First Time Buyer... What/When to Offer?

Crashy_Time

davidmcn wrote: »

Of course, of course...:D

Where was the line you mentioned in the article again?

andy1805

It depends how much you want it. We were messed around on several transactions having offered reasonable prices some way below asking; in the end, we found something we liked and offered asking price straight away and it was an easy purchase.

Are prices rising in the area? If so, you won't mind too much in 5 years' time if you paid 15 grand too much now. If they aren't, you want to be careful not to overpay.

Crashy_Time

kirtsypoos wrote: »

Oh Crashy do you really have nothing better to do with your time than try and scare FTBers when they are already making the biggest purchase of their life?

Posting links to the same articles across numerous threads is hardly making anyone listen to you anymore than they did before...

OP, only you know what you think the property is worth, but it does seem to be overpriced given the surrounding area properties which are available. If proximity to the train station is a hugely important factor for you, put in an offer that you can afford, but remember that if you are going for a mortgage the valuation may differ from what you have offered.

Best of luck

The last thing they want when making this big a debt commitment is advice from a bunch of people who are trying to sell or who have big debts on property/BTL themselves :rotfl:Unfortunately those seem to be the posters who are all over any mention of falling prices, all the time, every day, without fail. At least the MSM are now calling the property bubble for what it is, a bubble based on unsustainable borrowing, and one rapidly running out of road

kirtsypoos

Crashy your posts were one of the reasons I had a last minute wobble when buying my first house, until my lovely FIL told me to ignore people on a forum and do what my gut said...we bought the house and have recently sold (for a profit, contrary to your insistence at the time that house prices were going to crash within months) in order to upsize.

The reality is that people come on here knowing they are planning to purchase a house and wanting advice from people who have done the same, not a scaremonger who is consistently proved wrong.

Crashy_Time

kirtsypoos wrote: »

Crashy your posts were one of the reasons I had a last minute wobble when buying my first house, until my lovely FIL told me to ignore people on a forum and do what my gut said...we bought the house and have recently sold (for a profit, contrary to your insistence at the time that house prices were going to crash within months) in order to upsize.

The reality is that people come on here knowing they are planning to purchase a house and wanting advice from people who have done the same, not a scaremonger who is consistently proved wrong.

How convenient, the "scaremonger" gives a FTB "doubts" but that brave FTB soldiers on against all the odds and manages to buy and sell at a profit (all in a couple of years) Yay! HPI forever! Why did you buy and sell so quickly, and why do you feel the need to police posts that say (in line with most MSM) that house prices and sales volumes are falltering?

kirtsypoos

I don't feel the need to police posts that are made in the correct places - there are threads specifically about house prices increasing or decreasing which are well placed and contain well thought out arguments between people interested in discussing that topic.

You, however, throw your ill researched posts with inflammatory links (usually from sources who have the same agenda as you) out there when there is no discussion about house prices crashing, but simply people who want reassurance about a purchase from like minded people.

Selling a property at a profit is hardly ‘against all odds’ either!!

A mortgage is completely different to a car on HPI. Not only do you have an asset which will not depreciate in the same way as cars do, but a lot of the time people pay less on a mortgage than they would on rent in a comparable property, how is that ever a bad thing?

kirtsypoos

http://landregistry.data.gov.uk/app/ukhpi

http://www.theweek.co.uk/house-prices/61987/house-prices-do-you-live-in-a-hipster-hotspot

Crashy_Time

kirtsypoos wrote: »

I don't feel the need to police posts that are made in the correct places - there are threads specifically about house prices increasing or decreasing which are well placed and contain well thought out arguments between people interested in discussing that topic.

You, however, throw your ill researched posts with inflammatory links (usually from sources who have the same agenda as you) out there when there is no discussion about house prices crashing, but simply people who want reassurance about a purchase from like minded people.

Selling a property at a profit is hardly ‘against all odds’ either!!

A mortgage is completely different to a car on HPI. Not only do you have an asset which will not depreciate in the same way as cars do, but a lot of the time people pay less on a mortgage than they would on rent in a comparable property, how is that ever a bad thing?

How much you borrowed for the property and how much interest rates rise will determine how far and fast the price depreciates, among other factors, it is not some guaranteed money escalator (although for a few years it was, due to loose credit and lax lending) but always requires a willing buyer with the financial means or credit to buy you out. My posting of articles about how messed up the market is just simply underlines that it has reached the conclusion that all debt fuelled bubbles reach, it has to crash before more willing/able participants can be found.

kirtsypoos

That's true, but I for one never bought my house with the intention of making money. It was a home for my family at less cost than renting. The same with my new house. I can afford the repayments comfortably, it is a house my family can grow in and a lot of people think in this way - pouring cold water on someone's dream by the way you do is uncalled for.

The problem with those articles is that you have been posting similar for the past 2 years - and like a previous poster said to you, even a broken clock is right twice a day - if this happens to be the time you are right, so be it, but have been wrong many times before and these articles can't be relied on as a source of fact.

Crashy_Time

kirtsypoos wrote: »

http://landregistry.data.gov.uk/app/ukhpi

http://www.theweek.co.uk/house-prices/61987/house-prices-do-you-live-in-a-hipster-hotspot

http://www.propertyindustryeye.com/london-property-transactions-below-pre-crash-average-portico/


It just gets to a point where people can`t or won`t participate in the market any more and then a price correction has to occur. A small number of transactions at high prices still make the averages look "good", but it is not the real story. Property is also now a political lever (it was before as well, to make people with no wage rises feel "rich") in that the populist/protest vote is growing big time, and one way the PTB have of calming voters down is by letting them afford a property, undermining BTL is one way to cause a flow of discounted property into the market, but in this economic climate I`m not sure if they can (or even want to any more?) stop a full blown crash? These are the things that a FTB about to take on large amounts of debt should be thinking about. IMO.