'm only 23), so I think they see me and dismiss me as a serious buyer straight away. Is it a good idea to mention upfront that I could be a cash buyer if the price is right?

lessonlearned

I think you first need to focus on exactly what you want.

1 or 2 bed, mortgage or no mortgage, then perhaps refine your search area.

I suggest you set aside a couple of Saturdays and just view as many properties in a day as possible - not particularly with a view to buying one but just to see what there is out there and what your budget can get you.

Until you have a clear idea of what you actually want, how much you want to spend and where you want to live you can't really focus your search and be ready to put in offers. Don't just rush in.

Think of it as a military campaign......and plan every step of the way.

Re choosing solicitors. A lot will depend on personal preference of course and whether or not your will be taking out a mortgage. Some lenders can be a bit picky and most will not agree to work with "one man bands".

If you can go with a personal recommendation, don't just go for whoever the EA wants to suggest.

If you decide to go the cash only route, then yes definitely inform the EA and make sure that the minion you explain it too understands that you mean cash and that no mortgage is required.

A lot of people confuse the terms NDS (No Dependent Sale) ie you do not have to sell a house - with CO (Cash Only).

There's a big difference.

I suggest a trip to the library or look on Amazon and investing in a How to Buy a House Guide.

No disrespect but you do seem rather uncertain of the process and mistakes can be costly. Do a bit of swotting......

Good luck.

buzzyzoe

Thanks.

I was supposed to be viewing 4 properties yesterday, all with the same EA, and got a phone call at 9am saying 3 were not unavailable, and the remaining viewing needed to be moved from 12pm to 4pm. Got another phone call at 3pm saying that I couldn't view that one either, as the seller hadn't confirmed the viewing. So I am trying!

I probably am missing areas of knowledge, but to me it seems like one of those things that you can only really learn by doing a lot of the time. I will definitely get a guide though, as that sounds like a good place to start. I have spent a long time reading forums such as this one for advice, and looking at web guides, but a dedicated guide might be a better resource.

At the moment, I'm leaning towards the 2 bed option, which would mean a small mortgage, so will look into this further. I think I'm aware of the steps involved in buying a house, but maybe not the best order to do them in (such as not knowing when a solicitor comes into things)