How to make an offer in a buyers market!

slater14

Again, Deemy is bang on the money.

Its the old 'herd mentality'

Just like buying into property for speculative gain, the same applies for selling - The last to know whats going on is Joe Public and once he does lift his head out of the clouds its oh so too late!....and then the big rush for the exit sign with everyone scrambling to get out at once.

Now some say this is the time to buy. Its not. Hold your nerve until prices have stopped going down. as the old saying goes "Never try and catch a falling knife" You will miss nothing by waiting for houses to stop going down. You may overspend if you buy while they are in the midst of "correcting" (crashing). Because property moves relativley slowly on the way back up, you WILL see it happening and then buy in.

I wouldnt buy a house or even look at property for at least 3 years. Just go about your daily business and ...........wait.

pjd_3

just depends on which area you want to buy in, in parts of london you'd get laughed at for trying to put an offer in at 70% of asking price on a property that didn't require major works, seems like the only people that think that there going to be able to put in offers of 70% of asking price and think owners will accept are people that don't own property, things are picking up in london, after slow down of the last few months, you got to remember in places like london theres just to little property compared to the amount of people that live here, if you like the property then pay the going rate, if your not sure then dont ,simple

meanmachine_2

pjd wrote:

just depends on which area you want to buy in, in parts of london you'd get laughed at for trying to put an offer in at 70% of asking price on a property that didn't require major works, seems like the only people that think that there going to be able to put in offers of 70% of asking price and think owners will accept are people that don't own property, things are picking up in london, after slow down of the last few months, you got to remember in places like london theres just to little property compared to the amount of people that live here, if you like the property then pay the going rate, if your not sure then dont ,simple

Where has this perception come from that there is an acute shortage of property in London?

As far as I'm aware, the pop of London has been falling over the last 10 years. True, households have splintered and there are more single people supporting a mortgage by themselves (which will bring its own problems should we see IRs go back to their historical average), but the fact still remains that there is a glut of properties for sale in London and few buyers prepared to pay over the odds for them.

pjd_3

meanmachine wrote:

Where has this perception come from that there is an acute shortage of property in London?

As far as I'm aware, the pop of London has been falling over the last 10 years. True, households have splintered and there are more single people supporting a mortgage by themselves (which will bring its own problems should we see IRs go back to their historical average), but the fact still remains that there is a glut of properties for sale in London and few buyers prepared to pay over the odds for them.

maybe its just me then but the 4 property's i was interested in buying have sold for very near asking prices in the last 2 weeks, now im not looking at the top end of the market where ownwers are knocking money off there asking prices the property's im interested in aren't over 300k, but there deffenetly selling, now if prices did come down then great for me but ill be happy buying a house to live in.