I am a cash buyer. Buy now or buy later??

Yalpsmol

We bought a house last month. FTB. Not a new build. We had already waited and waited. We wanted a house in a specific area. There arent many 2 beds in the area, but one came up this year. My dog is the most important thing to me and its difficult to find rented places allowing dogs. I hadnt found anything suitable in 4 years (!) So had been stuck at home with parents. We are going to be in our new home for a good 10-15 years I expect unless we come into some money somehow so house prices this decade aren't massively relevant, we have a plan for overpayment to get LTV up for remortgaging should house prices have dropped when we come to remortgage. In any case the price was good for the area and we live in a relatively cheap part of the south. You wouldn't get much for what we paid for this anywhere within a decent radius without going into the midlands or wales.

Watching and waiting is a luxury you have, maybe. Not everyone has it. You have to be a bit pragmatic when you dont currently have anywhwere comfortable to live.

How long are you going to wait for?

RelievedSheff

Diocletian_II wrote: »

Every month now prices are getting cheaper and cheaper. How long do you reckon you will be waiting for them to come down to a level you can afford?

You really are deluded!

Vestra

I hardly think he’s deluded... as someone who was looking to buy this year I’ve now held of as prices ARE reducing every month (in South London anyway).

RelievedSheff

Vestra wrote: »

I hardly think he’s deluded... as someone who was looking to buy this year I’ve now held of as prices ARE reducing every month (in South London anyway).

Despite what several people on here would like the believe, there are places outside of London.

The property market in London might be falling but that doesn't mean it is falling nationwide!

PasturesNew

You buy when a house you want comes up in your price bracket.

It's all about budget/risk.

If you buy now you know you have one you like.

If you take a risk on prices falling, you run the risk of never getting one as nice as one that is for sale now.

Nobody knows the answer.... and you will only know in 5+ years' time.

PasturesNew

Diocletian_II wrote: »

Are there any other cash buyers out there?

I am one.

Strangely, most of the houses I view turn out to be people who have inherited a lot of money and are moving to a bigger/nicer house. Some have so much money they have a fixed price for their empty house and are quite happy to wait. e.g. one I viewed, £300k in January 2019. It did go down £10k, then up £10k. It's just changed from its 2nd and 3rd agents back to its original agent, still £300k.

The market and buyers are made of all sorts.

Is their house worth £300k? Clearly not as others around theirs have sold in recent months.... I'd say theirs was worth about £280-288k when I viewed it 5-6 months ago.

If it drops to, say, £290k again - has it dropped? No, it was always overpriced.

readysteadysell

it seems my original post has gone from here! i would say wait until after Brexit see what happens.

Lornce

We are in the process of buying (not cash buyers, need a mortgage) in Sale, Manchester and the houses are selling so fast we FOMO'd into buying ours for asking price. I do keep thinking should we have waited but the house we are buying is a long term home and we will be in it for many many years.

MobileSaver

Diocletian_II wrote: »

I am currently living very comfortably, thank you.

Why the obsession with buying a house if you are living so comfortably already?

Diocletian_II wrote: »

whether they would wait 6 months to a year to get more property or spend less.

So basically put your life on hold for a year in the forlorn hope that you'll get a bargain on your dream home?

Yalpsmol wrote: »

Watching and waiting is a luxury you have, maybe. Not everyone has it.

Trying to time the property market when buying a home is a mug's game.

Yalpsmol wrote: »

How long are you going to wait for?

That's the fundamental flaw in the HPC master plan! Fast forward 12 months from now and how do you know prices won't be lower the following month? Of course you don't, so you hold off for another month, then another, etc. Before you know it you are like Crashy and 15 years later are still renting a bedsit in a not very nice part of Edinburgh.

The other major problem with this cunning plan is that as prices fall all the decent properties get taken off the market and you are just left with the dregs that no-one wanted anyway.

readysteadysell

i think if you are buying a home for yourself and it's your 'forever home' then it's worth the price you are willing to pay for it. if it's for investment purposes take your time and wait until things settle down in the market.