Dealing with fear of overpaying

Mrs36

Mrs36 wrote: »

Crashy, just out of interest (genuine question) just how much of a crash are you hoping for?

You've never answered my question Crashy?

glasgowdan

Mrs36 wrote: »

You've never answered my question Crashy?

There's another thread where he suggests a £135k house could lose 40k. So 30% must be in his head.

PeterPanic

Mrs36 wrote: »

Crashy, just out of interest (genuine question) just how much of a crash are you hoping for?

Having read the housepricecrash forum on and off for 14 years, they seem convinced that prices are going to fall by 50%. As I say, some of the members have been waiting 14 years for this crash, their landlords must love them.

I had a similar issue at the end of 2013 when the market was so crazy everything was going to sealed bids. A 2 bedroom house I liked in Redhill was up for £230k and after 3 full asking price offers on the day it listed I had to put in my best offer by the Monday. I offered £242k and got it, but at the time I was worried I had offered too much. In the end the house sale fell through (I suspect they realised they could cancel the sale, list it a few months later and get even more money for it). That house is now worth £350K, so being out of the market for 3 and a half years effectively cost me £100k.

I finally completed on a purchase last month and I cannot be happier, it has been a long hard slog but I finally have my own house. Prices could rise and prices could fall but the benefit is I no longer have to worry about it. I have somewhere to live now that I am very happy with, plus the mortgage is half the cost of actually renting the same house.

I don't forsee the value of my house going up another £100k in the next 3 and a half years but I suspect I will look back at that point and be pleased I bought when I did.

AnotherJoe

hounsehunterftb wrote: »

40K ! how do you work that figure out? We do know we are over paying but only say by 5-7K. I doubt anybody can stomach that much loss

He works out out in the same way in the late 90's he worked out it was best to sell and wait for a crash before buying.

He's still waiting ..... and hoping.

Crashy_Time

https://www.bloomberg.com/news/articles/2017-04-10/the-only-solution-to-britain-s-housing-crisis-may-be-a-crash

Crashy_Time

PeterPanic wrote: »

Having read the housepricecrash forum on and off for 14 years, they seem convinced that prices are going to fall by 50%. As I say, some of the members have been waiting 14 years for this crash, their landlords must love them.

I had a similar issue at the end of 2013 when the market was so crazy everything was going to sealed bids. A 2 bedroom house I liked in Redhill was up for £230k and after 3 full asking price offers on the day it listed I had to put in my best offer by the Monday. I offered £242k and got it, but at the time I was worried I had offered too much. In the end the house sale fell through (I suspect they realised they could cancel the sale, list it a few months later and get even more money for it). That house is now worth £350K, so being out of the market for 3 and a half years effectively cost me £100k.

I finally completed on a purchase last month and I cannot be happier, it has been a long hard slog but I finally have my own house. Prices could rise and prices could fall but the benefit is I no longer have to worry about it. I have somewhere to live now that I am very happy with, plus the mortgage is half the cost of actually renting the same house.

I don't forsee the value of my house going up another £100k in the next 3 and a half years but I suspect I will look back at that point and be pleased I bought when I did.

All based on historically low interest rates