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

phoebe1989seb

DS and his partner completed on a house purchase just over a month ago. They were not cash buyers but only needed a very small mortgage in order to move up the ladder from their (owned outright) one bed flat to a three bed house.

They are in Brighton where things still seem to be selling quickly/only slight price drops. Their flat went SSTC for asking price after a couple of weeks and the house they bought (purchased at asking price £350k) had loads of interest/offers.

pimento

We're currently moving from the south est to the south west. Price falls don't really factor in for us because if we get less for our house, we'll pay less for our purchase.
Besides, we have reasons for wanting to move now. So we are.

pimento

Lornce wrote: »

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.

FOMO?

We paid asking price for the one we're buying too. We lost out to the one three doors along to buyers in a similar position to us (down sizing no mortgage required) and three houses is the same road have sold within days. We viewed on the second day it was on the market and offered the asking price at the viewing.

Complicated a bit by the distance between us and our destination (200 miles).

D.L

You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.

caprikid1

" I am a fairly patient person. Some buyers may not be so patient".


Not sure why its ok for buyers to be patient but not sellers ?

RelievedSheff

D.L wrote: »

You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.

And wait for your crystal ball to tell you when the maximum and minimum prices are?

caprikid1

If you see what you want and can afford it , buy it. Just look at the sad miserable life Crashy lives then you will understand.


Be careful of trying to catch falling knifes, often house buying is often the opposite of normal buying, buy with emotion, buy something you love, a bargain is often not a bargain just no one wants it either.

caprikid1

D.L wrote: »

You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.

What other wise words do you have ? Ever thought of becoming a property agent ? You could help the OP.

bouicca21

Who knows what the market will do. Everyone here says prices are falling but is this the same everywhere?

I’m in London, just down the road there is a flat identical to mine. It went up for sale at a price £50k more than at the height of the bubble. And they marketed through PB who don’t have much of an incentive to push once they have their fee.

I laughed at the naïvet!. Fast forward 3 weeks and it’s sold. I laughed too soon. It will be interesting to check sold prices when they are available to see just how much they got. I’m mentally betting they didn’t drop more than £20k but as my track record clearly isn’t too good, I won’t put real money on it.

Davesnave

My only advice is to find something you like that's cheap for its type and buy it, especially as I think you're looking for something not run-of-the mill that might be many months turning up again if you miss it.

We bought bang at the bottom of the last recession, but we didn't know that at the time. Nobody, apart from the clairvoyant earlier in the thread, does. All we knew was that the place ticked difficult boxes and it was being sold cheaply by an extremely motivated seller. The last one like it, which we lost due to our own sale collapsing, came up a whole year and a bit before.


Even then it was a compromise, though fortunately, with hidden charms!